Condensing Unit Market worth $48.05 billion by 2027 | Key Players include Emerson Electric Company, Carrier Corporation, Danfoss, GEA Group, Heatcraft Worldwide Refrigeration, and BITZER

According to recent market research "Condensing Unit Market by Type (Air-Cooled, Water-Cooled, Evaporative Condensing Unit), Application (Commercial, Industrial, Transportation), Function (Air Conditioning, Refrigeration), and Region - Global Forecast to 2027", Global condensing unit market is projected to grow from an estimated USD 21.94 billion in 2017 to USD 48.05 billion by 2027, at a CAGR of 8.2% from 2017 to 2027.

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The growth of the condensing unit market is driven by the improvements in the quality of condensing units. Consumers primarily demand technologically advanced condensing units due to the benefits they offer such as durability, improved performance of the refrigeration & air conditioning systems, and extended shelf life. The growth in end-use markets such as supermarkets, hypermarkets, and organized retail food chains is leading to increasing demand for condensing units, especially in the commercial segment.

Based on type, the air-cooled condensing segment is estimated to account for the largest share of the condensing unit market in 2017. Air-cooled condensing units are the most commonly used condensing units for across applications as they have low maintenance and installation cost compared to water-cooled condensing units. Low maintenance as well as 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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The condensing unit market is estimated at USD 21.94 Billion in 2017 and is projected to reach USD 32.47 Boillion by 2022, at a CAGR of 8.2% from 2017 to 2022. Various end-use industries, such as retail stores, food production, and food services, etc., are expected to register healthy growth in the coming years in the Asia Pacific countries, which is expected to lead to the growth of the global condensing unit market.

Emerson Electric Company (US), Carrier Corporation (US), Danfoss (Denmark), GEA Group (Germany), Heatcraft Worldwide Refrigeration (US), and BITZER (Germany) are recognized as the visionary leaders in the condensing unit market. These companies are focused on investing in plant capacity expansions. They also have the potential to broaden their product portfolios and compete with other key market players.

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Emerson Electric Company is one of the leading providers of engineering services, globally. The company provides solutions for commercial, industrial, and residential markets. Emerson markets its condensing unit products around the world under the brand Copeland. The company operates in two main business segments, namely, automation solutions and commercial & residential solutions.

Carrier Corporation is among the leading companies in the air-conditioning, heating, and refrigeration industry. It is a part of United Technologies Corp, operating in its UTC Climate, Controls & Security segment. The company mostly manufactures air-cooled condensing units with different types of compressors.

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