Condensing Unit Market Projected Worth of $57.1 Billion by 2027 with a Robust CAGR of 7.9%
A condensing unit is a key component of refrigeration and air conditioning systems. It is responsible for removing heat from the system, causing the refrigerant gas to condense into a liquid state. This process is essential for maintaining low temperatures inside refrigeration systems and ensuring efficient cooling in air conditioning systems. The condensing unit typically consists of a compressor, condenser coil, and a fan to dissipate heat, making it a crucial part of various cooling and refrigeration applications.
The condensing unit market is projected to grow from USD 39.0 billion in 2022 to USD 57.1 billion by 2027, at a CAGR of 7.9% from 2022 to 2027. Condensing units are used in applications where there is a need to control the temperature, such as heat pumps, chillers, air conditioners, and refrigerators, among others.
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Emerson Electric Co. (US), Carrier (US), Danfoss (Denmark), GEA Group Aktiengesellschaft (Germany), Heatcraft Refrigeration Products LLC (US), BITZER SE (Germany), are some of the major players in the condensing unit market. These companies have adopted product launches, investments, acquisitions, agreements, contracts, partnerships, and expansions as growth strategies to enhance their position in the condensing unit market.
In January 2022, Emerson Electric Co. Emerson launched a major part of condensing unit named Copeland ZPK7 single (fixed) speed scroll compressors for residential and light commercial HVAC applications. The new ZPK7 fixed-speed scroll compressor platform is now tuned for R410A refrigerant and offers improved performance at the SEER2 B rating point condition as well as critical HSPF2 part-load operating conditions.
The new product launch further strengthens the position of Emerson Electric Co. in the condensing unit market in the US.
In February 2020, Danfoss introduced a new product, Optyma iCO2, which is an outdoor CO2 condensing unit. It has a cooling capacity of 1.5 to 4.7kW (0.43 to 1.3TR) and is a plug-and-play stackable solution for medium-temperature applications such as in display cabinets, and to refrigerate cold rooms. The new product launch helped the company target a new segment of convenience stores with limited indoor space.
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The Asia Pacific condensing unit market held the largest market share in terms of value. This region was a significant player in the global condensing unit market due to factors such as rapid industrialization, urbanization, and increasing demand for refrigeration and air conditioning systems in countries like China, India, and Southeast Asian nations. Please note that market conditions can change over time, so it’s essential to refer to the most recent market reports and data for the current status of the Asia Pacific condensing unit market.
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