As per the report published by FMI, the global commercial transportation condensing units market is projected to have a moderate-paced CAGR of 5.7% during the forecast period. The current valuation of the market is US$ 2.8 Billion in 2022. The market value of the transportation condensing units market is anticipated to reach a high of US$ 4.87 Billion by the year 2032.
The transportation condensing units market is anticipated to advance steadily and it has been estimated that the growing need for improving efficiency, lower operating costs, and government incentives are driving up the demand for industrial refrigeration equipment replacement in developing countries across the globe.
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According to the findings of Future Market Insights, an unprecedented surge in the demand for transportation condensing units is witnessed due to the growing preference for natural refrigerants and increased technological advancements leading to the introduction of efficient condensing units in the forum.
As per the FMI analysis, the high durability and long life of the advanced condensing units is a crucial factor accelerating the growth of the market. The rise of demand in the commercial and industrial sectors is due to the rising population, coupled with an elevation of disposable income amongst the populace.
FMI has analyzed that the ability of these units to condense a particular substance from its gaseous to the liquid state through cooling, generally in chillers, heat pumps, air conditioners, and refrigerators is likely to bolster their demand in the upcoming years.
However, the expert analysts at FMI have revealed that rising stringent environmental regulations on refrigerants used in the condensing units are likely to challenge the market growth for transportation condensing units during the forecast period.
Key Takeaways from the Transportation Condensing Units Market
- A historical CAGR of 5.4% has been recorded between the period 2014-2021.
- North America transportation condensing units market is expected to account for 39.6% of the market share in 2022, finds FMI.
- Europe transportation condensing units market is anticipated to generate approximately 32.5% of the market share in 2022.
- As per FMI, the East Asia transportation condensing units market is likely to account for 9.6% of the market share in 2022.
“Revenue pockets are emerging for the manufacturers in the transportation condensing market, owing to the rising demand for customized transportation vehicles with state-art-features, largely deploying transportation condensing units”– Says an FMI Analyst
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Competition Landscape in the Transportation Condensing Units Market
The global transportation condensing market is highly consolidated. The key players are concentrating on putting strategic efforts into maintaining the high sustainability quotient and planning the innovative launch of products. They are putting efforts towards making improved designs of condensing units and also focusing on expanding their manufacturing capacities, creating strong networks for distribution and entering emerging markets by accessing demand patterns.
Emerson Electric Co., Carrier, Danfoss, GEA Group Aktiengesellschaft, Heatcraft Worldwide Refrigeration, Voltas, BITZER SE, ADVANSOR A/S, BITZER SE, SCM Frigo S.p.A., JINAN RETEK INDUSTRIES INC, Rivacold UK Ltd are some of the key players in the market.
Transportation Condensing Units Market by Category
By Cooling Capacity:
- Below 5 KW
- 5 – 10 KW
- 10 – 15 KW
- 5.3.4. Above 15 KW
By Compressor Type:
- Reciprocating
- Rotary
- Scroll
By Sales Channel:
- OEM
- Aftermarket
By Vehicle Type:
- Trucks
- Trailers
By Region:
- North America
- Latin America
- Europe
- South Asia and Oceania
- East Asia
- Middle East & Africa (MEA)
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Recent Developments in the Transportation Condensing Units Market
- In April 2021, Panasonic installed five CO2 condensing units in Ireland. The condensing units can be used in walk-in freezers, cold rooms, and refrigerators.
- In November 2021, for instance, Governor Ralph Northam of Virginia announced that Nature’s Touch Frozen Foods is planning to invest US$ 40.3 millionto broaden its presence in Warren County.
- In January 2022, CCC Holdings Europe S.p.A., a private equity firm based in Italy, acquired Kobol, a Spain-based manufacturer of ventilated units, such as evaporators, condensers, gas coolers, dry coolers, and condensing units. This acquisition would enable CCCHE to expand its existing ventilated unit product portfolio and provide its customers with energy-efficient and natural solutions.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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