The industrial condensing units Market report, unveiled by Future Market Insights—an ESOMAR Certified Market Research and Consulting Firm—presents invaluable insights and meticulous analysis of the industrial condensing units market. Encompassing the research’s scope and essence, this report scrupulously examines the driving factors, market size, and predictive data for industrial condensing units. It furnishes intricate revenue and shipment segmentations, accompanied by a decade-long projection up to 2028. Additionally, the document evaluates key industry players, their market distribution, the competitive scenario, and regional perspectives.
In 2022, the global market for industrial condensing units is projected to be valued at approximately USD 11.75 billion. The market for industrial condensing units as a whole is expected to grow at a 5.2% CAGR between 2022 and 2028 due to rising demand from a variety of end-use sectors, reaching a valuation of USD 15.95 billion by that time.
According to a recent comprehensive study conducted by Future Market Insights (FMI), it has been revealed that a significant majority, exceeding 65%, of global end-users exhibit a distinct preference for air-cooled industrial condensing units market over their water-cooled counterparts. Furthermore, FMI’s meticulous analysis underscores the enduring prominence of new installations within the industrial condensing unit market, with an estimated 85% of revenue stemming from this sector, despite the recent surge in retrofitting older units.
The industrial condensing unit market is experiencing a notable shift towards outdoor-based refrigeration applications, a trend poised for further acceleration in the near term. FMI’s comprehensive report illuminates this shift, highlighting that outdoor refrigeration applications currently command nearly three-fifths of the total demand for industrial condensing units.
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In a testament to the market’s resilience and growth potential, the industrial condensing unit sector is expected to maintain a robust revenue growth rate of 4.6% year-over-year through the year 2021. This steadfast trajectory underscores the market’s vitality and its capacity to adapt to evolving industry demands.
China & India Emerging as Strong Investment Pockets for Manufacturers
The construction industry in developing regional markets, particularly in India and China, are clearly outgrowing other markets. This, in turn, is expected to support the growth of the industrial condensing units market, as the construction-driven increase in the net national per capita income will boost the demand for consumer appliances, including industrial condensing units.
Also, growing GDP of several countries, escalating per capita income and spending, and heavily rising demand for efficient cold chain are expected to extend strong support to existing demand growth of industrial condensing units.
Furthermore, China and India are likely to witness a significant surge in the sales of refrigeration units in coming years, driven by commercial refrigeration applications as a result of brisk expansion of both construction industry and the HoReCa (hotels, restaurants, cafés) sector. These countries are thus highly likely to establish a strong base for the expansion of industrial condensing units market in the forthcoming years.
Chinese manufacturing enterprises of industrial condensing units have begun to flourish recently. China has been a prominent influencer in the market in terms of agricultural and animal products, with an annual value of over USD 300 billion. However, the prevalence of inadequate chilling facilities will continue to procure new opportunities for the development of infrastructure and thereby, reinforcing the demand for industrial condensing units.
On the other hand, mature markets for industrial condensing units in North America and Europe will observe modest growth and new installations will remain prominent.
Manufacturers Targeting Specific Customer Demands, Emphasizing Competitive Pricing Strategy
Industrial condensing units are prominently sold by wholesalers and distributors specialized in furnishing on-site cold storage. Manufacturers involved in the designing and developing of industrial condensing units are poised to enhance their geographic reach and production capabilities in low-cost regions.
A majority of manufacturers of industrial condensing units are also prioritizing catering to specific customer demands at attractive prices, which will majorly rely on economic tiers and spending capabilities of customers.
Moreover, the report opines that the leading companies in industrial condensing units market will intensify the focus on stronger distribution networks, more powerful customer engagement, and unique portfolio of their offerings. Regional dietary patterns, as continue play a vital role in creating potential opportunities for the penetration of industrial condensing units, will be considered imperative for technological and other innovations, by manufacturers.
Regional dietary patterns, as continue play a vital role in creating potential opportunities for the penetration of industrial condensing units, will be considered imperative for technological and other innovations, by manufacturers.
The report has covered detailed strategic profiles of some of the key manufacturers operating 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
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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