Condensing Unit Market by Type (Air-Cooled, Water-Cooled, Evaporative Condensing Unit), Application (Commercial, Industrial, Transportation), Function (Air Conditioning, Refrigeration), and Region - Global Forecast to 2022
[143 Pages Report] global condensing unit market is projected to grow from an estimated USD 20.24 Billion in 2016 to USD 32.47 Billion by 2022, at a CAGR of 8.2% during the forecast period.
Selected Market Dynamics in Condensing Unit Market
Improved durability and shelf life offered by condensing units
Improved quality of condensing units acts as a major driver for the condensing unit market. Technologically-advanced condensing units are being demanded by consumers primarily due to the benefits they offer, including durability, extended shelf life, and improved performance of the refrigeration and air-conditioning systems. The rising demand for advanced refrigeration from the developing nations in Europe and North America increases the demand for condensing units in these regions.
Increasing demand for natural refrigerants
The most common natural refrigerants include ammonia; CO2; and HCs, such as propane and isobutene. Technological advancements in cooling equipment are replacing traditional refrigerants with natural refrigerants. This has led to an increase in the market share of natural refrigerants, which are used in various applications, such as air-conditioning, refrigeration, and heating systems.
The objectives of this study are:
- To analyze and forecast the size of the condensing unit market, in terms of value and volume
- To define, segment, and estimate the market by type, application, and function
- To project the size of the market segments, in terms of volume and value, with respect to five main regions, namely, Asia Pacific, North America, Europe, Middle East & Africa, and South America
- To provide detailed information regarding the crucial factors influencing the growth of the market (drivers, restraints, opportunities, industry-specific challenges)
- To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and their contribution to the total market
- To analyze the opportunities in the condensing unit market for stakeholders and provide a competitive landscape of the market
- To track and analyze competitive developments, such as new product launches, acquisitions, investments, expansions, partnerships, agreements, joint ventures, collaborations, and product approvals in the condensing unit market
- To strategically profile key players and comprehensively analyze their market share and core competencies
The years considered for the study are:
- Base Year 2016
- Estimated Year 2017
- Projected Year 2022
- Forecast Period 2017 to 2022
For company profiles in the report, 2016 has been considered as the base year. In cases wherein information is unavailable for the base year, the years prior to it have been considered.
Research Methodology
The research methodology used to estimate and forecast the global market for condensing unit began with capturing data on key vendor revenues through secondary sources, such as Hoovers, Bloomberg, Chemical Weekly, Factiva, and various other government and private websites. Vendor offerings have also been taken into consideration to determine the market segmentation. After arriving at the overall market size, the total market was split into several segments and subsegments, which were later verified through primary research by conducting extensive interviews with key personnel, such as CEOs, VPs, directors, and executives. Data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments of the market. The breakdown of profiles of primaries is depicted in the figure below.
To know about the assumptions considered for the study, download the pdf brochure
The market has a diversified ecosystem of upstream players, including raw material suppliers, along with downstream stakeholders, vendors, and government organizations. Companies operating in the condensing unit market include Emerson Electric Company (US), Carrier Corporation (US), Danfoss (Denmark), GEA Group (Germany), Heatcraft Worldwide Refrigeration (US), and BITZER (Germany), among others.
Target Audience
- Manufacturers, Dealers, and Suppliers of Condensing Units
- Government and Research Organizations
- Companies Operational in Material R&D
- Associations and Industrial Bodies
- Investment Banks
- Consulting Companies/Consultants in Chemical and Material Sectors
"This study answers several questions for stakeholders, primarily the market segments which they need to focus upon during the next two to five years so that they may prioritize their efforts and investments accordingly.
Scope of the Report: This research report categorizes the condensing unit market based on type, application, and region, and forecasts revenues as well as analyzes trends in each of the submarkets.
- On the Basis of Type:
- Air-cooled Condensing Unit
- Water-cooled Condensing Unit
- Evaporative Condensing Unit
- On the Basis of Application:
- Commercial
- Industrial
- Transportation
- On the Basis of Function:
- Air-conditioning
- Refrigeration
- Heat Pump
- On the Basis of Region:
- Asia Pacific
- North America
- Europe
- Middle East & Africa
- South America
The following customization options are available for the report:
Along with the given market data, MarketsandMarkets offers customizations as per the companys specific needs. The following customization options are available for the report:
Product Analysis
- Product matrix, which provides a detailed comparison of the product portfolio of each company.
Geographic Analysis
- Further breakdown of the Rest of Asia Pacific, Rest of the Middle East & Africa, Rest of Europe, and Rest of South America condensing unit markets.
