The global condensing unit market encompasses the production, distribution, and utilization of condensing units, crucial components in refrigeration and air conditioning systems. These units play a pivotal role in maintaining optimal temperatures by removing heat from refrigerants. The market witnesses a demand surge across various industries such as food and beverage, pharmaceuticals, and manufacturing, where temperature control is paramount. As industries worldwide continue to expand, the global condensing unit market is poised for steady growth, driven by the need for reliable and efficient cooling solutions across diverse sectors.
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Data Bridge Market Research analyses that 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. As supply chains become increasingly globalized, the need for reliable refrigeration solutions grows to ensure the proper storage and transportation of goods across international borders. This heightened demand fuels the adoption of condensing units, which play a pivotal role in maintaining the integrity of perishable products throughout the supply chain.
Key Findings of the Study
Expansion of retail and food service sectors is expected to drive the market's growth rate
The expansion of global supermarkets, convenience stores, and the food service industry is driving a surge in demand for dependable and efficient refrigeration systems. As these sectors grow, there is an intensified need for reliable cold storage solutions to preserve perishable goods. This trend fuels the market for condensing units, which play a pivotal role in maintaining optimal temperatures for storage and display, ensuring the freshness and safety of products in the retail and food service sectors.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014-2019)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Type (Air-Cooled Condensing Unit, Water Cooled Condensing Unit and Evaporative Condensing Unit), Function (Air Conditioning, Heat Pump, Refrigeration And Others), Refrigerant Type (Fluorocarbons, Hydrocarbons, Inorganics and Others), Compressor Technology (Reciprocating, Hermetic, Semi-Hermetic, Open, Rotary, Scroll, Rotary Vane, Screw, Centrifugal and Others), Application (High Temperature, Medium Temperature and Low Temperature), End User (Residential, Commercial and Industrial)
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Countries Covered
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U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, Turkey, Belgium, Netherlands, Switzerland, and Rest of Europe, Japan, China, South Korea, India, Australia andNew Zealand, Singapore, Malaysia, Thailand, Indonesia, Philippines, and Rest of Asia-Pacific, Brazil, Argentina, and Rest of South America, South Africa, Saudi Arabia, U.A.E, Egypt, Israel, and Rest of Middle East and Africa
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Market Players Covered
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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) among others
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
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Segment Analysis:
The global condensing unit market is segmented on the basis of type, function, refrigerant type, compressor technology, application, and end user.
- On the basis of type, the global 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 global condensing unit market is segmented into the air conditioning, heat pump, refrigeration, and others
- On the basis of refrigerant type, the global condensing unit market is segmented into the fluorocarbons, hydrocarbons, inorganics, and others
- On the basis of compressor technology, the global 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 global condensing unit market is segmented into the high temperature, medium temperature, and low temperature
- On the basis of end user, the global condensing unit market is segmented into the residential, commercial and industrial
Major Players
Data Bridge Market Research recognizes the following companies as the major global condensing unit market players in global condensing unit market are 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)
Market Developments
- In January 2022, Baxi announced its ambitious plan to introduce 'hydrogen-ready' boilers by 2025, signaling a pivotal step in steering the industry away from fossil fuel systems. The innovative boilers will feature electrically driven components, aligning with Baxi's commitment to sustainable solutions. This strategic move underscores the company's dedication to advancing eco-friendly technologies and fostering a transition towards hydrogen-based heating systems in the near future
- In May 2021, Danfoss expanded its product portfolio with the introduction of multi-refrigerant, A2L-ready condensing units designed for ultra-low Global Warming Potential (GWP) installations. This strategic product launch showcases Danfoss's commitment to sustainability and innovation, addressing the industry's demand for eco-friendly solutions. The new condensing units not only enhance environmental performance but also position Danfoss as a key player in providing cutting-edge technologies for refrigeration systems with reduced climate impact
Regional Analysis
Geographically, the countries covered in the global condensing unit market report are U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, Turkey, Belgium, Netherlands, Switzerland, and Rest of Europe, Japan, China, South Korea, India, Australia and New Zealand, Singapore, Malaysia, Thailand, Indonesia, Philippines, and Rest of Asia-Pacific, Brazil, Argentina, and Rest of South America, South Africa, Saudi Arabia, U.A.E, Egypt, Israel, and Rest of Middle East and Africa
As per Data Bridge Market Research analysis:
North America is the dominant region in the global condensing unit market during the forecast period 2022-2029
North America dominates the global condensing unit market, with the U.S. at the forefront. The region's supremacy is attributed to the expanding commercial, industrial, and office spaces. The U.S., in particular, is poised to lead, witnessing robust growth in demand for condensing units. The surge is fueled by the need for efficient cooling solutions in various sectors, showcasing the market's responsiveness to the escalating requirements of the dynamic commercial and industrial landscape in the country.
Asia-Pacific is estimated to be the fastest-growing region in the global condensing unit market for the forecast period 2022-2029
Asia-Pacific is expected to dominate the global condensing unit market with the highest growth rate from 2022 to 2029. The region's remarkable expansion is attributed to increased investments and collaborations in the condensing unit business. China, in particular, is anticipated to lead the market, driven by a rising demand for refrigeration across diverse end industries. The country's significant growth underscores its pivotal role in shaping the trajectory of the condensing unit market in the forecast period.
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