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Prem Kumar with profound experience and sound knowledge across a wide range of market forecasting methods, demand f.....
Condensing Unit Market: By Product Type, By Function, By Application and Region Forecast 2020-2031
Condensing Unit Market: By Product Type, By Function, By Application and Region Forecast 2020-2031
Condensing Unit Market size was valued at US$ 25,546 million in 2024 and is expected to reach US$ 43,499 million by 2031, growing at a significant CAGR of 7.9% from 2025-2031. The global market provides a detailed overview and that can be segmented into by Product Type, Function, Application, and End User. By product type, the market has been segmented into Air-cooled, Water-Cooled, and Evaporative. The air-cooled segment is likely to be the largest and fastest-growing segment in terms of type. Based on function the market is segmented into Air Conditioning, Refrigeration, and Heat Pumps. Among these, the Air Conditioning segment is expected to have the fastest-growing market during the forecast period 2024-2030. Based on application, the market is segmented into Residential, Industrial, Commercial, and Transportation. The residential segment accounts for the largest share in 2021. Industrial is the second-largest share during the forecast period 2021-2028 according to Precision Business Insights.
Study Period
2025-2031Base Year
2024CAGR
7.9%Largest Market
North-AmericaFastest Growing Market
Asia-Pacific
Factors such as increased demand for condensing units in commercial and industrial sectors in emerging nations, as well as the advantages with these units provide such as increased durability and shelf life, have been driving the growth of the Global Condensing Unit Market.
By region, the North America market is expected to witness highest market share during the forecast period.
Latin America
Europe
Asia Pacific
Middle East
North America
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Report Benchmarks |
Details |
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Report Study Period |
2025-2031 |
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Market Size in 2024 |
US$ 25,546 million |
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Market Size in 2031 |
US$ 43,499 million |
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Market CAGR |
7.9% |
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By Product Type |
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By Function |
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By Application |
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By Region |
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Condensing unit market size was valued at US$ 25,546 million in 2024 and is expected to reach US$ 43,499 million by 2031, growing at a significant CAGR of 7.9% from 2025-2031.
The major players in the condensing unit market are Emerson Electric Co., Carrier Global Corporation, Danfoss, GEA Group Aktiengesellschaft, Heatcraft Refrigeration Products LLC, Voltas Limited, Bitzer SE, Advansor A/S, Baltimore Aircoil Company, Dorin S.p.A.
The Asia Pacific is the fastest-growing region for the market.
| 1. Executive Summary |
| 2. Global Condensing Unit Market Introduction |
| 2.1. Global Condensing Unit Market - Taxonomy |
| 2.2. Global Condensing Unit Market - Definitions |
| 2.2.1. Product Type |
| 2.2.2. Function |
| 2.2.3. Application |
| 3. Global Condensing Unit Market Dynamics |
| 3.1. Drivers |
| 3.2. Restraints |
| 3.3. Opportunities/Unmet Needs of the Market |
| 3.4. Trends |
| 3.5. Global Condensing Unit Market Dynamic Factors - Impact Analysis |
| 3.6. Global Condensing Unit Market - Competition Landscape |
| 4. Global Condensing Unit Market Analysis, 2020-2024 and Forecast, 2025-2031 |
| 4.1. Market Analysis, 2020-2024 and Forecast, 2025-2031 (Revenue, USD Mn) |
| 4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) |
| 4.3. Market Opportunity Analysis |
| 5. Global Condensing Unit Market, By Product Type, 2020-2024 and Forecast, 2025-2031 (Revenue, USD Mn) |
| 5.1. Air-cooled |
| 5.1.1. Market Analysis, 2020-2024 and Forecast, 2025-2031 (Revenue, USD Mn) |
| 5.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.1.3. Market Opportunity Analysis |
| 5.2. Water-Cooled |
| 5.2.1. Market Analysis, 2020-2024 and Forecast, 2025-2031 (Revenue, USD Mn) |
| 5.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.2.3. Market Opportunity Analysis |
| 5.3. Evaporative |
| 5.3.1. Market Analysis, 2020-2024 and Forecast, 2025-2031 (Revenue, USD Mn) |
| 5.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.3.3. Market Opportunity Analysis |
| 6. Global Condensing Unit Market Forecast, By Function, 2018-2022 and Forecast, 2021 - 2027 (Revenue, USD Mn) |
| 6.1. Air Conditioning |
