The global industrial condensing units market is estimated to be worth around US$ 11.75 Bn in 2022. With bourgeoning demand from various end-use sectors, the overall industrial condensing units market is anticipated to expand at a 5.2% CAGR between 2022 and 2028, reaching a valuation of US$ 15.95 Bn by 2028..
As indicated by a recent research study presented by Future Market Insights (FMI), more than 65% of end-users prefer air-cooled industrial condensing units over water-cooled variants, at a global level. Moreover, although retrofitting of older condensing units is gaining popularity over the recent past, FMI’s analysis highlights that an approximate 85% of revenue continues to pour in from new installations of industrial condensing units.
With a significant incremental opportunity anticipated for the near future, outdoor-based refrigeration applications will continue to gain higher traction in the industrial condensing units market. According to the report, nearly 3/5th of the total demand for industrial condensing units is generated from outdoor-based refrigeration application areas.
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, the growing GDP of several countries, escalating per capita income and spending, and heavily rising demand for efficient cold chains are expected to extend strong support to the 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 the coming years, driven by commercial refrigeration applications as a result of the brisk expansion of both the construction industry and the HoReCa (hotels, restaurants, cafés) sector. These countries are thus highly likely to establish a strong base for expanding the 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.
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 the 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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The industrial condensing units market is highly competitive in nature. Leading market players are constantly upgrading their product portfolios. Besides this, they are adopting various organic and inorganic strategies such as mergers, partnerships, collaborations and acquisitions to gain a competitive edge. For instance:
- In April 2021, M&M Carnot Refrigeration introduced Aquilon DS, a new line of CO2 air-cooled condensing units for industrial applications. The new Aqualon DS product line enhances the company’s industrial refrigeration portfolio.
- In February 2020, Embraco launched its new generation of condensing units for multiple applications, at the 2020 AHR Expo held in Orlando, Florida.
- In June 2021, Nidec Global Appliance, holder of the Embraco brand of refrigeration solutions, announced an investment of 70 million dollars to leverage and set up new production lines of refrigeration compressors and condensing units in several parts of the world.
- In April 2021, Japanese OEM Mitsubishi Electric introduced a new CO2 outdoor condensing unit, which is ideal for commercial food retail markets.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End-Use over the next 10-years.