Condensers Market Report 2026

The condensers market size has grown strongly in recent years. It will grow from $110.79 billion in 2025 to $117.59 billion in 2026 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to expansion of power generation infrastructure, increasing industrial cooling requirements, growth in commercial refrigeration demand, availability of refurbished equipment options, rising focus on thermal management.

The condensers market size is expected to see strong growth in the next few years. It will grow to $158.38 billion in 2030 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to increasing adoption of sustainable cooling technologies, rising demand for energy-efficient power systems, expansion of transportation refrigeration, growing investments in industrial automation, increasing regulatory focus on efficiency standards. Major trends in the forecast period include increasing demand for energy-efficient condensers, rising adoption of water-cooled systems, growing use of refurbished condensers, expansion of industrial cooling applications, enhanced focus on thermal performance.

The rising demand for renewable energy generation is a key factor contributing to the growth of the condensers market. Synchronous condensers (SCs) produce reactive power and serve as an effective solution for stabilizing the electricity supplied by renewable sources. Renewable energy developers and grid operators are increasingly adopting synchronous condensers to provide additional short-circuit capacity and strengthen grid stability. For example, in February 2025, the World Resources Institute, a US-based nonprofit organization, reported that solar energy reached a new milestone in 2024 by adding an estimated 39.6 gigawatts (GW) of capacity, exceeding the 27.4 GW installed in 2023. Therefore, the growing demand for renewable energy generation is expected to drive the growth of the condensers market over the forecast period.

Innovative condenser technologies are being developed by major companies to boost revenues in the condensers market. One such innovation is the air-cooled condenser, designed to minimize environmental impact by reducing water usage, energy consumption, and carbon emissions. In May 2023, Industrial Water Cooling, a South Africa-based manufacturer, launched a new range of Air-Cooled Condensers (ACCs). These condensers, available in induced draft and forced draft configurations, provide efficient cooling without the need for water or other cooling fluids.

In September 2024, Torraval Cooling, a Spain-based engineering solutions provider, acquired Intercal for an undisclosed amount. This acquisition is aimed at enhancing Torraval's service capabilities and expanding its market presence in the eastern Iberian Peninsula. The move aligns with Torraval's 2024-2026 growth plan, which focuses on exploring new business opportunities in the service sector. Intercal, a France-based company, specializes in providing installations, repairs, and maintenance services. This strategic acquisition is expected to strengthen Torraval Cooling's position in the market and improve its service offerings.

Major companies operating in the condensers market are General Electric Company, Siemens AG, Mitsubishi Electric Corporation, Toshiba Corporation, ABB Ltd., Andritz AG, Ansaldo Energia S.p.A., Trane Technologies plc, York International Corporation, Carrier Global Corporation, Daikin Industries, Ltd., Johnson Controls International plc, LG Electronics Inc., Samsung Electronics Co., Ltd., Midea Group Co., Ltd., Rheem Manufacturing Company, Nortek Global HVAC LLC, SPX Cooling Technologies, Inc., Hamon Group, Baltimore Aircoil Company, Alfa Laval AB, Kelvion Holding GmbH, GEA Group AG, Modine Manufacturing Company, Evapco, Inc.

Asia-Pacific was the largest region in the condensers market in 2025. North America was the second largest region in the condensers market. The regions covered in the condensers market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the condensers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The condensers market consists of sales of air-cooled condensers, water-cooled condensers, such as double tube, shell and coil condensers, shell and tube condensers. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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