During the projected period of 2022-2032, the market is expected to grow at a CAGR of 6.4%, with a total value of US$ 72,523.9 million. The increasing demand for food production and services is a major factor driving the growth of the market for condensing units. In 2022, the global condensing unit market size is anticipated to be worth US$ 38,454 million.
Refrigeration, a process of cooling undergoes cyclic stages of compression, condensation, expansion followed by evaporation. In condensation, a condensing unit is an assembly which functions on cooling and condensing the refrigerant vapour thus converting refrigerant in to liquid form. It majorly consists of condenser, compressor, fan motor, mounting plate and other controls. The condensing unit are of three types namely air cooled, water cooled, fan cooled wherein compressors play an important role regarding efficiency yield. Scroll type, hermetic type of condensing units are most widely used where latter is functional from low temperature to high temperature applications. The condensing units are used in residential, commercial as well as industrial sectors where in commercial and industrial sectors generally food services applications are popular. The global condensing unit market is expected to grow during the forecast period with the increase in global refrigeration market.
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Global Condensing Unit Market: Drivers and Restraints:
The global condensing unit market is primarily driven by the commercial and industrial sectors such as food retails, food manufacturing industries, commercial refrigeration. Energy saving and less usage of refrigerant condensing units are mostly popular within commercial and industrial sectors. The increasing commercial complexes, office space,banqueting suites drives the global consumption of condensing units. Besides, condensers play a vital role in manufacturing plants which strongly drives the global condensing unit market.
However, the F- gas (HFCs, PFCs and SF6 ) regulation which has been revised in 2015 by EU Commission for curbing rising emissions might restrain the global condensing unit market. Also, this makes condensing unit manufacturers to enhance their technology thus saving energy and more eco-friendly.
Global Condensing Unit Market: Region Wise Outlook
The global Condensing Unit market is divided into seven regions, namely North America, Latin America, Asia Pacific excluding Japan (APEJ), Western Europe, Eastern Europe, Japan and Middle East and Africa (MEA). Europe and North America are considered as matured markets for the condensing units with strong technology base front and are anticipated to record stable growth during the forecast period. Next in line is APEJ, especially China and India, which collectively account for major share in Asian region due to vast industrial expansion these countries. The condensing units market is anticipated to grow in Japan followed by MEA and Latin America. Overall the global market for condensing unit is highly vigorous and is projected to record significant growth during the forecast period.
Global Condensing Unit market: Key Players
Some of the key players identified in the global condensing unit market includes:
- Emerson Electric Co.
- Danfoss
- Daikin Applied
- Tecumseh Products Company
- Hussmann Corporation
- Voltas Limited
- Patton Ltd
- BITZER KÜHLMASCHINENBAU GMBH
- Rivacold UK Ltd
- JINAN RETEK INDUSTRIES INC
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The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geography, technology and applications.
Global Condensing Unit Market: Segmentation
On the basis of condensing unit type, condensing unit market is segmented into:-
- Air cooled
- Water cooled
- Fan cooled
On the basis of refrigerant type, Condensing Unit market is segmented into:-
- R404A
- R134a
- R407A/R407C/R407F
- R507A or R22
- Green refrigerants
On the basis of application, condensing unit market is segmented into:-
- High temperature
- Medium temperature
- Low temperature
On the basis of end use, condensing unit market is segmented into:-
- Residential
- Commercial
- Industrial
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