The global condensing unit market size reached US$ 40.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 75.0 Billion by 2032, exhibiting a growth rate (CAGR) of 7% during 2024-2032. The escalating demand for HVAC appliances in residential, industrial and commercial sectors, the increasing emphasis on energy efficiency and considerable growth in the e-commerce industry represent some of the key factors driving the market.
Market Size in 2023
|US$ 40.6 Billion
Market Forecast in 2032
|US$ 75.0 Billion
|Market Growth Rate 2024-2032
Condensing units are integral parts of refrigeration and HVAC systems that are responsible for draining heat. These units are critical to cooling and refrigeration systems since they remove heat from the system and transfer it to the surrounding environment, allowing a space to be cooled or refrigerated efficiently and effectively. As a result of compressing refrigerant gas and transferring it to the condenser coil, the heat is removed from the refrigerant, heat is transferred from the refrigerant to the surrounding air or water, and condensed liquid refrigerant is returned to the evaporator coil to cool again. The unit typically consists of a compressor, condenser coil, and fan, and is installed outside of the building or structure that it serves. They can be air-cooled or water-cooled and are connected to an evaporator coil inside the building or structure by refrigerant lines. Among the advantages of a compressor unit are its versatility, durability, and low maintenance requirements.
Condensing Unit Market Trends:
The global market is majorly driven by the escalating demand for HVAC appliances in residential, industrial as well as commercial sectors. This can be attributed to the growing need for efficient and fast cooling solutions across numerous end-use applications. In line with this, an increasing emphasis on energy efficiency is resulting in the increasing demand for condensing units providing reduced operating costs and energy usage. Moreover, continual technological advancements in the manufacturing of compressing units, such as the introduction of waste heat recovery utilization feature and energy-efficient compressors, are augmenting the growth of the market. The market is further driven by the implementation of strict government regulations and standards to reduce carbon footprint and energy consumption, thereby resulting in a demand for condensing units that comply with the regulations. Apart from this, the rapid expansion of cold storage and warehouses across the globe due to considerable growth in the e-commerce industry is fueling the market. Additionally, the increased installation of condensing units for refrigerated vehicles and containers due to the rising demand for refrigerated transport to maintain their quality during transportation is creating a positive market outlook. Some of the other factors contributing to the market include the flourishing food and beverage (F&B) sector, rapid product utilization in automobile manufacturing, numerous product innovations, inflating disposable income levels, and extensive research and development (R&D) activities.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global condensing unit market, along with forecasts at the global, regional, and country levels from 2024-2032. Our report has categorized the market based on type, function, compressor type, refrigerant, and end user.
The report has provided a detailed breakup and analysis of the condensing unit market based on the type. This includes air-cooled, water-cooled, and others. According to the report, air-cooled represented the largest segment.
- Air Conditioning
- Heat Pumps
The report has provided a detailed breakup and analysis of the condensing unit market based on the function. This includes air conditioning, refrigeration, and heat pumps. According to the report, air conditioning represented the largest segment.
Compressor Type Insights:
- Reciprocating Compressors
- Screw Compressors
- Rotary Compressors
The report has provided a detailed breakup and analysis of the condensing unit market based on the compressor type. This includes reciprocating compressors, screw compressors, rotary compressors, and others. According to the report, reciprocating compressors represented the largest segment.
The report has provided a detailed breakup and analysis of the condensing unit market based on the refrigerant. This includes fluorocarbons, hydrocarbons, and inorganics. According to the report, fluorocarbons represented the largest segment.
End User Insights:
A detailed breakup and analysis of the condensing unit market based on the end user has also been provided in the report. This includes residential, commercial, and industrial. According to the report, industrial accounted for the largest market share.
- North America
- United Kingdom
- Asia Pacific
- South Korea
- Latin America
- Middle East and Africa
The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific was the largest market for condensing units. Some of the factors driving the Asia Pacific condensing unit market included its aging population, continual technological advancements, high healthcare expenditure, etc.
The report has also provided a comprehensive analysis of the competitive landscape in the global condensing unit market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include Baltimore Aircoil Company Inc. (AMSTED Industries Incorporated), Bitzer SE, Blue Star Limited, Carrier Global Corporation, Daikin Industries Ltd., Danfoss A/S, Dorin S.p.A., Emerson Electric Co., Heatcraft Worldwide Refrigeration (Lennox International Inc.), Hussmann Corporation (Panasonic Holdings Corporation), MTA S.p.A., Tecumseh Products Company (Mueller Industries Inc.), etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
|Base Year of the Analysis
||Air-Cooled, Water-Cooled, Others
||Air Conditioning, Refrigeration, Heat Pumps
|Compressor Types Covered
||Reciprocating Compressors, Screw Compressors, Rotary Compressors, Others
||Fluorocarbons, Hydrocarbons, Inorganics
|End Users Covered
||Residential, Commercial, Industrial
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Baltimore Aircoil Company Inc. (AMSTED Industries Incorporated), Bitzer SE, Blue Star Limited, Carrier Global Corporation, Daikin Industries Ltd., Danfoss A/S, Dorin S.p.A., Emerson Electric Co., Heatcraft Worldwide Refrigeration (Lennox International Inc.), Hussmann Corporation (Panasonic Holdings Corporation), MTA S.p.A., Tecumseh Products Company (Mueller Industries Inc.), etc.
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Key Benefits for Stakeholders:
- IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the condensing unit market from 2018-2032.
- The research study provides the latest information on the market drivers, challenges, and opportunities in the global condensing unit market.
- The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
- Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the condensing unit industry and its attractiveness.
- Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.