Condensing unit market 2022 is the raised demand from the cold storage and warehousing industry.ReportsnReports.com adds Condensing Unit Market is forecast to reach $32.47 billion by 2022 from $21.94 billion in 2017 at a CAGR of 8.2% during (2017-2022) driven by the improvements in the quality of condensing units, consumers primarily demand technologically advanced condensing units due to the benefits they offer such as durability, improved performance of the refrigeration & air conditioning systems and extended shelf life.
Browse 105 Market Data Tables and 33 Figures spread through 143 Pages and in-depth TOC on “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” www.reportsnreports.com/contacts/r….aspx?name=639632 .
The key players 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. As a part of qualitative analysis, the research provides a comprehensive review of the major market drivers, restraints, and opportunities.
It also discusses competitive strategies adopted by market players.
Asia Pacific is expected to account for the largest share of the condensing unit market during the forecast period. China is the largest market for condensing units in the Asia Pacific region, in terms of value.
It has emerged as one of the largest markets for condensing units; as the country’s government is supporting natural refrigerants in various applications, most importantly in room air conditioners, heat pumps, and commercial & industrial applications.
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The Asia Pacific is expected to be the fastest-growing condensing unit market during the forecast period. The key growth driver for the global condensing unit market is the rising demand from the cold storage and warehousing industry.
The growth in power and chemical industries is projected to be the key driving factor for the condensing unit market in the Asia Pacific region. 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, and this can be a restraint to the market.
The industrial segment in Condensing Unit Market is expected to be the fastest-growing application segment during the forecast period. Condensing units are used in several industrial applications, such as power plants, petrochemical plants, refineries, and others.
The industrial application segment is expected to grow at the highest rate 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.
The air conditioning segment is expected to dominate the condensing unit market during the forecast period. The increase in demand for natural refrigerants such as ammonia, CO2 and HCs is leading to the replacement of traditional refrigerants with natural refrigerants.
This, in turn, is driving the demand for condensing units. Technological advancements and improvements in condensing units are a driving factor for condensing unit market.
Various end-use industries, such as retail stores, food production, and food services,., are expected to register healthy growth in the coming years in emerging nations, including China, India, Thailand, and Malaysia. This, in turn, is expected to lead to an increase in the demand for condensing unit in these countries.
The report defines, segments, and projects the condensing unit market based on type, application, function, and region. It provides detailed information regarding the major factors influencing the growth of the market, such as drivers and opportunities.
It also strategically profiles key players and comprehensively analyzes their market shares and core competencies. The report analyzes competitive developments, such as partnerships, contracts, and joint ventures; mergers & acquisitions; expansions; new product launches; and research & development activities undertaken by key players to achieve growth in the market.
Profile break-up of primary participants for the report:
- By Company Type: Tier 1 - 35%, Tier 2 - 30%, Tier 3 - 35%
- By Designation: C level - 25%, Director level - 30%, Others - 45%
- By Region: Asia-Pacific - 45%, North America - 30%, Europe - 20%, Middle East & Africa - 3%, South America - 2%