The global condensing unit market was estimated at USD 24.2 billion in 2020 and is expected to rise to USD 38.6 billion by 2025, with a compound annual growth rate of 6.7 percent.

Condensing unit is another name for the outdoor HVAC unit. These units can either be air conditioning units or heat pumps. These are temperature-control devices in air conditioners, refrigerators, heat pumps, and chillers. They move energy in the form of heat by compressing gas and then pump it through a system of coils, further, using the coil to heat and cool spaces. The typical component of this unit includes a compressor, fan, and condensing coil. The condensing unit market is projected to register significant growth during the forecast period, owing to their extensive use in cold rooms, milk cooling tanks, fermentation rooms, supermarkets, hospitals, and others.

On the basis of application, the condensing unit market is categorized into commercial, industrial, and transportation. The industrial segment is leading the market and is also expected to witness the fastest growth in the coming years. This can be attributed to the increasing demand for advanced refrigeration from different industries in various application areas including power plants, retail stores, dairy cabinets, hospitals, and others.

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The growth of end-user industries in developing countries and the improved shelf life of these units are the major factors driving the market growth. The condensing unit market growth is mainly driven by the increasing demand from commercial and industrial sectors which include food manufacturing industries, food retails, commercial refrigeration, and others. Along with that, the increasing commercial complexes, banqueting suites, office space, and others are further expected to drive the growth of the market in the coming years.

Globally, Asia-Pacific is expected to register the fastest growth in the condensing unit market during the forecast period. The factors contributing to the region’s growth are the growth in chemical and power industries. Also, the increasing demand for food processing and storage facilities is also contributing towards the market growth in the region. In Asia-Pacific, China is the largest consumer of these units, owing to the increasing population, which is resulting in increasing demand for these units in order to meet the demand.

Emerson Electric Company, Danfoss, GEA Group, Carrier Corporation, Heatcraft Worldwide Refrigeration, Baltimore Aircoil Company, Officine Mario Dorin, Bitzer, Blue Star, Voltas, Advansor, and Daikin Applied are among the major players operating in the condensing unit market.

Source: VynZ Research