Condensing Unit Market

Industry Overview

The global condensing unit market was estimated at USD 24.2 billion in 2023 and is expected to rise to USD 38.6 billion by 2030, with a compound annual growth rate of 6.7 percent.

The condensing unit is another name for the outdoor HVAC unit. These units can either be an air conditioning unit or a heat pump. These are temperature-control devices in air conditioners, refrigerators, heat pumps, and chillers. They move energy in the form of heat by compressing gas and then pump it through a system of coils, further, using the coil to heat and cool spaces. The typical component of this unit includes a compressor, fan, and condensing coil. The condensing unit market is projected to register significant growth during the forecast period, owing to its extensive use in cold rooms, milk cooling tanks, fermentation rooms, supermarkets, hospitals, and others.

Market Segmentation

Insight by Type

Based on type, the condensing unit market is segmented into air-cooled, water-cooled, and evaporative condensing unit. Of all these, the air-cooled condensing unit category is expected to hold the largest share in the market during the forecast period. This is attributed to the various factors in terms of advantages it offers to the users, such as, low maintenance cost, low installation cost, wide commercial applications, rising water scarcity, and others. All these factors are driving the demand of these units in the market, resulting in market growth.

Insight by Application

On the basis of application, the condensing unit market is categorized into commercial, industrial, and transportation. The industrial segment is leading the market and is also expected to witness the fastest growth in the coming years. This can be attributed to the increasing demand for advanced refrigeration from different industries in various application areas including power plants, retail stores, dairy cabinets, hospitals, and others.

Insight by Function

Based on function, the condensing unit market is categorized into air-conditioning, refrigeration, and others (heat pumps). Of all these, the air-conditioning category is dominating the market, registering the fastest growth in the market. Owing to the multi-utility of these units in different end-user industries such as industrial facilities, office buildings, schools, and others, the market is expected to witness significant growth during the forecast period.

Condensing Unit Market Report Coverage

Industry Dynamics

Growth Drivers

The growth of end-user industries in developing countries and the improved shelf life of these units are the major factors driving the market growth. The condensing unit market growth is mainly driven by the increasing demand from commercial and industrial sectors which include food manufacturing industries, food retail, commercial refrigeration, and others. Along with that, the increasing commercial complexes, banqueting suites, office space, and others are further expected to drive the growth of the market in the coming years.

Challenges

The major challenge identified in the condensing unit market is the strict regulations regarding the usage of refrigerants in condensing units. In recent years, the U.S. Department of Energy (DOE) issued various regulations affecting HVACR equipment manufacturers and they have to adapt to these regulatory changes that affect both efficiency requirements and refrigerants. For instance, the F- gas (HFCs, PFCs, and SF6) regulation was revised in 2015 by the European Union (EU) Commission to restrict rising emissions that might restrain the condensing unit market.

Industry Ecosystem

The condensing unit market is highly fragmented and competitive. The companies are struggling because of the lack of service differentiation, customer loyalty, and market growth. The customers in the market are demanding more transparency and efficient delivery.

Geographic Overview

Globally, Asia-Pacific is expected to register the fastest growth in the condensing unit market during the forecast period. The factors contributing to the region’s growth are the growth in chemical and power industries. Also, the increasing demand for food processing and storage facilities is also contributing to the market growth in the region. In Asia-Pacific, China is the largest consumer of these units, owing to the increasing population, which is resulting in increasing demand for these units in order to meet the demand.

Competitive Insight

Emerson Electric Company, Danfoss, GEA Group, Carrier Corporation, Heatcraft Worldwide Refrigeration, Baltimore Aircoil Company, Officine Mario Dorin, Bitzer, Blue Star, Voltas, Advansor, and Daikin Applied are among the major players operating in the condensing unit market.

The Condensing Unit Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2025–2030.

