Global Condensing Unit Market to Reach US$ 75.0 Billion by 2032, Propelled by Rising Installation of Air-Conditioners in Different Sectors

According to the latest report by IMARC Group, titled "Condensing Unit Market Report by Type (Air-Cooled, Water-Cooled, and Others), Function (Air Conditioning, Refrigeration, Heat Pumps), Compressor Type (Reciprocating Compressors, Screw Compressors, Rotary Compressors, and Others), Refrigerant (Fluorocarbons, Hydrocarbons, Inorganics), End User (Residential, Commercial, Industrial), and Region 2024-2032," the global condensing unit market size reached US$ 40.6 Billion in 2023. A condensing unit refers to the main components of temperature control devices that are responsible for continuously maintaining low or medium temperatures inside a refrigerated appliance or system. It comprises power-driven compressors, condensers, liquid receivers, and various other accessories, which cool the environment inside a refrigerated appliance or system. It is available as small-sized and large-sized units, which are used to air condition buildings and huge spaces. It can be air-cooled or water-cooled and integrated with an evaporator coil inside the building or enclosed structure by refrigerant lines. It moves energy in the form of heat by compressing a gas called the refrigerant, then pumping it into a system of coils and utilizing the air around the coils to heat and cool spaces. It applies pressure to gas until it becomes liquid and then circulates the cooled liquid through a closed system, wherein it absorbs heat as it returns to the compressor. 

Global Condensing Unit Market Trends:

At present, the increasing demand for condensing units, as they require minimum maintenance and are durable, represents one of the primary factors influencing the market positively. Besides this, the rising installation of air conditioning systems in residential buildings and commercial establishments, such as offices, malls, retail stores, hospitals, and educational institutions, to maintain cool temperatures indoors during hot summer times is propelling the growth of the market. In addition, the increasing global temperatures due to the greenhouse effect, global warming, and climate change are contributing to the growth of the market. Apart from this, the growing demand for refrigerating systems and cold storages in the food and beverage (F&B) industry to store perishable items and maintain their quality is offering a favorable market outlook. Additionally, the increasing demand for energy-efficient air conditioners (ACs) to minimize electricity consumption is supporting the growth of the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 75.0 Billion by 2032, exhibiting a CAGR of 7% during 2024-2032. 

Market Summary:

• On the basis of the type, the market has been segmented into air-cooled, water-cooled, and others. Air-cooled currently represents the largest segment.
• Based on the function, the market has been segregated into air conditioning, refrigeration, and heat pumps. At present, air conditioning holds the biggest share in the market.
• Based on the compressor type, the market has been classified into reciprocating compressors, screw compressors, rotary compressors, and others. Presently, reciprocating compressors exhibit a clear dominance in the market.
• On the basis of refrigerant, the market has been classified into fluorocarbons, hydrocarbons, and inorganics. Presently, fluorocarbons exhibit a clear dominance in the market.
• Based on the end user, the market has been divided into residential, commercial, and industrial. Presently, industrial exhibits a clear dominance in the market.
• Region-wise, the market has been segmented into North America (the United States and Canada); Europe (the United Kingdom, Germany, France, 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. Amongst these, Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others) enjoys the leading position in the market.
• The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players 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., and Tecumseh Products Company (Mueller Industries Inc.).

Report Scope:

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