The global Industrial Condensing Units Market is estimated to be worth around USD 11.75 Billion 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 USD 15.95 Billion by 2028.
| Attribute | Details |
|---|---|
| Industrial Condensing Units Market Estimated Size in 2022 | USD 11.75 Billion |
| Industrial Condensing Units Market Value-based CAGR (2022 to 2028) | 5.2% |
| Industrial Condensing Units Market Projected Size in 2028 | USD 15.95 Billion |
Regionally, South Asia is set to register the fastest growth in the industrial condensing units market, growing at a robust CAGR of 7.5% between 2022 and 2028. Sales in the region are projected to be driven by expanding construction and HoReCa sectors, and growing inclination towards consuming healthy foods.
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| Market Statistics | Details |
|---|---|
| H1,2021 (A) | 5.0% |
| H1,2022 Projected (P) | 5.1% |
| H1,2022 Outlook (O) | 4.8% |
| BPS Change : H1,2022 (O) - H1,2022 (P) | (-) 30 ↓ |
| BPS Change : H1,2022 (O) - H1,2021 (A) | (-) 16 ↓ |
Future Market Insights presents a half-year comparison and insightful analysis of the industrial condensing unit's market growth outlook. Rapid industrialization, urbanization, changing weather conditions, infrastructure developments, and increasing demand from the residential, industrial, and commercial sectors are some of the influences driving the global industrial condensing units market.
The construction industry, as well as the growing hotel, restaurants, and cafes around the world, are enhancing the sales.
The global sales for industrial condensing units witnessed a growth rate of 5.0% over the first half of 2021, as compare to the current estimation, the market had witness a decline of 16 bps points. Further the market growth outlook is expecdt to witness a decrease in the growth rate of 30 BPS as compare to the earlier projecetions for the first half of 2022.
This decrease in the growth outlook is mainly attribute to shutdown of a large area in China, as the country accounts for a key share of the market, overall growth had been impacted to a certain extent.
The rising need for advanced refrigeration across various application areas such as hospitals, power plants, transportation containers, and cooling systems is anticipated to create lucrative prospects within the industrial condensing units market. The year-over-year growth of the market is expected to increase in the coming years.
The development of novel industrial condensing units with low carbon emission potential refrigerants, good energy performance ratios, and trouble-free installation has been aided by advancements in condensing technology is expected to remain a key market trend.
The global industrial condensing units market is set to grow at a steady CAGR of 5.2% between 2022 and 2028, in comparison to the 5.0% CAGR registered from 2013 to 2021.
As per FMI, rapid industrialization, changing weather conditions, increasing expenditure on infrastructure development and surging demand from the industrial, residential and commercial sectors are some of the factors driving the global industrial condensing units market.
Expansion of the construction industry along with the booming HoReCa sector across the globe is boosting the sales in the market.
Growing need for advanced refrigeration across various application areas such as hospitals, power plants, transportation containers and cooling systems is anticipated to create lucrative prospects within the industrial condensing units market.
Advancement in condensing technology has paved way for the development of innovative industrial condensing units with low GWP (global warming potential) refrigerants, high energy performance ratio and trouble-free installation. Leading manufacturers are investing in research and development to improve their product portfolios, which is expected to boost the market in the forthcoming years.
Backed by the aforementioned factors, the market volume for industrial condensing units market is set to expand 1.3X through 2028.
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Expansion of the commercial sector across both developed and developing countries due to increasing investment, growing population, rapid urbanization, and economic boom is expected to have a profound impact on the industrial condensing units market.
Rising number of retail stores, restaurants, warehouses, offices, data centers and hotels is spurring demand for industrial condensing units.
Growing food insecurity issue due to excessive wastage of food is prompting manufacturers to adopt better storage facilities. According to the Food and Agriculture Organization of the United Nations, an estimated 1/3 (approx. 1.3 billion tonnes) food produced globally is lost or goes to waste.
Lack of better storage and cooling facilities mainly at the early stages of food value chain is one of the major factors which increases food waste. To address this issue, large number of industrial condensing units are being employed across retail stores, colling facilities, transportation containers, restaurants, and warehouses.
These units provide a suitable temperature and help to extend the shelf life of food products.
Similarly, adoption of industrial condensing units in commercial buildings and data centers will continue to create growth prospects within the industrial condensing units market over the forecast period.
Booming Real Estate Sector is Boosting Sales of Industrial Condensing Units in India
India is emerging as one of the most lucrative markets for industrial condensing units across South Asia. Increasing need for energy saving refrigerant condensing units in industrial and commercial sectors, presence of leading domestic and international market players, and changing climatic conditions are some of the factors driving the India industrial condensing units market.
With rising population and growing food concerns, the Indian government is putting various efforts to develop the country's industrial and commercial infrastructure. Expansion of real estate industry is playing a key role in driving the industrial condensing units market.
