Condensing Unit Market Estimated to Reach $57.1 Billion by 2027 Globally, at a CAGR of 7.9%, says MarketsandMarkets™

Chicago, June 19, 2023 (GLOBE NEWSWIRE) — The global condensing unit market is projected to grow from USD 39.0 billion in 2022 to USD 57.1 billion by 2027, at a CAGR of 7.9% from 2022 to 2027, as per the recent study by MarketsandMarkets™. Growing cold chain infrastructure in emerging countries such as India, China, and Indonesia due to increase in online grocery market along with growing preference towards packaged food, growing data center market globally, expansion in supermarket and hypermarket chain, increasing footprint of convenience and proximity stores are the key drivers for growth in the condensing unit market.

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List of Key Players in Condensing Unit Market:

1. Emerson Electric Co. (US)
2. Carrier Global Corporation (US)
3. Danfoss (Denmark)
4. GEA Group Aktiengesellschaft (Germany)
5. Heatcraft Refrigeration Products LLC (US)
6. BITZER SE (Germany)

Drivers and Opportunities in Condensing Unit Market:

1. Drivers: Growing retail sector in emerging economies
2. Opportunity: Technological advancements leading to the introduction of efficient condensing units

Key Findings of the Study:

1. By type, the air-cooled condensing unit segment accounted for the largest market share in 2021, in terms of value.
2. By application, the industrial segment is expected to grow at the considerable rate during the forecast period, in terms of value.
3. By function, the air conditioning segment dominates the condensing unit market in 2021, in terms of value.
4. The Asia Pacific condensing unit market has the largest market share in 2021, in terms of value.

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Based on type, the air-cooled condensing unit segment is expected to grow at a considerable rate during the forecast period. Air-cooled condensing units are easy to install and require low maintenance. The water-cooled condensing units have a longer life and higher energy efficiency as compared to air-cooled condensing units.

Based on application, the industrial segment is expected to grow at CAGR 8.3% during the forecast period, by value. The growing demand for advanced refrigeration from various application areas, such as power plants, retail stores, dairy cabinets, hospitals, cryogenic containers, and cooling systems, is expected to help the industrial application segment to grow at this rate.

By function, the refrigeration segment is expected to grow at a moderate to high CAGR during the forecast period. This growth can be attributed to the rise in demand for refrigeration systems from luxury hotels, cold storage facilities, and warehouses.

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By region, the Middle East & Africa condensing unit market is projected to grow at the highest CAGR during the forecast period. The Middle East & African countries have huge growth prospects for the condensing unit market because of the increasing applications of refrigeration in various end-use industries such as food & beverages, commercial refrigeration, and industrial refrigeration.

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