Segments Covered in the Report

• Type
  • Air-Cooled 
  • Water-Cooled
  • Evaporative Condensing Unit
• Application
  • Commercial
  • Industrial
  • Transportation
• Function
  • Air-Conditioning
  • Refrigeration
  • Others (Heat Pumps)

Region Covered in the Report

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia-Pacific (APAC)
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia-Pacific
• Rest of the World
  • Middle East and Africa (MEA)
  • South America

Source: VynZ Research

Source: VynZ Research

1.    Research Overview     

        1.1.    The Report Offers
        1.2.    Market Coverage
                1.2.1.    By Type
                1.2.2.    By Application
                1.2.3.    By Function
        1.3.    Research Phases
        1.4.    Limitations
        1.5.    Research Methodology
                1.5.1.    Data Sources
                        1.5.1.1.    Primary Research
                        1.5.1.2.    Secondary Research
                1.5.2.    Methodology
                        1.5.2.1.    Data Exploration
                        1.5.2.2.    Forecast Parameters
                        1.5.2.3.    Data Validation
                        1.5.2.4.    Assumptions
                1.5.3.    Study Period & Data Reporting Unit

2.    Executive Summary

3.    Industry Overview

    3.1.    Industry Dynamics
                3.1.1.    Market Growth Drivers
                3.1.2.    Market Restraints
                3.1.3.    Key Market Trends
                3.1.4.    Major Opportunities
    3.2.    Industry Ecosystem
                3.2.1.    Porter’s Five Forces Analysis
                3.2.2.    Recent Development Analysis
                3.2.3.    Value Chain Analysis
    3.3.    Competitive Insight
                3.3.1.    Competitive Position of Industry Players
                3.3.2.    Market Attractive Analysis

4.    Global Market Estimate and Forecast

    4.1.    Global Market Overview
    4.2.    Global Market Estimate and Forecast to 2030

5.    Market Segmentation Estimate and Forecast

        5.1.    By Type
                5.1.1.    Air-Cooled 
                        5.1.1.1.    Market Definition
                        5.1.1.2.    Market Estimation and Forecast to 2030
                5.1.2.    Water-Cooled
                        5.1.2.1.    Market Definition
                        5.1.2.2.    Market Estimation and Forecast to 2030
                5.1.3.    Evaporative Condensing Unit
                        5.1.3.1.    Market Definition
                        5.1.3.2.    Market Estimation and Forecast to 2030

        5.2.    By Application
                5.2.1.    Commercial
                        5.2.1.1.    Market Definition
                        5.2.1.2.    Market Estimation and Forecast to 2030
                5.2.2.    Industrial
                        5.2.2.1.    Market Definition
                        5.2.2.2.    Market Estimation and Forecast to 2030
                5.2.3.    Transportation
                        5.2.3.1.    Market Definition
                        5.2.3.2.    Market Estimation and Forecast to 2030
        5.3.    By Function
                5.3.1.    Air-Conditioning
                        5.3.1.1.    Market Definition
                        5.3.1.2.    Market Estimation and Forecast to 2030
                5.3.2.    Refrigeration
                        5.3.2.1.    Market Definition
                        5.3.2.2.    Market Estimation and Forecast to 2030
                5.3.3.    Others (Heat Pumps)
                        5.3.3.1.    Market Definition
                        5.3.3.2.    Market Estimation and Forecast to 2030

6.    North America Market Estimate and Forecast

        6.1.    By Type 
        6.2.    By Application
        6.3.    By Evaporative Condensing Unit
        6.4.    By Country
                6.4.1.    U.S. Market Estimate and Forecast
                6.4.2.    Canada Market Estimate and Forecast
                6.4.3.    Mexico Market Estimate and Forecast

7.    Europe Market Estimate and Forecast

        7.1.    By Type 
        7.2.    By Application
        7.3     Evaporative Condensing Unit
        7.4.    By Country
                7.4.1.    Germany Market Estimate and Forecast
                7.4.2.    France Market Estimate and Forecast
                7.4.3.    U.K. Market Estimate and Forecast
                7.4.4.    Italy Market Estimate and Forecast
                7.4.5.    Spain Market Estimate and Forecast
                7.4.6.    Russia Market Estimate and Forecast
                7.4.7.    Rest of Europe Market Estimate and Forecast

