Demand for Industrial Condensing Units to Strengthen in Emerging Economies, Lucrative Applications Identified in HoReCa & Construction
At an estimated 4.6% Y-o-Y increase in the revenue over 2018, the industrial condensing units market is set to exceed the US$ 10 Bn mark in 2019. Nearly 3/4th of the total sales of industrial condensing units is accounted by the end use in commercial refrigeration, followed by industrial refrigeration.
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, growing GDP of several countries, escalating per capita income and spending, and heavily rising demand for efficient cold chain are expected to extend strong support to existing demand growth of industrial condensing units.
For More Detailed Insights on Industrial Condensing Units Demand Growth Assessment
Furthermore, China and India are likely to witness a significant surge in the sales of refrigeration units in coming years, driven by commercial refrigeration applications as a result of brisk expansion of both construction industry and the HoReCa (hotels, restaurants, cafés) sector. These countries are thus highly likely to establish a strong base for the expansion of 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.
Manufacturers Targeting Specific Customer Demands, Emphasizing Competitive Pricing Strategy
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 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.
For additional information on the various other aspects of industrial condensing units, and actionable insights on the global and regional markets for industrial condensing units, write in to email@example.com
Future Market Insights (FMI) is the premier provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centres in the U.S. and India. FMI’s research and consulting services help businesses around the globe navigate the challenges in a rapidly evolving marketplace, with confidence and clarity. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. We continuously track emerging trends and events in a broad range of end industries to ensure that our clients prepare for the evolving needs of their consumers.