The global condensing unit market is driven by the increasing demand for temperature control devices in various applications such as refrigerators, air conditioners, heat pumps, and chillers. The condensing units play a crucial role in condensing materials from gaseous to liquid states by cooling, making those essential components in heat pumps and air conditioning systems. The market growth is further propelled by the technological advancements in electronic controls, fans, pumps, and coils that enhance the efficiency and performance of condensing units, catering to the rising demand for energy-efficient and eco-friendly cooling solutions.
According to Data Bridge Market Research, the Global Condensing Unit Market is growing with a CAGR of 8.7% in the forecast period of 2022 to 2029 and is expected to reach USD 46,832.99 million by 2029 from USD 24,230.50 million in 2021.
“Growing demand for condensing units in the commercial and industrial sectors facilitate market growth”
The growing demand for condensing units in the commercial and industrial sectors serves as a major driver of the global condensing unit market. As businesses in these sectors expand, there is an increasing need for efficient and reliable refrigeration systems to store and preserve perishable goods, maintain optimum temperature conditions, and meet stringent regulatory requirements. Condensing units play a vital role in providing the necessary cooling and refrigeration solutions, driving their adoption. Additionally, advancements in technology and a focus on energy efficiency further fuel the demand for modern and sustainable condensing units in the global market.
What restraints the growth of the global condensing unit market?
“Increasing number of complexities and uncertainties for manufacturers”
The increasing number of complexities and uncertainties for manufacturers acts as a significant restraint on the global condensing unit market. Manufacturers face challenges such as fluctuating raw material costs, supply chain disruptions, and changing regulatory requirements. Additionally, global economic conditions, trade tensions, and geopolitical uncertainties create an unpredictable business environment. These complexities make it challenging for manufacturers to plan and make long-term investment decisions, leading to a cautious approach to the adoption of new technologies or expansion into new markets. Such uncertainties can hinder the overall growth and development of the condensing unit market.
Segmentation: Global Condensing Unit Market
The condensing unit market is segmented into six notable segments which are type, function, refrigerant type, compressor technology, application, and end user.
- On the basis of type, the condensing unit market is segmented into the air-cooled condensing unit, water cooled condensing unit, and evaporative condensing unit.
- On the basis of function, the condensing unit market is segmented into air conditioning, heat pump, refrigeration, and others.
- On the basis of refrigerant type, the condensing unit market is segmented into fluorocarbons, hydrocarbons, inorganics, and others.
- On the basis of compressor technology, the condensing unit market is segmented into reciprocating, hermetic, semi-hermetic, open, rotary, scroll, rotary vane, screw, centrifugal, and others.
- On the basis of application, the condensing unit market is segmented into high temperature, medium temperature, and low temperature.
- On the basis of end user, the condensing unit market is segmented into residential, commercial, and industrial.
Regional Insights: Asia-Pacific is expected to dominate the Global Condensing Unit Market
Asia-Pacific region is poised for the highest growth rate in the condensing unit market due to increased investments and collaborations in this business sector. China is expected to be a dominant player, driven by the growing usage of refrigeration in various end industries such as food and beverage, pharmaceuticals, and logistics.
The surge in demand for commercial, industrial, and office spaces in North America has led to an increased need for efficient and reliable refrigeration solutions. As businesses expand, the requirement for refrigeration systems to store and preserve perishable goods and maintain optimal working conditions becomes critical, making North America.
Germany's strong foothold in the form market arises from its focus on product innovation and launches. The country's emphasis on sustainable technologies and energy-efficient solutions aligns with the evolving demand for advanced cooling systems. By introducing cutting-edge products that address environmental concerns and offer enhanced performance, Germany solidifies its position as a frontrunner in the global form market.
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Recent Developments in Global Condensing Unit Market
- In May 2021, Danfoss introduced a range of multi-refrigerant, A2L-ready condensing units for ultra-low GWP (Global Warming Potential) installations. This product launch enabled the company to expand its product portfolio, catering to the growing demand for environmentally friendly refrigeration solutions. The condensing units are designed to support various refrigerants with low global warming potential, aligning with sustainability initiatives and regulations.
- In March 2018, KeepRite Refrigeration launched a new generation of condensing units, including KEZ SCROLL Condensing Units, KEH HERMETIC Condensing Units, and KES SEMI-HERMETIC Condensing Units. This expansion of their product portfolio allowed KeepRite Refrigeration to offer a wider range of options for commercial refrigeration applications. The new condensing units incorporated advanced technologies to improve energy efficiency and performance, catering to evolving industry demands.
The Prominent Key Players Operating in the Global Condensing Unit Market Include:
- Emerson Electric Co. (U.S.)
- Carrier (U.S.)
- Danfoss (Denmark)
- Heatcraft Worldwide Refrigeration (U.S.)
- BITZER Kühlmaschinenbau GmbH (Germany)
- Dorin S.p.A. (Italy)
- FRASCOLD SPA (Italy)
- FreezeIndia (India)
- Howe Corporation (U.S.)
- Hussmann Corporation (U.S.)
- DAIKIN INDUSTRIES, Ltd. (Japan)
- Blue Star Limited (India)
- MTA S.p.A. (Italy)
- National Comfort Products (U.S.)
- SCM Frigo S.p.A. (Italy)
- GEA Group Aktiengesellschaft (Germany)
- Tecumseh Products Company (U.S.)
- Prijai Heat Exchangers Pvt. Ltd. (India)
- KeepRite Refrigeration (Canada)
- Voltas, Inc. (India)
Above are the key players covered in the report, to know about more and exhaustive list of global condensing unit market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Condensing Unit Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