8.    Asia-Pacific Market Estimate and Forecast

        8.1.    By Type
        8.2.    By Application
        8.3     By Evaporative Condensing Unit
        8.4.    By Country 
                8.4.1.    China Market Estimate and Forecast
                8.4.2.    Japan Market Estimate and Forecast
                8.4.3.    India Market Estimate and Forecast
                8.4.4.    South Korea Market Estimate and Forecast
                8.4.5.    Rest of Asia-Pacific Market Estimate and Forecast

9.    Rest of the World (RoW) Market Estimate and Forecast

        9.1.    By Type
        9.2.    By Application
        9.3     By Evaporative Condensing Unit
        9.4.    By Country
                9.4.1.    Brazil Market Estimate and Forecast
                9.4.2.    Saudi Arabia Market Estimate and Forecast
                9.4.3.    South Africa Market Estimate and Forecast
                9.4.4.    U.A.E. Market Estimate and Forecast
                9.4.5.    Other Countries Market Estimate and Forecast

10.    Company Profiles

        10.1.    Emerson Electric Company
                10.1.1.    Snapshot
                10.1.2.    Overview
                10.1.3.    Offerings
                10.1.4.    Financial Insight
                10.1.5.    Recent Developments
        10.2.    Danfoss
                10.2.1.    Snapshot
                10.2.2.    Overview
                10.2.3.    Offerings
                10.2.4.    Financial Insight
                10.2.5.    Recent Developments
        10.3.    GEA Group
                10.3.1.    Snapshot
                10.3.2.    Overview
                10.3.3.    Offerings
                10.3.4.    Financial Insight
                10.3.5.    Recent Developments
        10.4.    Carrier Corporation
                10.4.1.    Snapshot
                10.4.2.    Overview
                10.4.3.    Offerings
                10.4.4.    Financial Insight
                10.4.5.    Recent Developments
        10.5.    Heatcraft Worldwide Refrigeration
                10.5.1.    Snapshot
                10.5.2.    Overview
                10.5.3.    Offerings
                10.5.4.    Financial Insight
                10.5.5.    Recent Developments
        10.6.    Baltimore Aircoil Company
                10.6.1.    Snapshot
                10.6.2.    Overview
                10.6.3.    Offerings
                10.6.4.    Financial Insight
                10.6.5.    Recent Developments
        10.7.    Officine Mario Dorin
                10.7.1.    Snapshot
                10.7.2.    Overview
                10.7.3.    Offerings
                10.7.4.    Financial Insight
                10.7.5.    Recent Developments
        10.8.    Bitzer
                10.8.1.    Snapshot
                10.8.2.    Overview
                10.8.3.    Offerings
                10.8.4.    Financial Insight
                10.8.5.    Recent Developments
        10.9.    Blue Star
                10.9.1.    Snapshot
                10.9.2.    Overview
                10.9.3.    Offerings
                10.9.4.    Financial Insight
                10.9.5.    Recent Developments
        10.10.  Voltas
                10.10.1.    Snapshot
                10.10.2.    Overview
                10.10.3.    Offerings
                10.10.4.    Financial Insight
                10.10.5.    Recent Developments
        10.11.  Advansor
                10.11.1.    Snapshot
                10.11.2.    Overview
                10.11.3.    Offerings
                10.11.4.    Financial Insight
                10.11.5.    Recent Developments
        10.12.  Daikin Applied
                10.12.1.    Snapshot
                10.12.2.    Overview
                10.12.3.    Offerings
                10.12.4.    Financial Insight
                10.12.5.    Recent Developments

