Global Condensing Unit Market worth 25.5 Billion USD by 2023
The condensing units are the heat transfer devices used to perform condensation process by removing heat from the high-pressure refrigerant gas and transforming it into cool liquids, especially in refrigeration systems. The key drivers for the global condensing unit market include Emerson Electric Co., Danfoss, Daikin Applied, Tecumseh Products Company, Hussmann Corporation, Voltas Limited, Patton Ltd, Bitzer Kühlmaschinenbau Gmbh, Rivacold UK Ltd and Jinan Retek Industries Inc.
Decisiondatabases.com has announced the addition of the “Global Condensing Unit Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast 20XX – 20XX” report to their offering. The global condensing unit market is expected to be valued at USD 12.6 billion in 2016 and is expected to reach USD 25.5 billion by 2023, at a CAGR of 10.8% between 2017 and 2023..The global condensing unit market is primarily driven by the commercial and industrial sectors such as food retails, food manufacturing industries, commercial refrigeration.
Industrial and commercial sectors have gained popularity due to energy saving feature and less usage of refrigerant condensing units. The consumption of condensing units across the world is accelerated by growing commercial complexes, office space and banqueting suites. Moreover, condensers perform a significant role in manufacturing plants which strongly drives the global condensing unit market. Also, this enables the condensing unit manufacturers to make advancements in the technology and thus saving energy and becoming more eco-friendly. The global market for condensing units is anticipated to be benefitted by the on-going expansion of fast food chains as these facilities require an extensive range of condensing units. This trend creates the impact in demand for walk-in cold rooms, service cabinets, blast cabinets and remote units. However, the growth of cold storage capacity for retail segment across the world is estimated to be strong during the forecast period. Thus, the rise in the number of supermarkets, hotels, and cafes is expected to drive the demand for condensing units for commercial refrigeration equipment market.
The report segments the global condensing unit market on the basis of type, application, and region. By type, the market is segmented into water-cooled condensing unit, air-cooled condensing unit and evaporative condensing unit. Among these, the air-cooled condensing unit holds the largest market share, followed by the water-cooled condensing unit, owing to wide adoption from power plants so as to reduce the dependency on water supplies. By application, the market is segmented into industrial refrigeration, commercial refrigeration and others. Of above, the largest market share is anticipated to be occupied by commercial refrigeration, followed by industrial refrigeration, due to the increasing growth of food processing factories, supermarket and storage facilities. Added to above, the advancement in the technologies of condensing units tends to broaden its application areas and thereby, drives the market growth.
Geographically, the market is segmented into regions such as North America, Latin America, Europe, Asia-Pacific excluding Japan (APEJ), Japan and Middle-East and Africa (MEA). Among all of these, Asia-Pacific holds the largest market share for condensing units in 2015, followed by Europe, owing to the rapid industrialization and infrastructure development in this region. North America is expected to achieve stable growth during the estimated period. Next region is APEJ, especially China and India, which collectively account for major share in Asian region due to vast industrial expansion in these countries. However, the condensing units market is anticipated to grow in Japan followed by MEA and Latin America.
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