PUNE, India — The global condensing unit market is forecast to reach $23.31 billion by 2021, growing at a compound annual growth rate (CAGR) of 11.1 percent from 2016 to 2021, according to a report published by MarketsandMarkets.
High demand for condensing units from the commercial refrigeration industry is expected to drive the growth of this market in the near future.
Industrial refrigeration is projected to be the fastest-growing application segment from 2016 to 2021. Growth in the construction and general manufacturing industries is also projected to drive demand for condensing units.
Based on type, the condensing unit market has been segmented into air-cooled condensing units, water-cooled condensing units, and evaporative condensing units. Air-cooled condensing units represented the largest segment of the market in 2015. Widespread commercial applications, low maintenance and installation cost, and rising water scarcity issues are the key factors driving the growth of the air-cooled condensing unit segment.
The Asia-Pacific region was the largest market for condensing units in 2015. Growing industrialization and infrastructure development in the region offer huge opportunities for the use of high-performance condensing units. The key growth driver of the market is the rising demand from the industrial refrigeration industry. Growth in the construction and manufacturing industries is also projected to drive demand for condensing units in this region.
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Publication date: 8/8/2016