The condensing unit market is projected to reach USD 35.7 billion by 2025 from USD 24.9 billion in 2019, at a CAGR of 8.5% between 2020 and 2025. The Asia Pacific is the largest consumer of condensing units, with China leading the regional market. Various end-use industries, such as retail stores, food production, and food services, etc., are expected to register healthy growth in the coming years in the Asia Pacific countries, which is expected to lead to the growth of the global condensing unit market.
The Middle East & Africa condensing unit market is expected to grow at the highest CAGR during the forecast period. The Middle East & African countries have substantial growth prospects for the condensing unit market because of the growing applications of refrigeration in various end-use industries such as chemicals & petrochemicals and plastics.
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Emerson Electric Co. (US), Carrier Global Corporation (US), Heatcraft Refrigeration Products LLC (US), GEA Group Aktiengesellschaft (Germany), ADVANSOR A/S (Denmark), Voltas Limited (India), Baltimore Aircoil Company (US), and Danfoss (Denmark), are recognized as the visionary leaders in the condensing unit market. These companies are focused on investing in plant capacity expansions. They also have the potential to broaden their product portfolios and compete with other key market players.
In March 2020, Baltimore Aircoil Company (BAC) expanded its line of TrilliumSeries Adiabatic Products. The expanded offerings include fluid cooler models for low-charge refrigeration applications and software enhancements for all models in order to optimize fan energy use based on system conditions. The new product launch further strengthens the position of BAC in the condensing unit market in the US.
In February 2020, Danfoss introduced a new product, Optyma iCO2, which is an outdoor CO2 condensing unit. It has a cooling capacity of 1.5 to 4.7kW (0.43 to 1.3TR) and is a plug-and-play stackable solution for medium-temperature applications such as in display cabinets, and to refrigerate cold rooms. The new product launch helped the company target a new segment of convenience stores with limited indoor space.
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