| 6.1.1. Market Analysis, 2020-2024 and Forecast, 2025-2031 (Revenue, USD Mn) |
| 6.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.1.3. Market Opportunity Analysis |
| 6.2. Refrigeration |
| 6.2.1. Market Analysis, 2020-2024 and Forecast, 2025-2031 (Revenue, USD Mn) |
| 6.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.2.3. Market Opportunity Analysis |
| 6.3. Heat Pumps |
| 6.3.1. Market Analysis, 2020-2024 and Forecast, 2025-2031 (Revenue, USD Mn) |
| 6.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.3.3. Market Opportunity Analysis |
| 7. Global Condensing Unit Market, By Application, 2020-2024 and Forecast, 2025-2031 (Revenue, USD Mn) |
| 7.1. Residential |
| 7.1.1. Market Analysis, 2020-2024 and Forecast, 2025-2031 (Revenue, USD Mn) |
| 7.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.1.3. Market Opportunity Analysis |
| 7.2. Industrial |
| 7.2.1. Market Analysis, 2020-2024 and Forecast, 2025-2031 (Revenue, USD Mn) |
| 7.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.2.3. Market Opportunity Analysis |
| 7.3. Commercial |
| 7.3.1. Market Analysis, 2020-2024 and Forecast, 2025-2031 (Revenue, USD Mn) |
| 7.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.3.3. Market Opportunity Analysis |
| 7.4. Transportation |
| 7.4.1. Market Analysis, 2020-2024 and Forecast, 2025-2031 (Revenue, USD Mn) |
| 7.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.4.3. Market Opportunity Analysis |
| 8. Global Condensing Unit Market Forecast, By Region, 2020-2024 and Forecast, 2025-2031 (Revenue, USD Mn) |
| 8.1. North America |
| 8.1.1. Market Analysis, 2020-2024 and Forecast, 2025-2031 (Revenue, USD Mn) |
| 8.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.1.3. Market Opportunity Analysis |
| 8.2. Europe |
| 8.2.1. Market Analysis, 2020-2024 and Forecast, 2025-2031 (Revenue, USD Mn) |
| 8.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.2.3. Market Opportunity Analysis |
| 8.3. Asia-Pacific |
| 8.3.1. Market Analysis, 2020-2024 and Forecast, 2025-2031 (Revenue, USD Mn) |
| 8.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.3.3. Market Opportunity Analysis |
| 8.4. Latin America |
| 8.4.1. Market Analysis, 2020-2024 and Forecast, 2025-2031 (Revenue, USD Mn) |
| 8.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.4.3. Market Opportunity Analysis |
| 8.5. Middle East and Africa |
| 8.5.1. Market Analysis, 2020-2024 and Forecast, 2025-2031 (Revenue, USD Mn) |
| 8.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.5.3. Market Opportunity Analysis |
| 8.6. Global Condensing Unit Market - Opportunity Analysis Index, By Product Type, Function, Application and Region, 2023-2029 |
| 9. North America Condensing Unit Market Analysis, 2020-2024 and Forecast, 2025-2031 (Revenue, USD Mn) |
| 9.1. By Product Type Analysis 2018-2022 and Forecast 2023-2029by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%) |
| 9.1.1. Air-cooled |
| 9.1.2. Water-Cooled |
| 9.1.3. Evaporative |
| 9.2. Function Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 9.2.1. Air Conditioning |
| 9.2.2. Refrigeration |
| 9.2.3. Heat Pumps |
| 9.3. Application Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 9.3.1. Residential |
| 9.3.2. Industrial |
| 9.3.3. Commercial |
| 9.3.4. Transportation |
| 9.4. Country Analysis 2018-2022 and Forecast 2023-2029by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 9.4.1. USA |
| 9.4.2. Canada |
| 9.5. North America Condensing Unit Market - Opportunity Analysis Index, By Product Type, Function, Application, and Country, 2023-2029 |
| 9.6. North America Condensing Unit Market Dynamics - Trends |
| 10. Europe Condensing Unit Market Analysis, 2020-2024 and Forecast, 2025-2031 (Revenue, USD Mn) |
| 10.1. By Product Type Analysis 2018-2022 and Forecast 2023-2029by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%) |
| 10.1.1. Air-cooled |
| 10.1.2. Water-Cooled |
| 10.1.3. Evaporative |
| 10.2. Function Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 10.2.1. Air Conditioning |
| 10.2.2. Refrigeration |
| 10.2.3. Heat Pumps |
| 10.3. Application Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 10.3.1. Residential |
| 10.3.2. Industrial |
| 10.3.3. Commercial |
| 10.3.4. Transportation |
| 10.4. Country Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 10.4.1. Germany |
| 10.4.2. UK |
| 10.4.3. France |
| 10.4.4. Spain |
| 10.4.5. Italy |
| 10.4.6. Russia |
| 10.4.7. Poland |
| 10.4.8. Rest of Europe |
| 10.5. Europe Condensing Unit Market - Opportunity Analysis Index, By Product Type, Function, Application, and Country, 2023-2029 |
| 10.6. Europe Condensing Unit Market Dynamics - Trends |
| 11. Asia-Pacific Condensing Unit Market Analysis, 2020-2024 and Forecast, 2025-2031 (Revenue, USD Mn) |
