Condensing Unit Market – Analysis and Forecast To 2024
Condensing unit is another name for the outdoor HVAC unit. These units can either be an air conditioning unit or a heat pump. These are temperature-control devices in air conditioners, refrigerators, heat pumps, and chillers. They move energy in the form of heat by compressing a gas and then pump it through a system of coils, further, using the coil to heat and cool spaces. The typical component of this unit includes compressor, fan, and condensing coil. The condensing unit market is projected to register a significant growth during the forecast period, owing to their extensive use in cold rooms, milk cooling tanks, fermentation rooms, supermarkets, hospitals, and others.
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Based on type, the condensing unit market is segmented into air-cooled, water-cooled, and evaporative condensing unit. Of all these, the air-cooled condensing unit category is expected to hold the largest share in the market during the forecast period. This is attributed to the various factors in terms of advantages it offers to the users, such as, low maintenance cost, low installation cost, wide commercial applications, rising water scarcity, and others. All these factors are driving the demand of these units in the market, resulting in market growth.
Based on function, the condensing unit market is categorized into air-conditioning, refrigeration, and others (heat pumps). Of all these, the air-conditioning category is dominating the market, registering the fastest growth in the market. Owing to the multi-utility of these units in different end-user industries such as industrial facilities, office buildings, schools, and others, the market is expected to witness the significant growth during the forecast period.
Growth of end-user industries in developing countries and improved shelf life of these units is the major factors driving the market growth. The condensing unit market growth is mainly driven by the increasing demand from commercial and industrial sectors which include food manufacturing industries, food retails, commercial refrigeration, and others. Along with that, the increasing commercial complexes, banqueting suites, office space, and others are further expected to drive the growth of the market in the coming years.
Globally, Asia-Pacific is expected to register the fastest growth in the condensing unit market during the forecast period. The factors contributing in the region’s growth are the growth in chemical and power industries. Also, the increasing demand for food processing and storage facilities is also contributing towards the market growth in the region. In Asia-Pacific, China is the largest consumer of these units, owing to the increasing population, which is resulting in increasing demand of these units in order to meet the demand.
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Emerson Electric Company, Danfoss, GEA Group, Carrier Corporation, Heatcraft Worldwide Refrigeration, Baltimore Aircoil Company, Officine Mario Dorin, Bitzer, Blue Star, Voltas, Advansor, and Daikin Applied are among the major players operating in the condensing unit market.