Chicago, July 20, 2022 (GLOBE NEWSWIRE) -- Condensing Unit Market is projected to reach USD 57.1 billion by 2027 from USD 39.0 billion in 2022 growing at a CAGR of 7.9% during the forecast period according to a new report by MarketsandMarkets™. Growing cold chain infrastructure in emerging countries such as India, China, and Indonesia due to increase in online grocery market along with growing preference towards packaged food, growing data center market globally, expansion in supermarket and hypermarket chain, increasing footprint of convenience and proximity stores are the key drivers for growth in the condensing unit market.
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By type, the air-cooled condensing unit segment accounted for the largest market share in 2021, in terms of value.
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.
By application, the industrial segment is expected to grow at the considerable rate during the forecast period, in terms of value.
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.
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By function, the air conditioning segment dominates the condensing unit market in 2021, in terms of value.
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.
The Asia Pacific condensing unit market has the largest market share in 2021, in terms of value.
The markets growth can be attributed to increasing demand for the storage of convenience products, such as packaged foods, dairy products, etc. Also, the growth was further propelled by the rise in demand for condensing units from supermarkets and organized retail food chains.
Key Players operating in the Condensing Unit Market include:
- Emerson Electric Co. (US),
- Carrier Global Corporation (US),
- Danfoss (Denmark),
- GEA Group Aktiengesellschaft (Germany),
- Heatcraft Refrigeration Products LLC (US),
- BITZER SE (Germany).
These players have adopted new product development strategies, expansions, and partnerships to enhance their position in the market.
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