Global Condensing Unit Market Size, Share, and COVID-19 Impact Analysis, By Type (Air Cooled, Water Cooled, and Fan Cooled), By Refrigerant Type (R404a, R134a, R407a/R407c/R407f, R507a Or R22, and Green Refrigerants), By Technology (Reciprocating, Hermetic, Semi-Hermetic, Open, Rotary, Scroll, Rotary Vane, Screw, and Centrifugal), By Application (High Temperature, Medium Temperature, and Low Temperature), By End-User (Residential, Commercial, and Industrial), by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022-2028

KEY MARKET INSIGHTS

The Condensing Unit Market was valued at USD 22.5 billion in 2021. The market is projected to grow by USD 42.2 billion in 2028, at a CAGR of 8.1% during the forecast period. 

The temperature control equipment that is used to cool a substance from its vaporific to a liquid state is known as a condensing unit. This unit will be either an air conditioner or a machine. Refrigerators, heat pumps, air conditioners, and chillers all use condensing units to perform their duties. It is made up of three basic components such as a compressor, fan, and condensing coil. Condenser units come in a variety of sizes and shapes. Cool condensing units, cool condensing units, and state change condensing units are the three types of these units. The temperature control devices are used to cool material from a vaporous condition to a liquid state, which is referred to as the condensing unit.   

The growth of the Condensing Unit Market is being driven by factors such as an increase in demand for condensing units in the commercial and industrial sectors in emerging countries, as well as the advantages supplied by these units, such as greater sturdiness and duration. Growing demand for condensing units in the corporate and industrial sectors of developing nations, rising demand for higher-quality condensing units for a variety of applications, and expanding retail sector growth are a few of the major drivers that can propel the Condensing Unit Market growth during the forecast period. 

COVID-19 ANALYSIS 

During the COVID-19 pandemic, almost every industry in the world suffered a setback. This can be ascribed to severe disruptions in their respective manufacturing and supply-chain operations as a result of various precautionary lockdowns and other limitations imposed by governments all over the world. The same applies to the market. Furthermore, consumer demand has decreased as people are now more focused on removing non-essential expenses from their budgets since the general economic situation of most people has been badly impacted by the outbreak. Over the forecast period, the aforementioned factors are likely to weigh on the worldwide Condensing Unit market's revenue trajectory. The global Condensing Unit market is likely to rebound as respective governing agencies begin to lift these enforced lockdowns.

LATEST TREND

Technical Advancements in Condensing Units to Increase Demand

Rising demand for higher-quality condensing units for various applications is expected to propel the global condensing unit market growth. The demand for the product in the market is driven by the extended shelf life, superior performance, and durability supplied by technologically enhanced items. CO2, ammonia, and HCs like isobutene and propane are some of the most popular natural refrigerants. Natural refrigerants, which are technologically superior cooling equipment, are replacing conventional refrigerants. As a result, the market for natural refrigerants has grown. Natural refrigerants are used in a variety of applications, including heating, cooling, and refrigeration. Huge demand for these condensing units is produced in developed areas of the world, including North America and Europe, which is expected to drive the market significantly during the forecast period.

DRIVING FACTORS

Rising Infrastructure Spending in Developing Countries Is Propel Market Growth 

Condensing units are temperature-control systems that exchange energy in the form of heat by compressing a refrigerant, pushing it through a series of coils, and heating and cooling areas with the air surrounding the coils. In the next years, rising infrastructure spending, particularly in Asia Pacific's developing countries, is likely to propel the worldwide condensing unit market growth. Various infrastructure projects, such as metro rail and airports, are in the planning and development stages in India. In 2018–19, the Airport Authority of India (AAI) spent roughly USD 2.32 billion on extending existing terminals and building 15 new ones. In addition, the airport industry has been extended to private engagement, with six PPP (Public-Private Partnership) airports being built throughout major cities. Furthermore, between FY 2018 and FY 2023, India's airport infrastructure is estimated to receive investments ranging from USD 5.99 billion to USD 6.41 billion. Furthermore, the growing global population, as well as rising disposable income, particularly in developing nations, are key drivers that are predicted to boost the global condensing unit market. 

RESTRAINTS

Environmental Limitations on Refrigerants Will Constrain the Market.

The EU Commission's F-gas (HFCs, PFCs, and SF6) regulation, which was updated in 2015 in order to reduce growing emissions, may limit the worldwide condensing unit market. This also encourages condensing unit manufacturers to improve their technology, resulting in energy savings and environmental friendliness. Furthermore, the growing amount of complications and uncertainties for producers will make restrain market growth.           

SEGMENTATION

The Condensing Unit Market is segmented by Type, Refrigerant Type, Technology, Application, End-User, and Region. Based on the Type, the market is categorized into Air Cooled, Water Cooled, and Fan Cooled. Based on the Refrigerant Type, the market is categorized into R404a, R134a, R407a/R407c/R407f, R507a or R22, and Green Refrigerants. Based on Technology, the market is categorized into Reciprocating, Hermetic, Semi-Hermetic, Open, Rotary, Scroll, Rotary Vane, Screw, and Centrifugal. Based on Application, the market is categorized into High Temperature, Medium Temperature, and Low Temperature. Based on End-User, the market is categorized into Residential, Commercial, and Industrial. Based on the Region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.  

REGIONAL INSIGHTS

The global Condensing Units Market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.

North America is the largest market for condensing units due to the growth in demand for condensing units in the commercial and industrial sectors, as well as the growing demand for condensing units in various manufacturing industries. 

The Asia-Pacific is the second-largest market for condensing units due to the rising disposable income and rising infrastructure spending in this region. Moreover, in terms of value, China is expected to occupy the lion's share of the regional condensing unit market. Natural refrigerants are being promoted by the Chinese government for a range of uses. These refrigerants are used mostly in heat pumps and room air conditioners.

 LIST OF KEY COMPANIES PROFILED:

• Emerson Electric Co.
• Carrier.
• Danfoss
• GEA Group Aktiengesellschaft
• Heatcraft Worldwide Refrigeration
• Voltas, Inc.
• BITZER Kühlmaschinenbau GmbH
• Baltimore Aircoil Company
• Dorin S.p.A.

KEY INDUSTRY DEVELOPMENTS:

February 2019, Emerson Electric Company, based in the United States, purchased General Electric's Intelligent Platforms. The latter's programmable logic controller technologies are likely to increase Emerson Electric Company's already wide product line and strengthen its machine control capabilities.

SEGMENTATION

By Type

• Air Cooled
• Water Cooled
• Fan Cooled

By Refrigerant Type

• R404a
• R134a
• R407a/R407c/R407f
• R507a or R22
• Green Refrigerants

By Technology

• Reciprocating
• Hermetic
• Semi-Hermetic
• Open
• Rotary
• Scroll
• Rotary Vane
• Screw
• Centrifugal

By Application

• High Temperature
• Medium Temperature
• Low Temperature

By End-User

• Residential
• Commercial
• Industrial

By Region

• North America- U.S., Mexico, Canada
• Europe- UK, France, Germany, Italy, Spain, Rest of Europe
• Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
• South America- Brazil, Argentina, Colombia, Rest of South America 
• The Middle East and Africa- GCC, South Africa, Rest of Middle East & Africa