DUBLIN, Nov. 11, 2021 /PRNewswire/ — The “Condensing Unit Market Size, Share & Trends, By Product Type (Air-Cooled Condensing Unit, Water-Cooled Condensing Unit, And Evaporative Condensing Unit), By Component, By Function, By Application, And By Region, Forecast To 2028” report has been added to ResearchAndMarkets.com’s offering.
Increasing adoption of condensing units in residential, commercial, and industrial sectors is a key factor driving market revenue growth.
The global condensing unit market size is expected to reach USD 43.75 Billion in 2028, and register a CAGR of 7.7% during the forecast period. Increasing demand for replacement of industrial refrigeration systems due to need for improved energy-efficient, low operating-cost condensing units are major factors expected to drive market growth.
Increasing infrastructure expenditure, growing demand for condensing units from various sectors such as cold storages and food and beverage processing, and refrigerated warehouses is another major factor expected to drive growth of the global condensing units market.
Some Key Findings From the Report:
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Among the product type segments, the air-cooled condensing unit segment accounted for the largest revenue share in the global non-thermal processing market in 2020. The evaporative condensing unit segment is expected to register significantly high revenue growth rate during the forecast period.
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Among the component segments, the compressor segment accounted for a substantially large revenue share in 2020.
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Among the function segments, the air conditioning segment accounted for the largest revenue share in 2020. The refrigeration segment is expected to register considerably high revenue growth rate during the forecast period, owing to its increasing adoption of condensing units in cold storages.
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Among the application segments, the commercial segment accounted for major revenue share in 2020. The industrial application segment is expected to register a considerably high revenue CAGR during the forecast period.
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The Asia Pacific condensing unit market accounted for major revenue share in 2020, and is expected to register a robust revenue CAGR over the forecast period.
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The North America market accounted for the second largest revenue share in 2020, due to growing consumption of the product in various industries.
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Europe market is expected register the second-highest revenue CAGR during the forecast period.
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Companies profiled in the market report include Danfoss, Voltas, GEA Group, Emerson Electric Company, Baltimore Aircoil Company, Carrier Corporation, SCM Frigo, Heatcraft Worldwide refrigeration, Bitzer, and Officine Mario Dorin. The market players have adopted various strategies including mergers, acquisitions, partnerships, and new product developments, among other strategies, to stay ahead of the competition and expand market…
Read More: Global Condensing Unit Market (2021 to 2028)