Condensing Unit Global Market 2022-2027: Growing Retail Sector in Emerging Economies & Increasing Demand for Air Conditioning Units and Refrigeration Fueling Expansion

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Jul 26, 2022, 06:15 ET

DUBLIN, July 26, 2022 /PRNewswire/ -- The "Condensing Unit Market by Type (Air-cooled, Water-cooled), Application (Industrial, Commercial, Transportation), Function (Air Conditioning, Refrigeration, Heat Pumps), Refrigerant Type, Compressor Type and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The condensing unit market is projected to grow from USD 39.0 billion in 2022 and reach USD 57.1 billion by 2027, at a CAGR of 7.9% during the forecast period. The growing retail sectors in emerging economies, along with the rise in consumption of processed foods, is driving the market. Also, other end-use industries, such as retail stores, food production, food services, and specialized applications in emerging economies such as China, India, Thailand, and Malaysia, are contributing towards the growth of the market.

The air-cooled segment is expected to lead the condensing unit market from 2022 to 2027, by value
Air-cooled condensing units are easy to install and require low maintenance, whereas water-cooled condensing units have a longer life and higher energy efficiency as compared to air-cooled condensing units. Thus, air-cooled has greater market share in comparison with water-cooled condensing unit.

Commercial segment accounted for the largest share of the condensing unit market in year 2021, by the application, in terms of value
The growing demand for advanced refrigeration from various application areas, such as supermarkets, retail stores, dairy cabinets, and drink cabinets is due to increasing consumer preference for packaged food & drinks and increased per capita income of consumers. This has helped the consumer application segment to have the largest market share.

Air conditioning segment, by function, is expected to dominate the condensing unit market during the forecast year
By function, the air conditioning segment is expected to dominate the condensing unit market as condensing units are extensively used in cold storage units to retain the freshness of the products over a longer period of time. This extends the shelf life of products such as fruits and vegetables. Growing demand of customers for fresh perishable products is expected to create growth opportunities for air conditioning condensing unit.

Middle East & Africa condensing unit market is projected to grow at the highest CAGR during the forecast period, in terms of value
The Middle East & Africa condensing unit market is projected to grow at the highest CAGR during the forecast period. The Middle East & African countries have substantial growth prospects for the condensing unit market because of factors such as the increase in population and living standards, and rising global temperatures are expected to positively impact the air conditioning and HVAC market in the Middle East & Africa, thereby driving the condensing units market in the region.

Market Dynamics
Drivers

Growing Retail Sector in Emerging Economies
Increasing Demand for Air Conditioning Units and Refrigeration
Growth in the Electronics and Data Center Market

Restraints

Stringent Environmental Regulations on Refrigerants Used in Condensing Units

Opportunities

Technological Advancements Leading to the Introduction of Efficient Condensing Units
Increasing Demand for Natural Refrigerants

Challenges

Supply Chain Disruption in the Global HVAC Systems Market

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 Condensing Unit Market, by Compressor Type

7 Condensing Unit Market, by Type

8 Condensing Unit Market, by Refrigerant Type

9 Condensing Unit Market, by Function

10 Condensing Unit Market, by Application

11 Condensing Unit Market, by Region

12 Competitive Landscape

13 Company Profiles

14 Appendix

Companies Mentioned