The condensing unit market is projected to grow from USD 23.7 billion in 2020 to USD 35.7 billion by 2025, at a CAGR of 8.5%. The Asia Pacific is the largest consumer of condensing units, with China leading the regional market. Various end-use industries, such as retail stores, food production, and food services, etc., are expected to register healthy growth in the coming years in the Asia Pacific countries, which is expected to lead to the growth of the global condensing unit market.
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By type, the air-cooled segment is estimated to lead the condensing unit market in terms of volume from 2020 to 2025.
By type, the air-cooled segment accounted for the largest share of the condensing unit market in 2019. Also, the air-cooled condensing unit segment is estimated to grow at the highest CAGR during the forecast period. Air-cooled condensing units are easy to install and require low maintenance, whereas water-cooled condensing units have a longer life and higher energy efficiency as compared to air-cooled condensing units.
By application, the industrial segment accounted for the largest share of the condensing unit market in 2019.
By application, the industrial segment of the application of the condensing unit accounted for the largest share of the condensing unit market in 2019. The growing demand for advanced refrigeration from various application areas, such as power plants, retail stores, dairy cabinets, hospitals, cryogenic containers, and cooling systems, is expected to help the industrial application segment to grow at the highest rate.
By function, the air conditioning segment is expected to dominate the condensing unit market.
By function, the air conditioning segment is expected to dominate the condensing unit market during the forecast period as air conditioning condensing units are extensively used in chemical plants, power plants, ice manufacturing units, cold storages & warehouses and hotel & restaurants.
The Middle East & Africa condensing unit market is expected to grow at the highest CAGR during the forecast period. The Middle East & African countries have substantial growth prospects for the condensing unit market because of the growing applications of refrigeration in various end-use industries such as chemicals & petrochemicals and plastics.
Some of the leading players operating in the condensing unit market include Emerson Electric Co. (US), Carrier Global Corporation (US), Danfoss (Denmark), GEA Group Aktiengesellschaft (Germany), Heatcraft Refrigeration Products LLC (US), Voltas Limited (India), BITZER SE (Germany), ADVANSOR A/S (Denmark), Baltimore Aircoil Company (US), Officine Mario Dorin S.p.A. (Italy), and SCM Frigo S.p.A. (Italy). These players have adopted the strategies of adopted new product launches, expansions, and partnerships to enhance their position in the market.
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