DUBLIN--(BUSINESS WIRE)--The "Condensing Unit Market by Type (Air-cooled, Water-cooled, Evaporative), Application (Industrial, Commercial, Transportation), Function (Air Conditioning, Refrigeration, Heat Pumps), Refrigerant Type, and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The condensing unit market is projected to reach USD 35.7 billion by 2025 from USD 23.7 billion in 2020, at a CAGR of 8.5% between 2020 and 2025.
The global condensing unit market is expected to grow as various end-use industries such as food & beverage retail stores, etc., are expected to register healthy growth in different emerging nations such as India, Thailand, China, and Malaysia. The commercial industry majorly uses water-cooled condensing units and air-cooled condensing units.
The air-cooled segment is estimated to lead the condensing unit market in terms of volume from 2020 to 2025.
By type, the air-cooled segment accounted for the largest share of the condensing unit market in 2019. Also, the air-cooled condensing unit segment is estimated to grow at the highest CAGR during the forecast period. Air-cooled condensing units are easy to install and require low maintenance, whereas water-cooled condensing units have a longer life and higher energy efficiency as compared to air-cooled condensing units.
The industrial segment accounted for the largest share of the condensing unit market, by the application.
By application, the industrial segment accounted for the largest share of the condensing unit market in 2019. The growing demand for advanced refrigeration from various application areas, such as power plants, retail stores, dairy cabinets, hospitals, cryogenic containers, and cooling systems, is expected to help the industrial application segment to grow at the highest rate.
Air Conditioning segment is expected to dominate the condensing unit market by function.
By application, the air conditioning segment is expected to dominate the condensing unit market during the forecast period as air conditioning condensing units are extensively used in chemical plants, power plants, ice manufacturing units, cold storages & warehouses and hotel & restaurants.
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 & Africa condensing unit market is projected to grow at the highest CAGR during the forecast period. The Middle East & African countries have substantial growth prospects for the condensing unit market because of the growing applications of refrigeration in various end-use industries such as chemicals & petrochemicals and plastics.
- Growing Retail Sector in Emerging Economies
- High Durability and Long Life of Advanced Condensing Units
- Stringent Environmental Regulations on Refrigerants Used in Condensing Units
- Technological Advancements Leading to Introduction of Efficient Condensing Units
- Increasing Demand for Natural Refrigerants
- Emerson Electric Co.
- Carrier Global Corporation
- 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.
- Freezeindia Manufacturing Private Limited
- Howe Corporation
- Hussmann Corporation
- Blue Star Ltd
- Mta S.P.A.
- National Comfort Products
- Safe Air Technology
- Shanghai General Fushi Refrigeration Equipment Co. Ltd
- Shree Refrigerations Pvt. Ltd.
- Tecumseh Products Company Llc
- Zanotti S.P.A.
- Shanghai Zhaoxue Refrigeration Equipment Co., Ltd.
- Zhejiang Beifeng Refrigeration Equipment Co., Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/rtxqsn