Condensing Unit Market is projected to grow from an estimated USD 21.94 billion in 2017 to USD 48.05 billion by 2027, at a CAGR of 8.2% from 2017 to 2027. The growth of the condensing unit market is driven by the improvements in the quality of condensing units. Consumers primarily demand technologically advanced condensing units due to the benefits they offer such as durability, improved performance of the refrigeration & air conditioning systems, and extended shelf life. The growth in end-use markets such as supermarkets, hypermarkets, and organized retail food chains is leading to increasing demand for condensing units, especially in the commercial segment.
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Key players in the condensing unit market include Emerson Electric Company (US), Carrier Corporation (US), Danfoss (Denmark), GEA Group (Germany), Heatcraft Worldwide Refrigeration (US), and BITZER (Germany), among others.
Based on type, the air-cooled condensing segment is estimated to account for the largest share of the condensing unit market in 2017. Air-cooled condensing units are the most commonly used condensing units for across applications as they have low maintenance and installation cost compared to water-cooled condensing units. Low maintenance as well as installation cost and rising water scarcity issues are the key factors driving the growth of the air-cooled condensing unit segment of the condensing unit market.
Based on application, the industrial segment is expected to grow at the highest rate due to the growing demand from advanced refrigeration. Growing industrialization in the Asia Pacific region is also expected to drive the industrial segment during the forecast period.
Based on function, the air conditioning segment accounted for the major share of the condensing unit market in 2017. The air conditioning segment is also expected to grow at highest rate due to the growing demand from various applications such as hotel & restaurants, food processing units, etc.
China is the largest market for condensing units in the Asia Pacific region. The growth in power and chemical industries is projected to be the key driving factor for the condensing unit market in the Asia Pacific region. The growing HVAC industry, along with the increased demand for supermarkets and food processing & storage facilities segment drives the market of condensing units in the region. The rapid growth of industrialization in the region is also a driving factor for the condensing unit market.
Premium Insights of Study :
• Significant Opportunities in the Condensing Unit Market
• Condensing Unit Market, By Region
• Asia Pacific Condensing Unit Market, By Country and Application
• Condensing Unit Market, By Function and Region
• Condensing Unit Market, By Country
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