Condensing Unit Market by Product Type (Air-cooled Condensing Unit, Water-Cooled Condensing Unit, Evaporative Condensing Unit, Others), Refrigerant Type (Fluorocarbons, Hydrocarbons, Inorganics, Others), Function, Application and Region Forecast to 2027
Report Description
The Global Condensing Unit Market size is estimated at USD 22.9 billion in 2020, expanding at a CAGR of 8.8% from 2021-2027.
Market Dynamics
Condensing Unit is the temperature control device used in refrigerators, air conditioners, heat pumps, and chillers to condense the substance from its gaseous state to a liquid state. The growing demand for condensing units in commercial and industrial sectors is the key driving factor of the market during the forecast period. In addition, Technological advances and adoption by the consumers due to the improved quality, durability, shelf life, and upgraded performance of the refrigeration and air-conditioning systems.
Moreover, the growing population and increasing disposable income returns in developing countries such as India, China, and Malaysia among others, are anticipated to fuel the market growth. However, strict environmental regulations on refrigerants used along with a rising number of complexities and uncertainties for manufacturers will likely act as market restraints factors for the growth of the condensing unit.
Based on Product Type, the market is bifurcated into Air-cooled Condensing Units, Water-Cooled Condensing units, Evaporative Condensing units, and Others. The Air-cooled Condensing Unit segment is estimated to hold the largest market share during the forecast period as it is easy to install and requires low maintenance.
Based on Refrigerant Type, the market is segmented into Fluorocarbons, Hydrocarbons, Inorganics, and others. The Fluorocarbons segment witnessed the largest market share during the forecast period owing to the disposable income of the population in developing countries.
Based on Function, the market is segmented into Air Conditioning, Refrigeration, Heat Pumps, Plate & Frame, and others. The Air Conditioning segment witnessed the largest market share during the forecast period due to its increasing adoption of cold storage and food processing units.
Based on Application, the market is bifurcated into Industrial, Commercial, Transportation, and Others. The Industrial segment is projected to hold the largest market share in the Condensing Unit market during the forecast period due to rising demand for advanced refrigeration in power plants, retail stores, hospitals, dairy cabinets, and cooling systems.
Regionally, the North American region holds the largest revenue share in 2020 and is estimated to register significant growth during the forecast period owing to the rising consumption of frozen, chilled, and processed food products which require cold storage to increase its shelf life. On the other hand, Europe accounted for a significant growth rate during the forecast period owing to the increasing technological advancement in the region.
Some of the prominent players are Carrier Corporation, Bitzer Kühlmaschinenbau GmbH, Baltimore Aircoil Company, Emerson Electric Company, Danfoss, Voltas, Advansor A/S, GEA Group Aktiengesellschaft, Hussmann Corporation, FreezeIndia Manufacturing Private Limited, Blue Star Limited, Aircoil Company, Heatcraft Worldwide Refrigeration, Howe Corporation, and Officine Mario Dorin S.P.A., among others.
The report begins with an overview of the Industry Chain structure, and describes the industry environment, then analyses market size and forecast of Condensing Unit Market by product type, refrigerant type, function, application, and region. In addition, this report introduces the market competition situation among the vendors and company profile, besides, market price analysis and value chain features are covered in this report.
Company Coverage (Company Profile, Sales Revenue, Price, Gross Margin, Main Products, etc.):
- Carrier Corporation
- Bitzer Kühlmaschinenbau GmbH
- Baltimore Aircoil Company
- Emerson Electric Company
- Danfoss
- Voltas
- Advansor A/S
- GEA Group Aktiengesellschaft
- Hussmann Corporation
- FreezeIndia Manufacturing Private Limited
- Blue Star Limited
- Aircoil Company
- Heatcraft Worldwide Refrigeration
- Howe Corporation
- Officine Mario Dorin S.P.A.
Product Type Coverage (Market Size & Forecast, Main Consumer Analysis, etc.):
- Air-cooled Condensing Unit
- Water-Cooled Condensing Unit
- Evaporative Condensing Unit
- Others
Refrigerant Type Coverage (Market Size & Forecast, Main Consumer Analysis, etc.):
- Fluorocarbons
- Hydrocarbons
- Inorganics
- Others
Function Coverage (Market Size & Forecast, Main Consumer Analysis, etc.):
- Air Conditioning
- Refrigeration
- Heat Pumps
- Plate & frame
- Others
Application Coverage (Market Size & Forecast, Main Consumer Analysis, etc.):
- Industrial
- Commercial
- Transportation
- Others
Region Coverage (Regional Consumption, Demand & Forecast by Countries, etc.):
- North America (U.S., and Canada)
- Europe (Germany, U.K., France, Italy, Spain, etc.)
- Asia-Pacific (China, India, Japan, Indonesia, Malaysia, Australia, South Korea, etc.)
- Latin America (Brazil, Mexico, Argentina, etc.)
- Middle East & Africa (Saudi Arabia, Kuwait, UAE, South Africa, etc.)
Table Of Content
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Research Methodology
Our research studies are primarily performed in five phases which include Secondary Research, Primary Research, Subject Matter Expert Advice, Quality Check, and Final Review. The process opted for conducting thorough research to make authentic business reports is briefly described below-
Secondary Research-
- Based on the understanding of requirements, we conducted secondary research to identify the Segment specifications, qualitative and quantitative data along with the factors responsible for the growth of the market.
- The secondary sources referred for the study include press releases, company annual reports, and research papers related to the industry.
- Various sources such as industry magazines, trade journals, government websites, and associations were also reviewed for gathering precise analysis on opportunities for business expansions in the market.
- Moreover, quantitative as well as qualitative data were also extracted from paid databases, which included Reuters, Factiva, Bloomberg, One Source, and Hoovers, which proved to be useful for in-depth technical study of the market.
Primary Research-
- The research carried out during the desk research was verified by primary interviews. Primary research was scheduled with a number of industry experts for conducting telephonic interviews, and also our team send questionnaires through their official emails.
- The secondary data collected was then verified by various industry participants which included Segment managers, marketing managers, VPs, CEOs, purchasing managers, subject matter experts.
- An interview with the mentioned participants aids invalidation of our research findings regarding the Segment.
- It helps in the provision of first-hand data on factors such as market size, growth, regional trends, market trends, and competition in the industry. This approach makes our findings precise in order to help our clients in strategic decision-making processes.
Subject Matter Advice-
- The secondary and primary research key findings were then validated by the in-house subject matter experts having extensive experience in the market research industry.
- Specific requirements of the clients were reviewed by the experts to check for completion of the market study. Experts help in channelizing the representation skills of the analyst in terms of providing data that can be easily understood by our customers.
Quality Check-
- The analysis done by the research team was further reviewed to check for data accuracy provided to suit the clients’ specific requirements.
- This revision was done in various phases to check the data authenticity and to remove negligible errors in the final compilation.
Final Review-
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