Condensing Unit Market - Global Forecast to 2021
Condensing Unit Market by Type (Air-cooled Condensing Unit, Water-cooled Condensing Unit, and Evaporative Condensing Unit), Application (Industrial Refrigeration, Commercial refrigeration, and others), and by Region - Global Forecast to 2021
The global condensing unit market is projected to reach USD 23.31 Billion by 2021, at a CAGR of 11.1% between 2016 and 2021. This growth is mainly attributed to the increasing demand of condensing unit from the end-user industries and improved quality of condensing units. Technologically advanced condensing units are appreciated by the consumers primarily due to the extended durability and shelf life, and improved performance of the refrigeration systems and air-conditioning systems. The rising demand for advanced refrigeration from the developing nations of Europe and North America increases the demand for condensing unit in these regions.
Among all types, the air-cooled condensing unit segment is the fastest-growing type segment in the market, as it provides the advantage of water conservation. Most of the power plants are promoting use of air-cooled condensing unit so as to reduce impact on water supplies. Thus, with the rising concern of water shortage, the market is estimated to witness strong growth in the coming years. The demand is estimated to come primarily from the developing nations such as China, India, Brazil, and others.
Commercial refrigeration is the largest application industry for condensing units. The demand for condensing units is growing in the application industries owing to advancements in the technologies. The growing supermarket and food processing & storage facility industries in emerging nations are expected to drive the demand of condensing units for commercial application segment.
Middle East & Africa is the fastest-growing market for condensing units. Growth in the region is backed by increasing demand from end-use applications which include supermarkets, cold storage, food processing, and restaurants among others.
The growing industrialization is steadily increasing the demand for multipurpose, high-performance condensing units that ease the operations. Latin America is estimated to register the second-highest growth during the forecast period, in terms of volume, owing to the dominance of the mining industry, which triggers the demand for condensing units in the region.
Increasing concerns about the high GWP (global warming potential) of common CFC (chlorofluorocarbon) refrigerants have adversely affected the growth of the condensing unit market in Europe and North America. Although refrigerants/refrigeration gases, such as CFC, fluorocarbons, carbon dioxide (CO2), ammonia, hydrocarbons, and hydrofluoroolefins (HFO) are consumed in little amount in an efficient condensing unit, the number seems disastrous collectively for millions of units. The presence of various regulations and regulatory instruments have created complexities and uncertainties for manufacturers who need guidance regarding the regulations and barriers relevant to low-GWP refrigerants.
Major players such as Emerson, Carrier Commercial Refrigeration, and Danfoss dominate the condensing unit market. Most of the developments in the market are new product launches, which clearly indicates the need for constant product development in order to maintain or increase the market share. Suppliers depend heavily on their brand equity and have to promote consistently through advertising. Manufacturers constantly look to develop customer loyalty by providing good after sales services to their customers in this market. Key market players operating in the global condensing unit market, such as Emerson Electric Company, Carrier Commercial Refrigeration, Danfoss, GEA Group, Heatcraft Worldwide Refrigeration, Bitzer, and others, have adopted various strategies to increase their market shares. Agreements and new product launches are some of the key strategies adopted by market players to achieve growth in the condensing unit market.
The global condensing unit market is projected to grow from USD 12.48 Billion in 2015 to USD 23.31 Billion by 2021, at a CAGR of 11.1% between 2016 and 2021.
The years considered for the study are:
For company profiles in the report, 2015 has been considered as the base year. In certain cases, wherein information is unavailable for the base year, the years prior to it have been considered.
The Objectives of this Study are:
Research Methodology
The research methodology used to estimate and forecast the global condensing unit market begins with capturing data on key vendor revenues through secondary research. The vendor offerings are also 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.
The global condensing unit market has a diversified ecosystem of key players, including component suppliers, along with stakeholders, vendors, end users, and government organizations. Companies operating in the global condensing unit market include Emerson Electric Company, Carrier Commercial Refrigeration, Danfoss, GEA Group, Heatcraft Worldwide Refrigeration, and BITZER Kühlmaschinenbau GmbH, among others.
The report provides detailed qualitative and quantitative analysis of the global condensing unit market, along with market drivers, restraints, and opportunities. The top players of this market are profiled in detail, along with recent developments and other strategic industry-related activities.
Target Audience Condensing Unit Manufacturers Condensing Unit Traders, Suppliers, and Distributors Government and Research Organizations Association and Industrial Bodies Raw Material Suppliers and Distributors Shipping Companies Industry Associations “This study answers several questions for the stakeholders, primarily which market segments to focus in the next two to five years for prioritizing the efforts and investments”.
Scope of the Report: This research report categorizes the global condensing unit market on the basis of type, application, and region, forecasting revenues as well as analyzing 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 Refrigeration Industrial Refrigeration Others
On the basis of Region: Asia-Pacific Europe North America Middle East & Africa Latin America
The following customization options are available for the report: With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:
Product Analysis Product Matrix, which gives a detailed comparison of product portfolio of each company
Geographic Analysis Further breakdown of Rest of APAC and Rest of Europe condensing unit market
Company Information Detailed analysis and profiling of additional market players (up to five companies)
Source: www.marketsandmarkets.com
The global condensing unit market is projected to reach USD 23.31 Billion by 2021, at a CAGR of 11.1% between 2016 and 2021. This growth is mainly attributed to the increasing demand of condensing unit from the end-user industries and improved quality of condensing units. Technologically advanced condensing units are appreciated by the consumers primarily due to the extended durability and shelf life, and improved performance of the refrigeration systems and air-conditioning systems. The rising demand for advanced refrigeration from the developing nations of Europe and North America increases the demand for condensing unit in these regions.
