A condensing unit is a vital component in refrigeration systems, playing a key role in cooling and heat transfer processes. It works by compressing and condensing refrigerant vapor into a liquid state, releasing heat and facilitating efficient cooling. Widely used in commercial and industrial applications, condensing units are essential in maintaining temperature-controlled environments, making them indispensable for various industries, including food and beverage, pharmaceuticals, and HVAC systems.
In 2023, the global condensing unit market is anticipated to be worth US$ 40.607 billion. During the projection period from 2023 to 2033, the market is expected to thrive at a 6.6% CAGR to generate US$ 76.944 billion.
Cooling Solutions on the Rise: Exploring the Global Condensing Unit Market
Factors such as rising demand for condensing units in commercial and industrial sectors in emerging countries, as well as the benefits provided by these units such as high sturdiness and duration, are escalating the market growth for condensing units.
Rigorous environmental restrictions governing refrigerants used in condensing units may stymie the global industry. Moreover, there are a few important factors that can augment the expansion of the condensing unit market such as:
- The growing demand for condensing units in the business and industrial sectors of developing economies.
- Rising demand for high-quality condensing units for various applications.
- Increasing retail sector growth.
Refrigeration Reimagined: Unleashing the Potential of Natural Refrigerants in the Condensing Unit Market
The increasing diversity of technical improvements, together with increased demand for natural refrigerants, can provide the potential for market expansion. Moreover, tight environmental regulations on refrigerants used, on the other hand, may impede market growth.
The growing number of difficulties and uncertainties for manufacturers can provide a challenge to the condensing unit industry. Further, the business and industrial sectors such as food retail, food-producing industries, and business refrigeration boost the global condensing unit business.
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Environmental Guardians: Leading the Way with Low-emission Condensing Units
Energy savings and reduced use of refrigerant condensing devices are popular among the commercial and industrial sectors. Moreover, the growing number of commercial complexes, workplace areas, and feeding suites fuels the demand for condensing units. The condensers play an important part in the production of plants, which propels the global condensing unit market.
- The F-gas (HFCs, PFCs, and SF6) rule, which was updated in 2015 by the EU Commission for edge-growing emissions, may constrain the condensing unit business. The condensing unit manufacturers improve their technology, conserving energy and becoming environment-friendly.
Icy Opportunities: Asia Pacific’s Prosperity in the Condensing Unit Industry
Asia Pacific is predicted to develop as a prominent region in the global condensing unit industry. Further, the condensing unit sales are to develop at a significant CAGR due to a growing population, expanding food goods and services, and increased investments in chemicals and petrochemicals. Also, growth in the chemical and electrical industries helps the region flourish.
The region’s market is expanding due to rising demand for food processing and storage facilities. China is expected to account for the lion’s share of the regional condensing unit business. The government of China is encouraging the use of natural refrigerants in a variety of applications. Refrigerants are used in heat pumps, room air conditioners, and commercial and industrial refrigeration systems.
Key Takeaways in the Condensing Unit Market
- The air-cooled segment in the product type category is estimated to grab a share of 65% from 2023 to 2033.
- In the refrigerant type category, the R404A segment is to acquire a market share of 22.9% between 2023 and 2033.
- The United States condensing unit business is likely to get a share of 25.5% by 2023.
- Germany’s condensing unit industry is to capture a share of 7.8% by 2023.
- Japan’s condensing unit business is likely to hold a share of 9.1% by 2023.
- Australia’s condensing unit market is to acquire a share of 7.1% by 2023.
- China’s condensing unit sales are projected to expand at a CAGR of 6.1% through 2033.
- India’s condensing unit industry is predicted to develop at a CAGR of 6.7% from 2023 to 2033.
- The condensing unit sales in the United Kingdom are expected to evolve at a CAGR of 5.8% through 2033.
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Competitive Landscape
The global condensing unit market is intensely competitive. To improve their market position, the players have employed new product releases, expansions, collaborations, acquisitions, contracts, joint ventures, and divestments.
Emerson Electric Co., Carrier Worldwide Corporation, Danfoss, GEA Group Aktiengesellschaft, Heatcraft Refrigeration Products LLC, Voltas Limited, Bitzer SE, Advansor A/S, Baltimore Aircoil Company, SCM Frigo S.p.A., and Evapco Inc. are among the leading worldwide condensing unit manufacturers.
Latest Advancement
- Emerson Electric Strengthens its Portfolio with the Acquisition of General Electric’s Intelligent Platforms
In February 2019, Emerson Electric Company, based in the United States, purchased General Electric’s Intelligent Platforms. The latter’s programmable logic controller technology may almost certainly expand Emerson Electric Company’s already extensive product portfolio and enhance its machine control capabilities.
Key Segmentation
By Type:
- Air-Cooled
- Water Cooled
- Fan Cooled
By Refrigerant Type:
- R404A
- R134a
- R407A/R407C/R407F
- R507A or R22
- Green Refrigerants
By Compressor Technology:
- Reciprocating
- Hermetic
- Semi-Hermetic
- Open
- Rotary
- Scroll
- Rotary Vane
- Screw
- Centrifugal
By Application:
- High-Temperature
- Medium Temperature
- Low Temperature
By End Use:
- Residential
- Commercial
- Industrial
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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