Company Information
- Detailed analysis and profiles of additional market players (up to five companies).
The global condensing unit market is projected to grow from an estimated USD 21.94 Billion in 2017 to USD 32.47 Billion by 2022, at a CAGR of 8.2% from 2017 to 2022. Condensing units are extensively used in milk cooling tanks, cold rooms, fermentation rooms, hospitals, supermarkets, etc.
The condensing unit market, by function is segmented into air conditioning, refrigeration, and heat pumps. The air conditioning segment is expected to dominate the market for condensing unit during the forecast period. It is also expected to be the fastest-growing type segment, owing to the multi-utility of air-cooled condensing units in various end-use areas, such as hotels, schools, multistore office buildings, and industrial facilities, among others.
The condensing unit market, by application is segmented into industrial, commercial, and transportation. The industrial segment is expected to grow at the highest CAGR during the forecast period due to the growing demand for advanced refrigeration from various application areas, such as retail stores, power plants, hospitals, dairy cabinets, cryogenic containers, and cooling systems.
By type, the condensing unit market is segmented into air-cooled condensing unit, water-cooled condensing unit, and evaporative condensing unit. The air-cooled condensing unit segment accounted for the major share of the overall market in 2017 during the forecast period. Widespread commercial applications, low maintenance & installation cost, and rising water scarcity issues are the key factors driving the growth of the air-cooled condensing unit segment of the market for condensing unit.
Middle East & Africa is expected to be the fastest-growing market for condensing units during the forecast period. The Middle East & African countries have huge growth prospects for the condensing unit market because of the growing applications of refrigeration in various end-use industries such as chemicals & petrochemicals and plastics.
Increasing concerns about the high Global Warming Potential (GWP) of common Chlorofluorocarbons (CFC) refrigerants have adversely affected the growth of the condensing unit market in Europe and North America. Various regulations that mandate the manufacture and use of low-GWP refrigerants have created complexities and uncertainties for manufacturers. This may also affect the condensing unit market.
Key players operating in the condensing unit market include Emerson Electric Company (US), Carrier Corporation(US), Danfoss (Denmark), GEA Group (Germany), Heatcraft Worldwide Refrigeration (US), and BITZER (Germany), among others. These companies focus on investing in capacity expansions of plants to achieve growth in the condensing unit market.
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Table of Contents
1 Introduction (Page No. - 14)
1.1 Objectives of the Study
1.2 Market Definition
1.3 Scope of the Study
1.3.1 Years Considered for the Study
1.4 Currency
1.5 Limitations
1.6 Stakeholders
2 Research Methodology (Page No. - 17)
2.1 Research Data
2.1.1 Secondary Data
2.1.1.1 Key Data From Secondary Sources
2.1.2 Primary Data
2.1.2.1 Key Data From Primary Sources
2.1.2.2 Key Industry Insights
2.1.2.3 Breakdown of Primary Interviews
2.2 Market Size Estimation
2.2.1 Bottom-Up Approach
2.2.2 Top-Down Approach
2.3 Data Triangulation
2.4 Assumptions
3 Executive Summary (Page No. - 25)
4 Premium Insights (Page No. - 29)
4.1 Significant Opportunities in the Condensing Unit Market
4.2 Condensing Unit Market, By Region
4.3 Asia Pacific Condensing Unit Market, By Country and Application
4.4 Condensing Unit Market, By Function and Region
4.5 Condensing Unit Market, By Country
5 Market Overview (Page No. - 32)
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Growth of End-Use Industries in Emerging Nations
5.2.1.2 Improved Durability and Shelf Life Offered By Condensing Units
5.2.2 Restraints
5.2.2.1 Stringent Environmental Regulations on Refrigerants/Gases Used in Condensing Units
