Condensing Unit Market size is expected to grow USD 74,340.6 million by 2030

According to the Market Statsville Group (MSG), the global condensing unit market size is expected to grow from USD 38,451.7 million in 2021 to USD 74,340.6 million by 2030, at a CAGR of 7.6% from 2022 to 2030. The condensing unit is also known as the outdoor Heating, ventilation, and air conditioning (HVAC) unit. These units could either be heat pumps or air condensers. A condensing unit is typically a high-side assembly of a refrigeration system. It is an assembly of the compressor, fan motor, condenser, mounting plate, and controls.

In addition to a heat exchanger, which cools down and condenses the incoming refrigerant vapor into liquid, it has a fan that blows outside air through the heat exchanger section. Condensing units have various designs that come in sizes ranging from small household appliance units to very large industrial units used in food and manufacturing processes.

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The growing demand for condensing units in commercial and industrial sectors in developing countries, the growing demand for high-quality condensing units for various applications, and the growing retail sector are some of the major factors.

COVID-19 Impact on the Global Condensing Unit Market
The outbreak of the COVID-19 epidemic has decently affected the global condensing market. Various large organizations acquire small & medium-sized to sustain the growing market needs. COVID-19 has affected condensing unit manufacturers' operations, suppliers, and distributors. COVID-19 has affected the supply chain of condensing market due to lockdown all over the world. As most of the material comes from China, COVID-19 has stopped transportation all over the world. Some condenser companies have temporarily shuttered in response to government restrictions or falling demand in the market. And this temporarily shutdown made a huge loss to the company.

In the second quarter, the decline in export and import shipments worldwide, project delays due to less manpower and slow national demand for condensing units due to pre-COVID-19 levels are factors responsible for restraining the market growth.

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Global Condensing Unit Market Dynamics
Drivers: Increase in standard of living of the people
An increase in population and increase in people's standard of living are influencing the demand for air conditioner products globally, especially in urban areas. As per the National Space Science and Technology Centre (NSSTC), 2019 is the hottest than the average period for many regions and shows the use of air conditioning products to live a comfortable life. As a result, air conditioners are preferred by people over more luxurious products. Multiple functions of air conditioners, such as customized changing options as required, moisture control, humidity, temperature control, and air motion control, give rise to the importance of air conditioners to consumers.

Rapid industrial growth helps increase the people's disposable incomes, and the growing residential and commercial construction sector along with industrial infrastructure gives rise to the condensing unit market.

Restraints: Hazardous to the Environment
Chlorofluorocarbons (CFCs) such as CFC-12 and hydrochlorofluorocarbons (HCFCs) such as HCFC-22, which is often referred to as "R-22", deplete the stratosphere's ozone layer. As a part of depleting the ozone layer, it also spread more than 290 million cases of skin cancer, approximately 1.7 million skin cancer deaths, and more than 49 million cases of cataracts all over the world in this recent period. Increased UV radiation caused by depletion of the ozone layer also affects crops and harms plants, various materials, and marine ecosystems like plastics and paint.
Chlorodifluoromethane or difluoromonochloromethane is a hydrochlorofluorocarbon (HCFC). HCFC-22, or R-22, or CHClF is a colorless gas commonly used as a propellant and refrigerant.

Opportunities: Growing demand for environment-friendly refrigerants
R-410A is a sustainable refrigerant being adopted by various established market players globally. R-410A has replaced R-22 as the preferred refrigerant for residential and commercial air conditioners in Japan, Europe, and the United States. The most common refrigerant used in these new residential air conditioners is R-410A. R-410A is one of the least hazardous to the environment and human health and could be used as a substitute for R-22. R-410A is a blend of different HFCs that don't affect the ozone.

R-410A has replaced R-22 as the preferred refrigerant for use in residential and commercial air conditioners in Japan, Europe, and the United States

Scope of the Global Condensing Unit Market
The study categorizes the condensing unit market based on type, function, compressor type, and application at the regional and global levels.

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By Type Outlook (Sales, USD Million, 2017-2030)
Air-cooled condenser
Water-cooled condenser
Evaporative Condenser
By Function Outlook (Sales, USD Million, 2017-2030)
Air Conditioning
Refrigeration
Heat Pumps
By Compressor Type Outlook (Sales, USD Million, 2017-2030)
Reciprocating Compressors
Screw Compressors
Rotary Compressors
By Application Outlook (Sales, USD Million, 2017-2030)
Industrial
Commercial
Transportation
By Region Outlook (Sales, USD Million, 2017-2030)
North America
US
Canada
Mexico
Europe
Germany
Italy
France
UK
Spain
Poland
Russia
The Netherlands
Norway
Czech Republic
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Indonesia
Malaysia
Thailand
Singapore
Australia & New Zealand
Rest of Asia Pacific
South America
Brazil
Argentina
Colombia
Rest of South America
The Middle East & Africa
Saudi Arabia
UAE
South Africa
Northern Africa
Rest of MEA
Air conditioning segment is projected to account for the largest market share.
The air conditioning segment is expected to dominate the global condensing unit market as condensing units are extensively used in the food and beverage industry as cold storage units to retain the freshness and shelf life of the products over a longer period. This extends the shelf life of products such as fruits and vegetables. Customers' growing demand for fresh perishable products is expected to create growth opportunities for air conditioning condensing units.

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The increase in population and people's standard of living is fostering the demand for air conditioner products worldwide.

Asia Pacific accounts for the highest CAGR during the forecast period
In the global condensing unit market, Asia-Pacific is expected to emerge as one of the major regions. In addition to the growing population, expanding food products & services, and increasing investments in chemicals & petrochemicals. The increasing demand for food processing and storage facilities is driving the market expansion in the region. China is accounted to have the largest share of the regional market, owing to the country's government's subsidies for using natural refrigerants in wide industrial applications. Heat pumps, room air conditioners, and commercial and industrial refrigeration systems use refrigerants.

Key Market Players in the Global Condensing Unit Market
Major players in the global condensing unit market are:

Emerson Electric Co.
Carrier Global Corporation
Danfoss
GEA Group Aktiengesellschaft
Heatcraft Refrigeration Products LLC
Voltas Limited
Bitzer SE
Advansor A/S
Blue Star
Samsung

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