Industrial Condensing Units Market Revenue Is Expected To Grow At Nearly 5.1% CAGR During Forecast 2018-2028
At an estimated 4.6% Y-o-Y increase in the revenue over 2018, the industrial condensing units market is set to exceed the US$ 10 Bn mark in 2019. Nearly 3/4th of the total sales of industrial condensing units is accounted by the end use in commercial refrigeration, followed by industrial refrigeration.
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As indicated by a recent research study presented by Future
Market Insights (FMI), more than 65% of end users prefer air-cooled industrial
condensing units over water-cooled variants, at a global level. Moreover,
although retrofitting of older condensing units is gaining popularity over the
recent past, FMI’s analysis highlights that an approximate 85% of revenue
continues to pour in from new installations of industrial condensing units.
With a significant incremental opportunity anticipated for
the near future, outdoor-based refrigeration applications will continue to gain
higher traction in the industrial condensing units market. According to the
report, nearly 3/5th of the total demand for industrial
condensing units is generated from outdoor-based refrigeration application
areas.
China & India Emerging as Strong Investment Pockets
for Manufacturers
The construction industry in developing regional markets,
particularly in India and China, are clearly outgrowing other markets. This, in
turn, is expected to support the growth of the industrial condensing units
market, as the construction-driven increase in the net national per capita
income will boost the demand for consumer appliances, including industrial
condensing units. Also, growing GDP of several countries, escalating per capita
income and spending, and heavily rising demand for efficient cold chain are
expected to extend strong support to existing demand growth of industrial
condensing units.
Furthermore, China and India are likely to witness a
significant surge in the sales of refrigeration units in coming years, driven
by commercial refrigeration applications as a result of brisk expansion of both
construction industry and the HoReCa (hotels, restaurants, cafés) sector. These
countries are thus highly likely to establish a strong base for the expansion
of industrial condensing units market in the forthcoming years.
Chinese manufacturing enterprises of industrial condensing
units have begun to flourish recently. China has been a prominent influencer in
the market in terms of agricultural and animal products, with an annual value
of over US$ 300 billion. However, the prevalence of inadequate chilling
facilities will continue to procure new opportunities for the development of
infrastructure and thereby, reinforcing the demand for industrial condensing
units.
On the other hand, mature markets for industrial condensing
units in North America and Europe will observe modest growth and new
installations will remain prominent.
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Manufacturers Targeting Specific Customer Demands,
Emphasizing Competitive Pricing Strategy
Industrial condensing units are prominently sold by
wholesalers and distributors specialized in furnishing on-site cold storage.
Manufacturers involved in the designing and developing of industrial condensing
units are poised to enhance their geographic reach and production capabilities
in low-cost regions. A majority of manufacturers of industrial condensing units
are also prioritizing catering to specific customer demands at attractive
prices, which will majorly rely on economic tiers and spending capabilities of
customers.
Moreover, the report opines that the leading companies in
industrial condensing units market will intensify the focus on stronger
distribution networks, more powerful customer engagement, and unique portfolio
of their offerings. Regional dietary patterns, as continue play a vital role in
creating potential opportunities for the penetration of industrial condensing
units, will be considered imperative for technological and other innovations,
by manufacturers.
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Regional dietary patterns, as continue play a vital role in
creating potential opportunities for the penetration of industrial condensing
units, will be considered imperative for technological and other innovations,
by manufacturers.
The report has covered detailed strategic profiles of some
of the key manufacturers operating in the industrial condensing units market,
including Emerson Electric Co., Embraco, Tecumseh Products Company LLC, The
Danfoss Group, Mitsubishi Electric Corporation, GEEA Group AG, Bitzer SE,
Daikin Applied Systems Co. Ltd., and Hasegawa Refrigeration Ltd.
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