The global industrial condensing units market is expected to be worth approximately US$ 11.75 billion in 2022. Due to rising demand from various end-use sectors, the overall industrial condensing units market is expected to grow at a 5.2% CAGR between 2022 and 2028, reaching a valuation of US$ 15.95 billion by 2028.
Between 2022 and 2028, the global industrial condensing units market is expected to grow at a 5.2% CAGR, compared to a 5.0% CAGR from 2013 to 2021. Commercial refrigeration accounts for nearly 3/4 of total industrial condensing unit sales, with industrial refrigeration coming in second.
According to a recent Future Market Insights (FMI) research study, on a global scale, more than 65% of end users prefer air-cooled industrial condensing units over water-cooled variants. Furthermore, while retrofitting older condensing units has grown in popularity in recent years, FMI’s analysis shows that new industrial condensing unit installations continue to generate approximately 85% of revenue.
Outdoor-based refrigeration applications will continue to gain traction in the industrial condensing units market, with a significant incremental opportunity expected in the near future. According to the report, outdoor-based refrigeration application areas account for nearly one-fifth of total demand for industrial condensing units.
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China & India Emerging as Strong Investment Pockets for Manufacturers
The construction industry in developing regional markets, particularly in India and China, are clearly outgrowing other markets. This, in turn, is expected to support the growth of the industrial condensing units market, as the construction-driven increase in the net national per capita income will boost the demand for consumer appliances, including industrial condensing units.
Also, growing GDP of several countries, escalating per capita income and spending, and heavily rising demand for efficient cold chain are expected to extend strong support to existing demand growth of industrial condensing units.
Furthermore, China and India are likely to witness a significant surge in the sales of refrigeration units in coming years, driven by commercial refrigeration applications as a result of brisk expansion of both construction industry and the HoReCa (hotels, restaurants, cafés) sector. These countries are thus highly likely to establish a strong base for the expansion of industrial condensing units market in the forthcoming years.
Chinese manufacturing enterprises of industrial condensing units have begun to flourish recently. China has been a prominent influencer in the market in terms of agricultural and animal products, with an annual value of over US$ 300 billion. However, the prevalence of inadequate chilling facilities will continue to procure new opportunities for the development of infrastructure and thereby, reinforcing the demand for industrial condensing units.
On the other hand, mature markets for industrial condensing units in North America and Europe will observe modest growth and new installations will remain prominent.
Manufacturers Targeting Specific Customer Demands, Emphasizing Competitive Pricing Strategy
Industrial condensing units are prominently sold by wholesalers and distributors specialized in furnishing on-site cold storage. Manufacturers involved in the designing and developing of industrial condensing units are poised to enhance their geographic reach and production capabilities in low-cost regions.
A majority of manufacturers of industrial condensing units are also prioritizing catering to specific customer demands at attractive prices, which will majorly rely on economic tiers and spending capabilities of customers.
Moreover, the report opines that the leading companies in industrial condensing units market will intensify the focus on stronger distribution networks, more powerful customer engagement, and unique portfolio of their offerings. Regional dietary patterns, as continue play a vital role in creating potential opportunities for the penetration of industrial condensing units, will be considered imperative for technological and other innovations, by manufacturers.
Regional dietary patterns, as continue play a vital role in creating potential opportunities for the penetration of industrial condensing units, will be considered imperative for technological and other innovations, by manufacturers.
The report has covered detailed strategic profiles of some of the key manufacturers operating in the industrial condensing units market, including Emerson Electric Co., Embraco, Tecumseh Products Company LLC, The Danfoss Group, Mitsubishi Electric Corporation, GEEA Group AG, Bitzer SE, Daikin Applied Systems Co. Ltd., and Hasegawa Refrigeration Ltd.
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Industrial Condensing Units Market by Category
Capacity:
- Up to 1 kW
- 2 – 10 kW
- 11 – 40 kW
- Above 40 kW
Installation:
- New Installation
- Retrofit
Technology:
- Water Cooled
- Air Cooled
Application:
- Indoor-based Refrigeration
- Outdoor-based Refrigeration
End Use:
- Domestic Appliances
- Indoor Based Air Conditioners
- Commercial Refrigeration
- Retail Stores
- HORECA
- Cold Storage and Warehouse
- Office & Other Commercial Buildings
- IT & Data Centers
- Industrial Refrigeration
Compressor Type:
- Reciprocating
- Screw
- Centrifugal
- Rotary
- Scroll
Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- India
- MEA