The Indian real estate sector has witnessed significant growth in recent times due to increasing establishments of office as well as residential spaces According to the Indian Brand Equity Foundation (IBEF), real estate sector in India, comprising housing, retail, hospitality and commercial sub sectors, is projected to reach around USD 1 trillion by 2030.
Rising adoption of industrial condensing units across diverse applications such as blood banks, food storage facilities, pharmacies and retail stores is anticipated to boost the growth of industrial condensing units market in India during the forecast period.
As per FMI, the South Asia industrial condensing units market, spearheaded by India is set to expand at a robust CAGR of 7.5% between 2022 and 2028.
Rising Food Waste Concerns are Boosting Sales in the USA Industrial Condensing Units Market
Owing to rapid industrialization, heavy presence of leading market players and surging demand for commercial refrigeration, the USA will continue to remain the hub of industrial condensing units during the forecast period.
Rising disposable income coupled with changing lifestyle is creating huge demand for processed and packaged food items across the country. However, unsuitable temperature during transportation and storage of food items is resulting in the food wastage.
According to the United States Department of Agriculture (USDA), around 30-40% of the food supply is lost or goes to waste in the USA in order to minimize this loss, large number of industrial condensing units are being employed in food manufacturing industry, retail stores, transportation containers, restaurants and hotels. This is in turn accelerating the growth in the market.
Moreover, continuous advancement in refrigeration technology along with increasing adoption of modern ecofriendly industrial condensing units across diverse industries will continue to boost the growth in the USA market over the forecast period.
Based on the aforementioned factors, a CAGR of 4.5% has been predicted for North America industrial condensing units market between 2022 and 2028.
China is estimated to account for the lion’s share in the East Asia condensing units market, in terms of value. The government of China is encouraging the use of natural refrigerants in many applications. These refrigerants are particularly preferred in heat pumps, room air conditioners, industrial and commercial uses.
The construction industry forms an important pillar of the China's national economy. Rapid industrialization, urbanization and growth of commercial sector are creating significant demand for better cooling and refrigeration systems such as HVAC.
Technological advancements across the country have paved way for the development of advanced air conditioning units with low noise, high efficiency, and cost-effective features.
Amid increasing adoption for industrial conditioning units across most of the industrial and commercial structures in China, East Asia market is forecast to grow at a healthy CAGR of 5.6% over the forecast period.
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Based on installation, the global industrial condensing units market is segmented into new installation and retrofit. Among these, new installation segment dominates the global industrial condensing units market and is projected to dominate the market during the forecast period.
Installation of new industrial conditioning units offer various advantages including higher efficiency, proper sizing and helps in saving money. For these reasons, majority of the people prefer new installations over retrofit.
Increasing adoption of new industrial condensing units across various end-use sectors is anticipated to boost the growth of industrial condensing units market through 2028.
End Users Prefer Air-cooled Industrial Condensing Units in Most Cases
The air-cooled condensing segment is anticipated to grow at the highest CAGR over the forecast period. These are usually smaller in size, easy to install and require low maintenance. Moreover, they do not require cooling water for the condensing or refrigeration process. Thus, they promote the idea of water conservation.
Thanks to its various advantages, air cooled industrial condensing units remain the most preferred product across commercial applications. Additionally, scarcity of water globally is fueling the adoption of air-cooled industrial condensing units and the trend is likely to continue in the future.
In terms of application, the outdoor-based refrigeration segment is expected to dominate the market over the forecast period.
Growing popularity of outdoor condensing units for addressing drastic climatic changes across various counties will drive the global industrial units market over the forecast period. Moreover, recent advances in outdoor condensing unit technology is positively impacting the growth in this segment.
Majority of Sales to Remain Concentrated in Commercial Refrigeration
As per FMI, commercial refrigeration segment will continue to dominate the global industrial condensing units market over the forecast period.
With increasing number of malls, hotels, restraints, offices, warehouses, and retail stores, sales of industrial condensing units are surging rapidly. These condensing units are being extensively utilized for providing advanced refrigeration across commercial applications.
Superior performance benefits offered by industrial condensing units make them a viable investment for commercial refrigeration applications. Expansion of the commercial sector across the globe, coupled with increasing adoption of industrial condensing units for food storage will continue to boost the sales during the forecast period.
Scroll Compressor Remains the Most Preferred Type
On the basis of compressor type, the global industrial condensing units market has been segmented into reciprocating, screw, centrifugal, rotary and scroll. Among these, scroll compressor remains the most preferred type used in industrial condensing units. They have gained wide acceptance in commercial application during the last few years.
Scroll compressors run quieter and smoother than other compressor types as they have only two moving parts. The presence of lesser parts make scroll compressor energy efficient more reliable and less prone to mechanical failure.
Moreover, compactness and lightweight of scroll compressors is fueling their adoption in industrial condensing units.
