Condensing Unit Market worth $35.7 billion by 2025 | Key Players include Emerson Electric Co., Carrier Global Corporation, Danfoss, GEA Group Aktiengesellschaft, Heatcraft Refrigeration Products LLC

According to recent market research "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", is projected to grow from USD 23.7 billion in 2020 to USD 35.7 billion by 2025, at a CAGR of 8.5% from 2020 to 2025. Growth of end-user industries in emerging nations, as well as benefits offered such as improved durability and shelf life quality of condensing unit, are significant factors driving the growth of this market.

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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.

By application, the industrial segment of the application of the condensing unit 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.

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The condensing unit market is projected to reach USD 35.7 billion by 2025 from USD 24.9 billion in 2019, at a CAGR of 8.5% between 2020 and 2025. The Asia Pacific is the largest consumer of condensing units, with China leading the regional market. 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 Co. (US), Carrier Global Corporation (US), Heatcraft Refrigeration Products LLC (US), GEA Group Aktiengesellschaft (Germany), ADVANSOR A/S (Denmark), Voltas Limited (India), Baltimore Aircoil Company (US), and Danfoss (Denmark), 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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In March 2020, Baltimore Aircoil Company (BAC) expanded its line of TrilliumSeries Adiabatic Products. The expanded offerings include fluid cooler models for low-charge refrigeration applications and software enhancements for all models in order to optimize fan energy use based on system conditions. The new product launch further strengthens the position of BAC in the condensing unit market in the US.

In February 2020, Danfoss introduced a new product, Optyma iCO2, which is an outdoor CO2 condensing unit. It has a cooling capacity of 1.5 to 4.7kW (0.43 to 1.3TR) and is a plug-and-play stackable solution for medium-temperature applications such as in display cabinets, and to refrigerate cold rooms. The new product launch helped the company target a new segment of convenience stores with limited indoor space.

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