According to Facts and Factors, the Global Condensing Unit Market size was worth at around USD 38.5 billion in 2021 and is estimated to grow USD 51.15 billion by 2028, at a CAGR of approximately 8% between 2022 and 2028. The key players are covered in the report are Carrier Global Corporation, GEA Group Aktiengesellschaft, Danfoss, Emerson Electric Co., Heatcraft Refrigeration Products LLC, BITZER SE, SCM Frigo S.p.A., Baltimore Aircoil Company, Officine Mario Dorin., and others.
NEW YORK, United States, Oct. 07, 2022 (GLOBE NEWSWIRE) -- According to Facts and Factors has published a new research report titled “Condensing Unit Market Size, Share, Growth Analysis Report By Application (Commercial, Industrial, and Transportation), By Type (Water-Cooled, and Air-Cooled), By Refrigerant Type (Hydrocarbons, Fluorocarbons, and Inorganics), By Function (Refrigeration, Heat Pumps, and Air Conditioning), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” in its research database.
The report analyzes the global condensing unit market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the condensing unit market.
Condensing Unit Market Overview:
A condensing unit is used to condense, which means increasing the density, of a gaseous substance back to its liquid form through the process of cooling. Technically, a condenser is a kind of heat exchanger, a device specifically designed to aid heat transfer from one device to another. Condensing units come in various sizes from miniature versions to large units depending on the capacity and output requirement.
They also exhibit varied applications such as cooling air conditioners, medical equipment and devices, refrigeration, and steam turbine power plants. They are also widely utilized in the chemical industry; however, they are significantly different from the condensing units made to power air-conditioners or power turbines. Distillation of water is one of the common uses of condensing units in chemical laboratories.
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Introduction, Overview, and in-depth industry analysis are all included in the 2022 updated report.
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Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2022
Includes Tables and figures have been updated
The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
Facts and Factors research methodology
Market Growth Drivers
Growing retail sector to propel market growth
The global condensing unit market is projected to grow owing to the increasing trend of storing perishable items in cold storage, which refers to facilities that control room temperature depending on the food items being stored. The global market cap may further be driven by the increasing use of technologies to upgrade cole storage systems.
For instance, the use of solar-driven hybrid cold storage is gaining momentum owing to the associated reduction in operational costs as well as the less harmful impact on the environment. More revenue can be expected due to the increasing use of air-conditioners in residential homes which is a direct impact of modernization and the resultant increase in disposable income of the population.
Stringent laws regulating the environmental impact to restrict market expansion
Although stringent laws regulating the environmental impact may restrict global market expansion, opportunities can be expected due to growing technological advancements. However, the high cost of the unit may pose a major challenge.
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Condensing Unit Market: Segmentation Analysis
The global condensing unit market is segmented based on application, refrigerant type, type, function, and region
Based on application, the global market segments are commercial, industrial, and transportation. The global market may be led by the commercial segment in the coming years driven by the growing strategic measures undertaken by key market players to expand their global footprint. For instance, as per Cooling India, around 60 to 70% of refrigeration energy consumption is accounted for by condensers and compressors.
Based on refrigerant type, the global market divisions are hydrocarbons, fluorocarbons, and inorganics. Currently, the global market witnessed the highest growth in the fluorocarbons segments as they are currently widely used in air-conditioners. In 2020, the global air-conditioning market was valued at USD 106.65 Billion.
Based on type, the global market divisions are water-cooled and air-cooled, with the latter dominating the global market owing to its ease of installation and lower maintenance cost as compared to its counterpart. For reference, heavy-duty air compressors are known to function on 220-volt currents.
Based on function, refrigeration, heat pumps, and air conditioning are the main global market segments with the cold storage sector driving the demand for the air conditioning segment. The global cold storage market may grow at a CAGR of 12.56% by 2028. The industry deals with facilities that store food items that would otherwise get easily spoilt when kept in normal conditions.
The global Condensing Unit market is segmented as follows:
By Refrigerant Type
Browse the full “Condensing Unit Market Size, Share, Growth Analysis Report By Application (Commercial, Industrial, and Transportation), By Type (Water-Cooled, and Air-Cooled), By Refrigerant Type (Hydrocarbons, Fluorocarbons, and Inorganics), By Function (Refrigeration, Heat Pumps, and Air Conditioning), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” Report at https://www.fnfresearch.com/condensing-unit-market
The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards. Some of the main competitors dominating the global Condensing Unit market include -
Carrier Global Corporation
GEA Group Aktiengesellschaft
Emerson Electric Co.
Heatcraft Refrigeration Products LLC
SCM Frigo S.p.A.
Baltimore Aircoil Company
Officine Mario Dorin.
Key Insights from Primary Research:
According to the analysis shared by our research analyst, the Condensing Unit market is likely to expand at a CAGR of around 8% during the forecast period (2022-2028).
In terms of revenue, the Condensing Unit market size was valued at around US$ 38.5 Billion in 2021 and is projected to reach US$ 51.15 Billion by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate
Based on type segmentation, air-cooled was predicted to show maximum market share in the year 2021
Based on application segmentation, the commercial was the leading application in 2021.
On the basis of region, Asia-Pacific was the leading revenue generator in 2021.
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Asia-Pacific is projected to dominate the global condensing unit market owing to the growing population along with a steady increase in the income capacity and disposable income allowing more consumers to utilize the services of air conditions and other room-temperature regulating products in residential places. The trend is propelled by the growing number of players offering air-conditioners at lucrative prices along with financial assistance, making the product more accessible to the common population.
The growing adoption of hybrid or remote work culture causes people to spend more time at home and this investment in homecare products may further lead to more regional market revenue. North America is anticipated to grow due to technological advancements in the field of condensing units as well as increased applications of the products in the food & beverages sector, which may grow at an exponential rate in the coming years.
Rest of North America
Rest of Europe
Rest of Asia Pacific
The Middle East & Africa
Rest of the Middle East & Africa
Rest of Latin America
In May 2022, Blue Star, a global manufacturer of air purifiers, air conditioners, and water coolers, announced that the company is doubling its production capacity in the deep-freezers segment with the help of a state-of-the-art manufacturing facility in the Wada district of Maharashtra, India.
In April 2022, Samsung launched new outdoor air-conditioning units called DVM S2 Variable Refrigerant Flow (VRF) equipped with artificial intelligence
Market Size in 2021
USD 38.5 Billion
Projected Market Size in 2028
USD 51.15 Billion
CAGR Growth Rate
Key Market Players
Carrier Global Corporation, GEA Group Aktiengesellschaft, Danfoss, Emerson Electric Co., Heatcraft Refrigeration Products LLC, BITZER SE, SCM Frigo S.p.A., Baltimore Aircoil Company, Officine Mario Dorin., and others.
By Application, Type, Refrigerant Type, Function, and Region
Major Regions Covered
North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa
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