Among all types, the air-cooled condensing unit segment is the fastest-growing type segment in the market, as it provides the advantage of water conservation. Most of the power plants are promoting use of air-cooled condensing unit so as to reduce impact on water supplies. Thus, with the rising concern of water shortage, the market is estimated to witness strong growth in the coming years. The demand is estimated to come primarily from the developing nations such as China, India, Brazil, and others.
Commercial refrigeration is the largest application industry for condensing units. The demand for condensing units is growing in the application industries owing to advancements in the technologies. The growing supermarket and food processing & storage facility industries in emerging nations are expected to drive the demand of condensing units for commercial application segment.
Middle East & Africa is the fastest-growing market for condensing units. Growth in the region is backed by increasing demand from end-use applications which include supermarkets, cold storage, food processing, and restaurants among others.
The growing industrialization is steadily increasing the demand for multipurpose, high-performance condensing units that ease the operations. Latin America is estimated to register the second-highest growth during the forecast period, in terms of volume, owing to the dominance of the mining industry, which triggers the demand for condensing units in the region.
Increasing concerns about the high GWP (global warming potential) of common CFC (chlorofluorocarbon) refrigerants have adversely affected the growth of the condensing unit market in Europe and North America. Although refrigerants/refrigeration gases, such as CFC, fluorocarbons, carbon dioxide (CO2), ammonia, hydrocarbons, and hydrofluoroolefins (HFO) are consumed in little amount in an efficient condensing unit, the number seems disastrous collectively for millions of units. The presence of various regulations and regulatory instruments have created complexities and uncertainties for manufacturers who need guidance regarding the regulations and barriers relevant to low-GWP refrigerants.
Major players such as Emerson, Carrier Commercial Refrigeration, and Danfoss dominate the condensing unit market. Most of the developments in the market are new product launches, which clearly indicates the need for constant product development in order to maintain or increase the market share. Suppliers depend heavily on their brand equity and have to promote consistently through advertising. Manufacturers constantly look to develop customer loyalty by providing good after sales services to their customers in this market. Key market players operating in the global condensing unit market, such as Emerson Electric Company, Carrier Commercial Refrigeration, Danfoss, GEA Group, Heatcraft Worldwide Refrigeration, Bitzer, and others, have adopted various strategies to increase their market shares. Agreements and new product launches are some of the key strategies adopted by market players to achieve growth in the condensing unit market.
The global condensing unit market is projected to grow from USD 12.48 Billion in 2015 to USD 23.31 Billion by 2021, at a CAGR of 11.1% between 2016 and 2021.
The years considered for the study are:
- Historical Year – 2014
- Base Year – 2015
- Estimated Year – 2016
- Projected Year – 2021
- Forecast Period – 2016 to 2021
For company profiles in the report, 2015 has been considered as the base year. In certain cases, wherein information is unavailable for the base year, the years prior to it have been considered.
The Objectives of this Study are:
- To define, describe, and forecast the condensing unit market based on type, application, and region
- To analyze and forecast the volume (thousand units) and value (USD billion) of the global condensing unit market
- To provide detailed information regarding the key factors influencing the growth of the market, such as drivers, restraints, and opportunities
- To strategically analyze micromarkets with respect to individual growth trends, future prospects, and contribution made to the overall market
- To analyze the opportunities in the market for stakeholders and draw a competitive landscape for market leaders
- To forecast the market size in terms of value with respect to five main regions (along with countries), namely, Asia-Pacific, Europe, North America, Middle East & Africa, and Latin America
- To strategically profile key players and comprehensively analyze their core competencies
- To analyze competitive developments, such as joint ventures, mergers & acquisitions, new product developments, and research & development activities (R&D) in the global condensing unit market
Research Methodology
The research methodology used to estimate and forecast the global condensing unit market begins with capturing data on key vendor revenues through secondary research. The vendor offerings are also 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.
The global condensing unit market has a diversified ecosystem of key players, including component suppliers, along with stakeholders, vendors, end users, and government organizations. Companies operating in the global condensing unit market include Emerson Electric Company, Carrier Commercial Refrigeration, Danfoss, GEA Group, Heatcraft Worldwide Refrigeration, and BITZER Kühlmaschinenbau GmbH, among others.
The report provides detailed qualitative and quantitative analysis of the global condensing unit market, along with market drivers, restraints, and opportunities. The top players of this market are profiled in detail, along with recent developments and other strategic industry-related activities.
Target Audience Condensing Unit Manufacturers Condensing Unit Traders, Suppliers, and Distributors Government and Research Organizations Association and Industrial Bodies Raw Material Suppliers and Distributors Shipping Companies Industry Associations “This study answers several questions for the stakeholders, primarily which market segments to focus in the next two to five years for prioritizing the efforts and investments”.
Scope of the Report: This research report categorizes the global condensing unit market on the basis of type, application, and region, forecasting revenues as well as analyzing 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 Refrigeration Industrial Refrigeration Others
On the basis of Region: Asia-Pacific Europe North America Middle East & Africa Latin America
The following customization options are available for the report: With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:
Product Analysis Product Matrix, which gives a detailed comparison of product portfolio of each company
Geographic Analysis Further breakdown of Rest of APAC and Rest of Europe condensing unit market
Company Information Detailed analysis and profiling of additional market players (up to five companies)
Source: www.marketsandmarkets.com
Related tags: Emerson, Danfoss, refrigeration, Bitzer, condensing unit, Heatcraft, HFO, ammonia, CO2, Carrier