5.2.3 Opportunities
5.2.3.1 Technological Advancements Leading to Introduction of Efficient Condensing Units
5.2.3.2 Increasing Demand for Natural Refrigerants
5.3 Porters Five Forces Analysis
5.3.1 Threat of New Entrants
5.3.2 Bargaining Power of Suppliers
5.3.3 Threat of Substitutes
5.3.4 Bargaining Power of Buyers
5.3.5 Intensity of Competitive Rivalry
5.4 Macroeconomic Indicators
5.4.1 Cold Storage Construction
5.4.2 Manufacturing
6 Condensing Unit Market, By Type (Page No. - 41)
6.1 Introduction
6.2 Air-Cooled Condensing Unit
6.3 Water-Cooled Condensing Unit
6.4 Evaporative Condensing Unit
7 Condensing Unit Market, By Application (Page No. - 47)
7.1 Introduction
7.2 Commercial
7.3 Industrial
7.4 Transportation
8 Condensing Unit Market, By Function (Page No. - 51)
8.1 Introduction
8.2 Air Conditioning
8.3 Refrigeration
8.4 Heat Pumps
9 Condensing Unit Market, By Region (Page No. - 57)
9.1 Introduction
9.2 Asia Pacific
9.2.1 China
9.2.2 Japan
9.2.3 India
9.2.4 South Korea
9.2.5 Thailand
9.2.6 Malaysia
9.2.7 Singapore
9.2.8 Indonesia
9.2.9 Rest of Asia Pacific
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 France
9.3.4 Italy
9.3.5 Spain
9.3.6 Rest of Europe
9.4 North America
9.4.1 US
9.4.2 Canada
9.4.3 Mexico
9.5 Middle East & Africa
9.5.1 Saudi Arabia
9.5.2 Turkey
9.5.3 Egypt
9.5.4 Rest of Middle East & Africa
9.6 South America
9.6.1 Brazil
9.6.2 Argentina
9.6.3 Chile
9.6.4 Rest of South America
10 Competitive Landscape (Page No. - 98)
10.1 Overview
10.2 Market Ranking Analysis
10.3 Competitive Situations & Trends
10.3.1 Joint Ventures
10.3.2 Expansions
10.3.3 New Product Launches
10.3.4 Acquisitions
10.3.5 Agreements
11 Company Profiles (Page No. - 105)
Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View
11.1 Emerson Electric Company
11.2 Carrier Corporation
11.3 Danfoss
11.4 GEA Group
11.5 Heatcraft Worldwide Refrigeration
11.6 Voltas
11.7 Bitzer
11.8 Advansor
11.9 Baltimore Aircoil Company
11.10 Officine Mario Dorin
11.11 SCM Frigo
11.12 Other Leading Players
11.12.1 Blue Star
11.12.2 Daikin Applied
11.12.3 Evapco
11.12.4 Frascold
11.12.5 Freezeindia Manufacturing
11.12.6 Howe Corporation
11.12.7 Hussmann Corporation
11.12.8 MTA
11.12.9 National Comfort Products
11.12.10 Patton
11.12.11 Safe Air Technology
11.12.12 Shanghai General Fushi Refrigeration Equipment Co.
11.12.13 Shree Refrigerations
11.12.14 Tecumseh Products Company
11.12.15 Zanotti
*Details Might Not Be Captured in Case of Unlisted Companies.
12 Appendix (Page No. - 135)
12.1 Discussion Guide
12.2 Knowledge Store: Marketsandmarkets Subscription Portal
12.3 Introducing RT: Real-Time Market Intelligence
12.4 Available Customizations
12.5 Related Reports
12.6 Author Details
List of Tables (105 Tables)
Table 1 Factors Contributing Toward the Growing Demand for Natural Refrigerants
Table 2 Cold Storage Construction Market, By Region, 20142021 (Million Cubic Meters)
Table 3 Condensing Unit Market Size, By Type, 20152022 (USD Billion)
Table 4 Condensing Unit Market Size, By Type, 20152022 (Thousand Units)
Table 5 Air-Cooled Segment, By Region, 20152022 (USD Billion)
Table 6 Air-Cooled Segment, By Region, 20152022 (Thousand Units)
Table 7 Water-Cooled Segment, By Region, 20152022 (USD Billion)
Table 8 Water-Cooled Segment, By Region, 20152022 (Thousand Units)
Table 9 Evaporative Segment, By Region, 20152022 (USD Million)
Table 10 Evaporative Segment, By Region, 20152022 (Units)
Table 11 Market Size, By Application, 20152022 (USD Billion)
Table 12 Market Size, By Application, 20152022 (Thousand Units)
Table 13 Commercial Segment, By Region, 20152022 (Thousand Units)
Table 14 Industrial Segment, By Region, 20152022 (Thousand Units)
Table 15 Transportation Segment, By Region, 20152022 (Thousand Units)
Table 16 Market: Breakdown of the Function Segment
Table 17 Market Size, By Function, 20152022 (USD Billion)
Table 18 Market Size, By Function, 20152022 (Thousand Units)
Table 19 Air Conditioning Segment, By Region, 20152022 (Thousand Units)
