The report "Condensing Unit Market by Type (Air-cooled Condensing Unit, Water-cooled Condensing Unit, and Evaporative Condensing Unit), Application (Industrial Refrigeration, Commercial refrigeration, and others), and by Region - Global Forecast to 2021", The global condensing unit market is projected to reach USD 23.31 Billion by 2021, at a CAGR of 11.1% from 2016 to 2021. High demand for condensing units from the commercial refrigeration industry is expected to drive the growth of this market in the near future.

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Industrial refrigeration is the fastest-growing application segment of the global condensing unit market

Industrial refrigeration is projected to be the fastest-growing application segment from 2016 to 2021. Growth in the construction and general manufacturing industries is also projected to drive the demand for condensing units.

Air-cooled condensing unit was the largest segment of the condensing unit market

Based on type, the condensing unit market has been segmented into air-cooled condensing unit, water-cooled condensing unit, and evaporative condensing unit. Air-cooled condensing unit was the largest segment of the market in 2015. The widespread commercial applications, low maintenance & installation cost, and rising water scarcity issues are the key factors driving the growth of the air-cooled condensing unit segment of the condensing unit market.

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Asia-Pacific was the largest market for global condensing unit market in 2015

Asia-Pacific was the largest market for condensing units in 2015. Growing industrialization and infrastructure development in the region offer enormous opportunities for the use of high-performance condensing units. The key growth driver of the market is the rising demand from the industrial refrigeration industry. Growth in the construction and general manufacturing industries is also projected to drive the demand for condensing units in this region.

Key players operational in the condensing unit market include Emerson Electric Company, Carrier Commercial Refrigeration, Danfoss, GEA Group, Heatcraft Worldwide Refrigeration, BITZER Kühlmaschinenbau GmbH, and others.

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