11.    Appendix

        11.1.    Exchange Rates
        11.2.    Abbreviations

List of Tables

Table 1 Sources
Table 2 Study Periods
Table 3 Data Reporting Unit
Table 4 Global Condensing Unit Market Size, by Type, 2018 – 2023 (USD Billion)
Table 5 Global Condensing Unit Market Size, by Type, 2025 – 2030 (USD Billion)
Table 6 Global Condensing Unit Market Size, by Application, 2018 – 2023 (USD Billion)
Table 7 Global Condensing Unit Market Size, by Application, 2025 – 2030 (USD Billion)
Table 8 Global Condensing Unit Market Size, by Function, 2018 – 2023 (USD Billion)
Table 9 Global Condensing Unit Market Size, by Function, 2025 – 2030 (USD Billion)
Table 10 Global Condensing Unit Market Size, by Region, 2018 – 2023 (USD Billion)
Table 11 Global Condensing Unit Market Size, by Region, 2025 – 2030 (USD Billion)
Table 12 North America Condensing Unit Market Size, by Type, 2018 – 2023 (USD Billion)
Table 13 North America Condensing Unit Market Size, by Type, 2025 – 2030 (USD Billion)
Table 14 North America Condensing Unit Market Size, by Application, 2018 – 2023 (USD Billion)
Table 15 North America Condensing Unit Market Size, by Application, 2025 – 2030 (USD Billion)
Table 16 North America Condensing Unit Market Size, by Function, 2018 – 2023 (USD Billion)
Table 17 North America Condensing Unit Market Size, by Function, 2025 – 2030 (USD Billion)
Table 18 North America Condensing Unit Market Size, by Country, 2018 – 2023 (USD Billion)
Table 19 North America Condensing Unit Market Size, by Country, 2025 – 2030 (USD Billion)
Table 20 Europe Condensing Unit Market Size, by Type, 2018 – 2023 (USD Billion)
Table 21 Europe Condensing Unit Market Size, by Type, 2025 – 2030 (USD Billion)
Table 22 Europe Condensing Unit Market Size, by Application, 2018 – 2023 (USD Billion)
Table 23 Europe Condensing Unit Market Size, by Application, 2025 – 2030 (USD Billion)
Table 24 Europe Condensing Unit Market Size, by Function, 2018 – 2023 (USD Billion)
Table 25 Europe Condensing Unit Market Size, by Function, 2025 – 2030 (USD Billion)
Table 26 Europe Condensing Unit Market Size, by Country, 2018 – 2023 (USD Billion)
Table 27 Europe Condensing Unit Market Size, by Country, 2025 – 2030 (USD Billion)
Table 28 Asia-Pacific Condensing Unit Market Size, by Type, 2018 – 2023 (USD Billion)
Table 29 Asia-Pacific Condensing Unit Market Size, by Type, 2025 – 2030 (USD Billion)
Table 30 Asia-Pacific Condensing Unit Market Size, by Application, 2018 – 2023 (USD Billion)
Table 31 Asia-Pacific Condensing Unit Market Size, by Application, 2025 – 2030 (USD Billion)
Table 32 Asia-Pacific Condensing Unit Market Size, by Function, 2018 – 2023 (USD Billion)
Table 33 Asia-Pacific Condensing Unit Market Size, by Function, 2025 – 2030 (USD Billion)
Table 34 Asia-Pacific Condensing Unit Market Size, by Country, 2018 – 2023 (USD Billion)
Table 35 Asia-Pacific Condensing Unit Market Size, by Country, 2025 – 2030 (USD Billion)
Table 36 RoW Condensing Unit Market Size, by Type, 2018 – 2023 (USD Billion)
Table 37 RoW Condensing Unit Market Size, by Type, 2025 – 2030 (USD Billion)
Table 38 RoW Condensing Unit Market Size, by Application, 2018 – 2023 (USD Billion)
Table 39 RoW Condensing Unit Market Size, by Application, 2025 – 2030 (USD Billion)
Table 40 RoW Condensing Unit Market Size, by Function, 2018 – 2023 (USD Billion)
Table 41 RoW Condensing Unit Market Size, by Function, 2025 – 2030 (USD Billion)
Table 42 RoW Condensing Unit Market Size, by Country, 2018 – 2023 (USD Billion)
Table 43 RoW Condensing Unit Market Size, by Country, 2025 – 2030 (USD Billion)
Table 44 Snapshot – Emerson Electric Company
Table 45 Snapshot – Danfoss 
Table 46 Snapshot – GEA Group
Table 47 Snapshot – Carrier Corporation
Table 48 Snapshot – Heatcraft Worldwide Refrigeration
Table 49 Snapshot – Baltimore Aircoil Company
Table 50 Snapshot – Officine Mario Dorin
Table 51 Snapshot – Bitzer
Table 52 Snapshot – Blue Star
Table 53 Snapshot – Voltas
Table 54 Snapshot – Advansor
Table 55 Snapshot – Daikin Applied