Table 20 Refrigeration Segment, By Region, 20152022 (Thousand Units)
Table 21 Heat Pumps Segment, By Region, 20152022 (Thousand Units)
Table 22 Market, By Region, 20152022 (USD Billion)
Table 23 Market, By Region, 20152022 (Thousand Units)
Table 24 Asia Pacific: Market, By Country, 20152022 (USD Million)
Table 25 Asia Pacific: Market, By Country, 20152022 (Thousand Units)
Table 26 Asia Pacific: Market, By Type, 20152022 (Thousand Units)
Table 27 Asia Pacific: Market, By Application, 20152022 (Thousand Units)
Table 28 Asia Pacific: Market, By Function, 20152022 (Thousand Units)
Table 29 China: Market: Market Size, By Application, 20152022 (Thousand Units)
Table 30 China: Market, By Type, 20152022 (Thousand Units)
Table 31 Japan: Market: Market Size, By Application, 20152022 (Thousand Units)
Table 32 Japan: Market, By Type, 20152022 (Thousand Units)
Table 33 India: Market Size, By Application, 20152022 (Thousand Units)
Table 34 India: Market Size, By Type, 20152022 (Thousand Units)
Table 35 South Korea: Market Size, By Application, 20152022 (Thousand Units)
Table 36 South Korea: Market, By Type, 20152022 (Thousand Units)
Table 37 Thailand: Market Size, By Application, 20152022 (Thousand Units)
Table 38 Thailand: Market, By Type, 20152022 (Thousand Units)
Table 39 Malaysia: Market Size, By Application, 20152022 (Thousand Units)
Table 40 Malaysia: Market, By Type, 20152022 (Thousand Units)
Table 41 Singapore: Market Size, By Application, 20152022 (Thousand Units)
Table 42 Singapore: Market, By Type, 20152022 (Thousand Units)
Table 43 Indonesia: Market Size, By Application, 20152022 (Thousand Units)
Table 44 Indonesia: Market, By Type, 20152022 (Thousand Units)
Table 45 Rest of Asia Pacific: Market Size, By Application, 20152022 (Thousand Units)
Table 46 Rest of Asia Pacific: Market, By Type, 20152022 (Thousand Units)
Table 47 Europe: Market Size, By Country, 20152022 (USD Million)
Table 48 Europe: Market, By Country, 20152022 (Thousand Units)
Table 49 Europe: Market, By Application, 20152022 (Thousand Units)
Table 50 Europe: Market, By Type, 20152022 (Thousand Units)
Table 51 Europe: Market, By Function, 20152022 (Thousand Units)
Table 52 Germany: Market Size, By Application, 20152022 (Thousand Units)
Table 53 Germany: Market, By Type, 20152022 (Thousand Units)
Table 54 UK: Market Size, By Application, 20152022 (Thousand Units)
Table 55 UK: Market, By Type, 20152022 (Thousand Units)
Table 56 France: Market Size, By Application, 20152022 (Thousand Units)
Table 57 France: Market, By Type, 20152022 (Thousand Units)
Table 58 Italy: Market Size, By Application, 20152022 (Thousand Units)
Table 59 Italy: Market, By Type, 20152022 (Thousand Units)
Table 60 Spain: Market Size, By Application, 20152022 (Thousand Units)
Table 61 Spain: Market, By Type, 20152022 (Thousand Units)
Table 62 Rest of Europe: Market Size, By Application, 20152022 (Thousand Units)
Table 63 Rest of Europe: Market, By Type, 20152022 (Thousand Units)
Table 64 North America: Market Size, By Country, 20152022 (USD Million)
Table 65 North America: Market, By Country, 20152022 (Thousand Units)
Table 66 North America: Market Size, By Type, 20152022 (Thousand Units)
Table 67 North America: Market, By Application, 20152022 (Thousand Units)
Table 68 North America: Market, By Function, 20152022 (Thousand Units)
Table 69 US: Market Size, By Application, 2015-2022 (Thousand Units)
Table 70 US: Market, By Type, 2015-2022 (Thousand Units)
Table 71 Canada: Market Size, By Application, 2015-2022 (Thousand Units)
Table 72 Canada: Market, By Type, 2015-2022 (Thousand Units)
Table 73 Mexico: Market Size, By Application, 2015-2022 (Thousand Units)
Table 74 Mexico: Market, By Type, 20152022 (Thousand Units)
Table 75 Middle East & Africa: Market Sizet, By Country, 20152022 (USD Million)
Table 76 Middle East & Africa: Market, By Country, 20152022 (Thousand Units)
Table 77 Middle East & Africa: Market, By Type, 20152022 (Thousand Units)
Table 78 Middle East & Africa: Market, By Application, 20152022 (Thousand Units)
Table 79 Middle East & Africa: Market, By Function, 20152022 (Thousand Units)
