06-Oct-2022 | Facts and Factors
According to Facts and Factors, the global condensing unit market size was worth around USD 38.5 billion in 2021 and is predicted to grow to around USD 51.15 billion by 2028 with a compound annual growth rate (CAGR) of roughly 8% between 2022 and 2028.
A condensing unit is used to condense, which means increasing the density, of a gaseous substance back to its liquid form through the process of cooling. Technically, a condenser is a kind of heat exchanger, a device specifically designed to aid heat transfer from one device to another. Condensing units come in various sizes from miniature versions to large units depending on the capacity and output requirement. They also exhibit varied applications such as cooling air conditioners, medical equipment and devices, refrigeration, and steam turbine power plants. They are also widely utilized in the chemical industry, however, they are significantly different from the condensing units made to power air-conditioners or power turbines. Distillation of water is one of the common uses of condensing units in chemical laboratories.
Browse the full “Condensing Unit Market Size, Share, Growth Analysis Report By Application (Commercial, Industrial, and Transportation), By Type (Water-Cooled, and Air-Cooled), By Refrigerant Type (Hydrocarbons, Fluorocarbons, and Inorganics), By Function (Refrigeration, Heat Pumps, and Air Conditioning), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" report at https://www.fnfresearch.com/condensing-unit-market
During the pandemic, the demand for the product increased considerably in the research and development sector as well as the healthcare industry. Since the pandemic caused every nation to extensively research the understanding of the virus along with vaccine development, the demand for condensing units grew multifold in research and clinical laboratories.
The global condensing unit market is projected to grow owing to the increasing trend of storing perishable items in cold storage, which refers to facilities that control room temperature depending on the food items being stored. The global market cap may further be driven by the increasing use of technologies to upgrade cole storage systems. For instance, the use of solar-driven hybrid cold storage is gaining momentum owing to the associated reduction in operational costs as well as the less harmful impact on the environment. More revenue can be expected due to the increasing use of air-conditioners in residential homes which is a direct impact of modernization and the resultant increase in disposable income of the population.
Although stringent laws regulating the environmental impact may restrict global market expansion, opportunities can be expected due to growing technological advancements. However, the high cost of the unit may pose a major challenge.
The global condensing unit market is segmented based on application, refrigerant type, type, function, and region
Based on application, the global market segments are commercial, industrial, and transportation. The global market may be led by the commercial segment in the coming years driven by the growing strategic measures undertaken by key market players to expand their global footprint. For instance, as per Cooling India, around 60 to 70% of refrigeration energy consumption is accounted for by condensers and compressors.
Based on refrigerant type, the global market divisions are hydrocarbons, fluorocarbons, and inorganics. Currently, the global market witnessed the highest growth in the fluorocarbons segments as they are currently widely used in air-conditioners. In 2020, the global air-conditioning market was valued at USD 106.65 billion.
Based on type, the global market divisions are water-cooled and air-cooled, with the latter dominating the global market owing to its ease of installation and lower maintenance cost as compared to its counterpart. For reference, heavy-duty air compressors are known to function on 220-volt currents.
Based on function, refrigeration, heat pumps, and air conditioning are the main global market segments with the cold storage sector driving the demand for the air conditioning segment. The global cold storage market may grow at a CAGR of 12.56% by 2028. The industry deals with facilities that store food items that would otherwise get easily spoilt when kept in normal conditions.
Asia-Pacific is projected to dominate the global condensing unit market owing to the growing population along with a steady increase in the income capacity and disposable income allowing more consumers to utilize the services of air conditions and other room-temperature regulating products in residential places. The trend is propelled by the growing number of players offering air-conditioners at lucrative prices along with financial assistance, making the product more accessible to the common population. The growing adoption of hybrid or remote work culture causes people to spend more time at home and this investment in homecare products may further lead to more regional market revenue. North America is anticipated to grow due to technological advancements in the field of condensing units as well as increased applications of the products in the food & beverages sector, which may grow at an exponential rate in the coming years.
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Report Scope
Report Attribute |
Details |
Market Size in 2021 |
USD 38.5 Billion |
Projected Market Size in 2028 |
USD 51.15 Billion |
CAGR Growth Rate |
8% CAGR |
Base Year |
2021 |
Forecast Years |
2022-2028 |
Key Market Players |
Carrier Global Corporation, GEA Group Aktiengesellschaft, Danfoss, Emerson Electric Co., Heatcraft Refrigeration Products LLC, BITZER SE, SCM Frigo S.p.A., Baltimore Aircoil Company, Officine Mario Dorin., and others. |
Key Segment |
By Application, Type, Refrigerant Type, Function, and Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
Purchase Options |
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The global condensing unit market is led by players like Carrier Global Corporation, GEA Group Aktiengesellschaft, Danfoss, Emerson Electric Co., Heatcraft Refrigeration Products LLC, BITZER SE, SCM Frigo S.p.A., and Baltimore Aircoil Company, Officine Mario Dorin.
Recent Developments:
- In May 2022, Blue Star, a global manufacturer of air purifiers, air conditioners, and water coolers, announced that the company is doubling its production capacity in the deep-freezers segment with the help of a state-of-the-art manufacturing facility in the Wada district of Maharashtra, India.
- In April 2022, Samsung launched new outdoor air-conditioning units called DVM S2 Variable Refrigerant Flow (VRF) equipped with artificial intelligence
The global condensing unit market is segmented as follows:
By Application
- Commercial
- Industrial
- Transportation
By Type
By Refrigerant Type
- Hydrocarbons
- Fluorocarbons
- Inorganics
By Function
- Refrigeration
- Heat Pumps
- Air Conditioning
By Region
- North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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