According to a recent study by Future Market Insights (FMI), over 65% of end users globally prefer air-cooled industrial condensing units to water-cooled alternatives. Despite the growing trend of retrofitting older units, FMI’s analysis reveals that approximately 85% of revenue still comes from new installations of industrial condensing units.
The report anticipates significant growth opportunities for outdoor refrigeration applications, which currently account for nearly 60% of the total demand for industrial condensing units. The industrial condensing units market is projected to surpass the USD 11.75 Billion mark in 2022, reflecting a 4.6% year-on-year revenue increase from 2021. Commercial refrigeration constitutes about three-quarters of total sales, followed by industrial refrigeration.
China and India as Key Investment Hubs for Manufacturers
The construction boom in developing markets, especially in India and China, is expected to drive the industrial condensing units market. Increased national per capita income from construction activities will boost demand for consumer appliances, including industrial condensing units. Additionally, rising GDP, increasing per capita income, and a growing need for efficient cold chain solutions will further support market growth.
China and India are predicted to experience a surge in refrigeration unit sales, particularly in commercial applications driven by the expansion of the construction industry and the HoReCa (hotels, restaurants, cafés) sector. These markets are poised to become strong bases for the growth of industrial condensing units in the coming years.
Chinese manufacturers of industrial condensing units have recently gained traction, significantly influencing the market, particularly in agricultural and animal products, which have an annual value exceeding USD 300 billion. However, the lack of adequate chilling facilities presents opportunities for infrastructure development, thereby boosting the demand for industrial condensing units.
In contrast, mature markets in North America and Europe are expected to see modest growth, with new installations remaining prominent.
Manufacturers Focusing on Customer Needs and Competitive Pricing
Industrial condensing units are primarily sold by wholesalers and distributors specializing in on-site cold storage solutions. Manufacturers are aiming to expand their geographic presence and production capabilities in cost-effective regions. Many manufacturers are focusing on meeting specific customer demands at competitive prices, which will depend on economic tiers and customer spending power.
Furthermore, the report indicates that leading companies in the industrial condensing units market will enhance their distribution networks, improve customer engagement, and offer unique product portfolios. Regional dietary patterns will play a crucial role in identifying opportunities for the penetration of industrial condensing units, driving technological and other innovations by manufacturers.
The report includes strategic profiles of key players in the industrial condensing units market, including Emerson Electric Co., Embraco, Tecumseh Products Company LLC, The Danfoss Group, Mitsubishi Electric Corporation, GEEA Group AG, Bitzer SE, Daikin Applied Systems Co. Ltd., and Hasegawa Refrigeration Ltd.
Industrial Condensing Units Market by Category
Installation:
- New Installation
- Retrofit
Technology:
- Water Cooled
- Air Cooled
Application:
- Indoor-based Refrigeration
- Outdoor-based Refrigeration
End Use:
- Domestic Appliances
- Indoor Based Air Conditioners
- Commercial Refrigeration
- Industrial Refrigeration
Compressor Type:
- Reciprocating
- Screw
- Centrifugal
- Rotary
- Scroll
Report Preview: https://www.futuremarketinsights.com/reports/industrial-condensing-units-market
About Future Market Insights (FMI)
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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