Condensing Unit Market: Global Forecast to 2027

The Asia Pacific region is one of the largest consumers of condensing units, with China leading the regional market.

MarketsandMarkets: 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. The Asia Pacific region is one of the largest consumers of condensing units, with China leading the regional market.

Condensing Unit Market Dynamics

Drivers: Growing retail sector in emerging economies

Steadily growing economies such as China, India, Thailand, and Malaysia are expected to register healthy industrial growth during the forecast period leading to the growth of the global condensing unit market as well. The growth of end-use sectors in these economies, such as supermarkets and retail chains, can be attributed to the increase in per capita disposable income of consumers and their changing lifestyles.

Opportunity: Technological advancements leading to the introduction of efficient condensing units

There is an increase in demand for condensing units due to technological advancements, for instance, the introduction of the latest models like the Copeland Scroll XJ Series for outdoor applications. The introduction of efficient condensing units will lead to a reduction in their replacement requirements, thus acting as a major contributor to the growth of the condensing unit market.

Based on type, the air-cooled segment is expected to lead the condensing unit market in terms of volume from 2022 to 2027.

Based on type, the air-cooled segment is projected to lead during the forecast period by volume. Air-cooled condensing units have easy installation and low maintenance features. Also, growing industrialization offers significant opportunities for the use of high-performance air-cooled condensing units in the Asia Pacific region.

Based on the application, the commercial segment is expected to lead the condensing unit market in terms of volume from 2022 to 2027.

Based on application, the commercial application is projected to lead during the forecast period by volume. The strategic developments undertaken by several players offering condensing units for commercial applications is propelling the demand for this segment. For instance, in April 2021, Panasonic installed five CO2 condensing units in Ireland. The condensing units can be used in walk-in freezers, cold rooms, and refrigerators.

Based on function, the air conditioning segment is expected to lead the condensing unit market in terms of volume from 2022 to 2027

Based on function, the air conditioning segment is projected to lead during the forecast period by volume, owing to the growth of cold storage sector. The cold storage sector is expected to increase its consumption of condensing units globally to meet the growing demand for frozen foods.