List of Figures

Figure 1 Market Coverage
Figure 2 Research Phases
Figure 3 Secondary Types for Different Parameters
Figure 4 Methodology
Figure 5 Data Mining & Exploration
Figure 6 Data Triangulation
Figure 7 Assumptions for Market Estimation and Forecast
Figure 8 Market Synopsis
Figure 9 Global Condensing Unit Market - Growth Drivers and Restraints
Figure 10 Competitive Benchmark
Figure 11 Global Condensing Unit Market Highlight
Figure 12 Global Condensing Unit Market Size, by Type, 2018 - 2030 (USD Billion)
Figure 13 Global Condensing Unit Market Size, by Application, 2018 - 2030 (USD Billion)
Figure 14 Global Condensing Unit Market Size, by Function, 2018 - 2030 (USD Billion)
Figure 15 Global Condensing Unit Market Size, by Region, 2018 - 2030 (USD Billion)
Figure 16 North America Condensing Unit Market Highlight
Figure 17 North America Condensing Unit Market Size, by Type, 2018 - 2030 (USD Billion)
Figure 18 North America Condensing Unit Market Size, by Application, 2018 - 2030 (USD Billion)
Figure 19 North America Condensing Unit Market Size, by Function, 2018 - 2030 (USD Billion)
Figure 20 North America Condensing Unit Market Size, by Country, 2018 - 2030 (USD Billion)
Figure 21 Europe Condensing Unit Market Highlight
Figure 22 Europe Condensing Unit Market Size, by Type, 2018 - 2030 (USD Billion)
Figure 23 Europe Condensing Unit Market Size, by Application, 2018 - 2030 (USD Billion)
Figure 24 Europe Condensing Unit Market Size, by Function, 2018 - 2030 (USD Billion)
Figure 25 Europe Condensing Unit Market Size, by Country, 2018 - 2030 (USD Billion)
Figure 26 Asia-Pacific Condensing Unit Market Highlight
Figure 27 Asia-Pacific Condensing Unit Market Size, by Type, 2018 - 2030 (USD Billion)
Figure 28 Asia-Pacific Condensing Unit Market Size, by Application, 2018 - 2030 (USD Billion)
Figure 29 Asia-Pacific Condensing Unit Market Size, by Function, 2018 - 2030 (USD Billion)
Figure 30 Asia-Pacific Condensing Unit Market Size, by Country, 2018 - 2030 (USD Billion)
Figure 31 RoW Condensing Unit Market Highlight
Figure 32 RoW Condensing Unit Market Size, by Type, 2018 - 2030 (USD Billion)
Figure 33 RoW Condensing Unit Market Size, by Application, 2018 - 2030 (USD Billion)
Figure 34 RoW Condensing Unit Market Size, by Function, 2018 - 2030 (USD Billion)
Figure 35 RoW Condensing Unit Market Size, by Country, 2018 - 2030 (USD Billion)