Condensing Unit Market worth $57.1 billion by 2027 | Key players Emerson Electric, Carrier Global Corp, Danfoss, GEA Group, BITZER SE
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Growing industrialization and urbanization offer significant opportunities for the use of high-performance air-cooled condensing units in the Asia Pacific region. Other major factors influencing the growth of condensing unit market include increased demand for food storage equipment, data centers, super & hyper markets, and others.
Condensing units in industrial applications are primarily used in petrochemical plants, and steel & cement plants. Hence, the increasing demand for these end-use industries are expected to propel the demand of condensing units in industrial application.
Condensing units are extensively used in chemical plants, power plants, ice manufacturing units, cold storage, and hotel & restaurants. Thus, a growing number of cold storage warehouses and hotels is expected to enhance the air conditioning segment of condensing unit market.
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The condensing unit market is projected to grow from USD 39.0 billion in 2022 to USD 57.1 billion by 2027, at a CAGR of 7.9% from 2022 to 2027. Condensing units are used in applications where there is a need to control the temperature, such as heat pumps, chillers, air conditioners, and refrigerators, among others.
Emerson Electric Co. (US), Carrier (US), Danfoss (Denmark), GEA Group Aktiengesellschaft (Germany), Heatcraft Refrigeration Products LLC (US), BITZER SE (Germany), are some of the major players in the condensing unit market. These companies have adopted product launches, investments, acquisitions, agreements, contracts, partnerships, and expansions as growth strategies to enhance their position in the condensing unit market.
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In January 2022, Emerson Electric Co. Emerson launched a major part of condensing unit named Copeland ZPK7 single (fixed) speed scroll compressors for residential and light commercial HVAC applications. The new ZPK7 fixed-speed scroll compressor platform is now tuned for R410A refrigerant and offers improved performance at the SEER2 B rating point condition as well as critical HSPF2 part-load operating conditions.
The new product launch further strengthens the position of Emerson Electric Co. 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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