The global condensing unit market is estimated to grow from USD 23.7 billion in 2020 to USD 35.7 billion by 2026. Thereby, the market is anticipated to witness a CAGR of 8.5 per cent from 2019 to 2026. A number of end-use industries, such as, retail stores, food production, and food services, among others., are expected to register healthy growth in the coming years in the Asia-Pacific countries, which is likely to lead to the growth of the global condensing unit market.
On the basis of type, within the global condensing unit market, the air-cooled segment is likely to spearhead the global condensing unit market in terms of volume between 2020 and 2026. The air-cooled segment accounted for the largest share of the condensing unit market in 2019 as well as grow at the highest CAGR during the forecast period. This is because the air-cooled condensing units are easy to install and require low maintenance. However, the water-cooled condensing groups have a longer life and higher energy efficiency as compared to air-cooled condensing units.
With respect to the application, the industrial segment accounted for the largest share of the global condensing unit market in 2019. The increase in demand for advanced refrigeration from various application areas, namely, dairy cabinets, hospitals, power plants, retail stores, cryogenic containers, and cooling systems, is likely to help the industrial application segment to grow at the highest rate.
On the basis of function, the air conditioning segment is projected to dominate the global condensing unit market since air conditioning condensing units are extensively used in chemical plants, power plants, ice manufacturing units, cold storages & warehouses, and hotel & restaurants.
Region-wise, the Middle East & Africa condensing unit market is projected to grow at the highest CAGR during the forecast period in terms of value. The Middle East & African countries have substantial growth prospects owing to the growing applications of refrigeration in various end-use industries, such as, chemicals & petrochemicals and plastics.
Some of the key players in the global condensing unit market include: Emerson Electric Co. (US), Carrier Global Corporation (US), Voltas Limited (India), BITZER SE (Germany), ADVANSOR A/S (Denmark), Baltimore Aircoil Company (US), Officine Mario Dorin S.p.A. (Italy), Danfoss (Denmark), GEA Group Aktiengesellschaft (Germany), Heatcraft Refrigeration Products LLC (US), and SCM Frigo S.p.A. (Italy). These players have implemented the strategies of adopted new product launches, expansions, partnerships, acquisitions, contracts, joint ventures, and divestments to augment their position in this market.
Check the report description at: Global Condensing Unit Market Size, Trends & Analysis - Forecasts To 2026