| 11.1. By Product Type Analysis 2018-2022 and Forecast 2023-2029by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%) |
| 11.1.1. Air-cooled |
| 11.1.2. Water-Cooled |
| 11.1.3. Evaporative |
| 11.2. Function Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 11.2.1. Air Conditioning |
| 11.2.2. Refrigeration |
| 11.2.3. Heat Pumps |
| 11.3. Application Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 11.3.1. Residential |
| 11.3.2. Industrial |
| 11.3.3. Commercial |
| 11.3.4. Transportation |
| 11.4. Country Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 11.4.1. Japan |
| 11.4.2. China |
| 11.4.3. India |
| 11.4.4. ASEAN |
| 11.4.5. Australia & New Zealand |
| 11.4.6. Rest of Asia-Pacific |
| 11.5. Asia-Pacific Condensing Unit Market - Opportunity Analysis Index, By Product Type, Function, Application, and Country, 2023-2029 |
| 11.6. Asia-Pacific Condensing Unit Market Dynamics - Trends |
| 12. Latin America Condensing Unit Market Analysis, 2020-2024 and Forecast, 2025-2031 (Revenue, USD Mn) |
| 12.1. By Product Type Analysis 2018-2022 and Forecast 2023-2029by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%) |
| 12.1.1. Air-cooled |
| 12.1.2. Water-Cooled |
| 12.1.3. Evaporative |
| 12.2. Function Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 12.2.1. Air Conditioning |
| 12.2.2. Refrigeration |
| 12.2.3. Heat Pumps |
| 12.3. Application Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 12.3.1. Residential |
| 12.3.2. Industrial |
| 12.3.3. Commercial |
| 12.3.4. Transportation |
| 12.4. Country Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 12.4.1. Brazil |
| 12.4.2. Mexico |
| 12.4.3. Argentina |
| 12.4.4. Rest of Latin America |
| 12.5. Latin America Condensing Unit Market - Opportunity Analysis Index, By Product Type, Function, Application, and Country, 2023-2029 |
| 12.6. Latin America Condensing Unit Market Dynamics - Trends |
| 13. Middle East and Africa Condensing Unit Market Analysis, 2020-2024 and Forecast, 2025-2031 (Revenue, USD Mn) |
| 13.1. By Product Type Analysis 2018-2022 and Forecast 2023-2029by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%) |
| 13.1.1. Air-cooled |
| 13.1.2. Water-Cooled |
| 13.1.3. Evaporative |
| 13.2. Function Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 13.2.1. Air Conditioning |
| 13.2.2. Refrigeration |
| 13.2.3. Heat Pumps |
| 13.3. Application Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 13.3.1. Residential |
| 13.3.2. Industrial |
| 13.3.3. Commercial |
| 13.3.4. Transportation |
| 13.4. Country Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 13.4.1. Gulf Cooperation Council (GCC) Countries |
| 13.4.2. Israel |
| 13.4.3. South Africa |
| 13.4.4. Rest of MEA |
| 13.5. MEA Condensing Unit Market - Opportunity Analysis Index, By Product Type, Function, Application, and Country, 2023-2029 |
| 13.6. MEA Condensing Unit Market Dynamics - Trends |
| 14. Competition Landscape |
| 14.1. Strategic Dashboard of Top Market Players |
| 14.2. Company Profiles (Introduction, Financial Analysis, Function& Service Offerings, Key Developments, Strategies, and SWOT Analysis) |
| 14.2.1. Emerson Electric Co. |
| 14.2.2. Carrier Global Corporation |
| 14.2.3. Danfoss |
| 14.2.4. GEA Group Aktiengesellschaft |
| 14.2.5. Heatcraft Refrigeration Products LLC |
| 14.2.6. Voltas Limited |
| 14.2.7. Bitzer SE |
| 14.2.8. Advansor A/S |
| 14.2.9. Baltimore Aircoil Company |
| 14.2.10. Dorin S.p.A. |
| 15. Research Methodology |
| 16. Key Assumptions and Acronyms |
Key Market Players
Author
Prem Kumar with profound experience and sound knowledge across a wide range of market forecasting methods, demand forecasting, and pricing analysis, I am able to make precise projections. I have extensive practical knowledge in Time Series Analysis (TSA), Simple Linear Regression (SLR), Multiple Linear Regression (MLR), Seasonality & Trend Forecasting, and Forecasting Models for New Products, among others. Additionally, I have hands-on experience with tools such as Power BI and SQL. I am highly committed, self-motivated, and possess a strong entrepreneurial spirit. Over the past 8 years, my team and I have built a robust clientele in various sectors, including Packaging, Pharma, Medical Devices, Oil & Gas, and Chemicals & Materials. We have provided a wide range of services, from management consulting to market forecasting and survey-related projects. I am particularly proud to have provided consulting services to one of the industry’s leading COVID-19 vaccine manufacturers for a packaging-related project. In the packaging space, I have served clients across a range of segments, including packaging printing, consumer packaging, flexible packaging, rigid packaging, and pharmaceutical packaging, to name a few. I deeply appreciate the efforts of my team and am grateful to our clients for their continued trust.