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:
| Attribute | Details |
|---|---|
| Forecast Period | 2022 to 2028 |
| Historical Data Available for | 2013 to 2021 |
| Market Analysis | Units for Volume and USD Million for Value |
| Key Regions Covered | North America; Latin America; Europe; South Asia; East Asia; India; and the Middle East & Africa |
| Key Countries Covered | The USA, Canada, Mexico, Brazil, Germany, The UK, France, Italy, Spain, Russia, Poland, China, Japan, South Korea, India, ASEAN, Turkey and South Africa |
| Key Segments Covered | Capacity, Installation, Technology, Application, End Use, Compressor Type, and Region |
| Key Companies Profiled | Emerson Electric Co.; Embraco; Tecumseh Products Company LLC; The Danfoss Group; Mitsubishi Electric Corporation; GEEA Group AG,; Bitzer SE; Daikin Applied Systems Co. Ltd.; Hasegawa Refrigeration Ltd. |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The industrial condensing units market is estimated to be worth around USD 11.75 Billion in 2022.
As per FMI, the industrial condensing units market is forecast to register a CAGR of 5.2% between 2022 and 2028.
The industrial condensing units market grew at a CAGR of 5.0% between 2013 and 2021.
Increasing penetration of industrialization across developing regions, the introduction of ecofriendly products and rising demand for industrial condensing units across various sectors are some of the key trends shaping the growth of industrial condensing units market.
The North American industrial condensing units market is anticipated to grow at 4.5% CAGR over the forecast period.
The South Asia industrial condensing units market is projected to rise at 7.5% CAGR between 2022 and 2028.
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. are some of the leading players operating in the industrial condensing units market.
1. Executive Summary 2. Market Introduction 3. Market Background 4. Market Forecast 5. Global Market Analysis 2013 to 2021 and Forecast 2022 to 2028, by Technology 5.1. Water Cooled 5.2. Air Cooled 6. Global Market Analysis 2013 to 2021 and Forecast 2022 to 2028, by Application 6.1. Indoor-based Refrigeration 6.2. Outdoor-based Refrigeration 7. Global Market Analysis 2013 to 2021 and Forecast 2022 to 2028, by Installation 7.1. New Installation 7.2. Retrofit 8. Global Market Analysis 2013 to 2021 and Forecast 2022 to 2028, by End Use 8.1. Domestic Appliances 8.2. Indoor Based Air Conditioners 8.3. Commercial Refrigeration 8.3.1. Retail Stores 8.3.2. HORECA 8.3.3. Cold Storage and Warehouse 8.3.4. Office & Other Commercial Buildings 8.3.5. IT & Data Centers 8.4. Industrial Refrigeration 9. Global Market Analysis 2013 to 2021 and Forecast 2022 to 2028, by Compressor Type 9.1. Reciprocating 9.2. Screw 9.3. Centrifugal 9.4. Rotary 9.5. Scroll 10. Global Market Analysis 2013 to 2021 and Forecast 2022 to 2028 by Sales Channel 10.1. OEM 10.2. Aftermarket 11. Global Market Analysis 2013 to 2021 and Forecast 2022 to 2028 by Capacity 11.1. Up to 1 kW 11.2. 2 – 10 kW 11.3. 11 – 40 kW 11.4. Above 40 kW 12. Global Market Analysis 2013 to 2021 and Forecast 2022 to 2028 by Region 12.1. North America 12.2. Latin America 12.3. Europe 12.4. South Asia 12.5. East Asia 12.6. Oceania 12.7. Middle East & Africa 13. North America Market Analysis 2013 to 2021 and Forecast 2022 to 2028 14. Latin America Market Analysis 2013 to 2021 and Forecast 2022 to 2028 15. Europe Market Analysis 2013 to 2021 and Forecast 2022 to 2028 16. East Asia Market Analysis 2013 to 2021 and Forecast 2022 to 2028 17. South Asia Market Analysis 2013 to 2021 and Forecast 2022 to 2028 18. Oceania Market Analysis 2013 to 2021 and Forecast 2022 to 2028 19. Middle East & Africa Market Analysis 2013 to 2021 and Forecast 2022 to 2028 20. Market Structure Analysis 21. Competition Analysis 21.1. Emerson Electric Co. 21.2. The Danfoss Group 21.3. Mitsubishi Electric Corporation 21.4. GEA Group AG 21.5. BITZER SE 21.6. Johnson Controls–Hitachi Air Conditioning 21.7. Daikin Applied Systems Co. Ltd. 21.8. Hasegawa Refrigeration Ltd. 21.9. Arneg Group 21.10. Cryogiam Srl 21.11. True Manufacturing Co. Inc. 21.12. Aireadle Air Conditioning 21.13. Embraco 21.14. Tecumseh Products Company LLC 21.15. Heatcraft Worldwide Refrigeration 21.16. Kolpak-Welbilt 22. Assumptions and Acronyms Used 23. Research Methodology
Industrial Automation
July 2023
REP-GB-1633
289 pages
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Industrial Condensing Units Market