Table 80 Saudi Arabia: Market Size, By Application, 20152022 (Thousand Units)
Table 81 Saudi Arabia: Market, By Type, 20152022 (Thousand Units)
Table 82 Turkey: Market Size, By Application, 20152022 (Thousand Units)
Table 83 Turkey: Market, By Type, 20152022 (Thousand Units)
Table 84 Egypt: Market Size, By Application, 20152022 (Thousand Units)
Table 85 Egypt: Market, By Type, 20152022 (Thousand Units)
Table 86 Rest of Middle East & Africa: Market Size, By Application, 20152022 (Thousand Units)
Table 87 Rest of Middle East & Africa: Market, By Type, 20152022 (Thousand Unit)
Table 88 South America: Market Size, By Country, 20152022 (USD Million)
Table 89 South America: Market, By Country, 20152022 (Thousand Units)
Table 90 South America: Market, By Type, 20152022 (Thousand Units)
Table 91 South America: Market, By Application, 20152022 (Thousand Units)
Table 92 South America: Market, By Function, 20152022 (Thousand Units)
Table 93 Brazil: Market Size, By Application, 20152022 (Thousand Units)
Table 94 Brazil: Market, By Type, 20152022 (Thousand Units)
Table 95 Argentina: Market Size, By Application, 20152022 (Thousand Units)
Table 96 Argentina: Market, By Type, 20152022 (Thousand Units)
Table 97 Chile: Market Size, By Application, 20152022 (Thousand Units)
Table 98 Chile: Market, By Type, 20152022 (Thousand Units)
Table 99 Rest of South America: Market Size, By Application, 20152022 (Thousand Units)
Table 100 Rest of South America: Market, By Type, 20152022 (Thousand Units)
Table 101 Joint Ventures, 2013 2018
Table 102 Expansions, 2013-2018
Table 103 New Product Launches, 2013 - 2018
Table 104 Acquisitions, 2013 - 2018
Table 105 Agreements, 2013 - 2018
List of Figures (33 Figures)
Figure 1 Condensing Unit Market Segmentation
Figure 2 Market: Research Design
Figure 3 Market: Data Triangulation
Figure 4 Air-Cooled Condensing Unit Segment to Dominate the Market Between 2017 and 2022
Figure 5 Industrial Segment to Register the Highest CAGR Between 2017 and 2022
Figure 6 Air-Conditioning Segment to Dominate the Market Between 2017 and 2022
Figure 7 Asia Pacific Estimated to Be the Largest Market Between 2017 and 2022
Figure 8 Market to Witness Moderate Growth Between 2017 and 2022
Figure 9 Middle East & Africa Market Projected to Grow at the Highest Rate During the Forecast Period
Figure 10 Industrial Application Segment Estimated to Dominate the Asia Pacific Market in 2017
Figure 11 Air Conditioning Segment Estimated to Lead in All Regions in 2017
Figure 12 US Projected to Lead the Market Between 2017 and 2022
Figure 13 Overview of the Factors Influencing the Condensing Unit Market
Figure 14 Global Retail Sales, 2014 and 2018 (USD Trillion)
Figure 15 Manufacturing Industry Growth Rate in 2015 (%)
Figure 16 Air-Cooled Type Segment Estimated to Lead the Market During the Forecast Period
Figure 17 Industrial Segment Estimated to Grow at the Highest CAGR During the Forecast Period
Figure 18 Air Conditioning Segment Expected to Dominate the Market During the Forecast Period
Figure 19 Asia Pacific to Lead the Air Conditioning Segment Till 2022
Figure 20 Asia Pacific to Lead the Refrigeration Segment Till 2022
Figure 21 Europe Expected to Lead the Heat Pumps Segment Till 2022
Figure 22 Market Regional Snapshot (20172022): Chile, India, and Egypt are Emerging as Strategic Locations
Figure 23 Asia Pacific Market Snapshot
Figure 24 Europe Market Snapshot
Figure 25 North America Market Snapshot
Figure 26 Middle East & Africa Market Snapshot
Figure 27 South America Market Snapshot
Figure 28 Companies Primarily Adopted Organic Growth Strategies Between 2013 and 2018
Figure 29 Market Ranking Analysis of Top 10 Players, 2016
Figure 30 Emerson Electric Company: Company Snapshot
Figure 31 Danfoss: Company Snapshot
Figure 32 GEA Group: Company Snapshot
Figure 33 Voltas: Company Snapshot
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Growth opportunities and latent adjacency in Condensing Unit Market
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