Condensing Unit Market: Insights
The global condensing unit market is estimated to witness a significant CAGR during the forecast period (2020-2026). Condensing units are temperature-control devices which cause energy exchange in the form of heat by compressing a coolant, then pumping it through a coil system and using the air around the coils to heat and cool spaces. Growing demand for advanced refrigeration from marine and oil & gas sectors along with rising demand for natural refrigerants are driving the market growth for condensing unit. Growing technological advancements and an increase in demand for condensing units from various manufacturing industries are some of the major factors expected to drive the market growth during the forecast period. However, stringent environmental regulations on refrigerants are likely to hamper the market growth during the forecast period.
Condensing Unit Market: By Type
Based on type, the global condensing unit market is segmented into air-cooled, water-cooled, and evaporative. Air-cooled condensing units are easy to install and require low maintenance problems. The air-cooled segment is estimated to hold the largest market share in terms of volume during the forecast period. Air-cooled condensing units are easy to install along with low maintenance problems, as compared to air-cooled condensing units; the water-cooled condensing unit has a longer life and have higher energy efficiency.
Condensing Unit Market: By Compressor Type
Based on compressor type, the global condensing unit market is segmented into reciprocating compressors, screw compressors, and rotary compressors, among others. The screw compressors is estimated to hold the largest market share in terms of revenue during the forecast period. The growing demand for energy-efficient compressors along with a rise in energy consumption are some of the major factors driving the market growth.
Condensing Unit Market: By Function
Based on function, the global condensing unit market is segmented into air conditioning, refrigeration, and heat pumps. The air conditioning segment is expected to hold the largest market share during the forecast period. The growing number of individual auditoriums, industrial facilities, clinics, hotels, chemical plants, and multiplexes worldwide is expected to drive the air conditioning market during the forecast period. Moreover, the growing establishment of malls and other commercial buildings is one of the significant factors expected to drive the market growth. Furthermore, the refrigeration segment is projected to hold the largest market share in terms of revenue due to rising applications in food processing units and cold storage during the forecast period.
Condensing Unit Market: By Application
Based on application, the global condensing unit market is segmented into industrial, commercial, and transportation. The commercial segment is expected to grow at a high CAGR during the forecast period. Commercial buildings often require more than one HVAC device to provide sufficient refrigeration for the whole building.
Condensing Unit Market: By Region
Based on region, the global condensing unit market is segmented into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa.
Condensing Unit Market Share & Competitor Analysis
Some of the key players operating in the condensing unit market are Emerson Electric Co., Carrier Global Corporation, Danfoss, Gea Group Aktiengesellschaft, Heatcraft Refrigeration Products Llc, Voltas Limited, Bitzer Se, Advansor A/S, Baltimore Aircoil Company, Officine Mario Dorin S.P.A., Scm Frigo S.P.A., Daikin Applied, Evapco, Inc., Frascold, Howe Corporation, Hussmann Corporation, MTA S.P.A., and Patton, among others.
Please note: This is not an exhaustive list of companies profiled in the report.
In May 2020, Emerson Electric Co. launched its Rosemount Thermowell Design Accelerator which eliminates the manual thermowell iterations. The users are able to automatically iterate up to 1,000 thermowell tags with a single click.
In April 2020, Danfoss launched the world’s smallest electronic expansion valve EEV for small A/C and IT cooling allowing OEMs to drive greater system efficiency, reliability and quieter operations.
Avail customized purchase options to meet your exact research needs: