Condensers Global Market Report 2024

The condensers market size has grown strongly in recent years. It will grow from $99.78 billion in 2023 to $107.32 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth observed during the historical period can be attributed to several factors, including industrial growth leading to increased demand for condensers, the influence of environmental regulations requiring more efficient cooling systems, replacement demand for aging condenser units, and heightened concerns related to environmental impact and sustainability. These factors have driven the growth of the condenser market.

The condensers market size is expected to see strong growth in the next few years. It will grow to $146.21 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The anticipated growth in the forecast period can be attributed to various factors, including the expansion of HVAC (Heating, Ventilation, and Air Conditioning) and refrigeration sectors, increased power generation activities, and industrialization in emerging markets. Key trends expected in the forecast period encompass technological advancements in condenser technology, innovations in materials used in their construction, the integration of smart technologies for more efficient operation, a focus on miniaturization and compact design, the development of customization and modular solutions, and a continued emphasis on research and development to enhance condenser performance.

The growth of the condensers market is significantly driven by the increasing demand for renewable energy generation. Synchronous condensers (SCs) play a vital role in generating reactive power and assisting in stabilizing energy output from renewable sources. Operators of power networks and developers of renewable energy projects are increasingly turning to synchronous condensers to enhance short-circuit capacity and reinforce grid stability. In September 2023, data from the US Energy Information Administration revealed that renewable energy sources accounted for approximately 13.1% of total US primary energy consumption and around 21.5% of total utility-scale electricity generation in 2022. This escalating demand for renewable energy is expected to be a key driver of the condensers market's growth in the forecast period.

The primary product categories for condensers include new and refurbished units. Refurbished condensers are items that have been inspected and repaired to ensure their functionality. Condensers can be categorized based on their cooling mechanisms, which include air-cooled, evaporative, and water-cooled types. These condenser units find applications across various sectors, including industrial, commercial, and transportation, where they are essential for various cooling and stability needs.

The condensers market research report is one of a series of new reports that provides condensers market statistics, including condensers industry global market size, regional shares, competitors with a condensers market share, detailed condensers market segments, market trends, and opportunities, and any further data you may need to thrive in the condensers industry. This condensers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The condenser market is also poised to benefit from the expansion of the automotive industry. This sector encompasses various organizations involved in the design, development, manufacturing, marketing, and maintenance of motor vehicles. Condensers are integral components of a vehicle's air conditioning system, crucial for cooling and dehumidifying the air, thereby reducing cabin humidity. In May 2023, a report by the European Automobile Manufacturers' Association (ACEA) indicated that global motor vehicle production reached 85.4 million units in 2022, marking a 5.7% increase from the previous year. Similarly, data from the International Organization of Motor Vehicle Manufacturers showed that the total production of cars and commercial vehicles grew from 80,145,988 in 2021 to 85,016,728 in 2022. This growth in the automotive sector is expected to be a driving force for the condenser market.

The integration of artificial intelligence (AI) into air conditioning systems is shaping the condensers market. Major companies in the air conditioning sector are leveraging AI technology to enhance the performance of their systems. For example, LG introduced AI-based air conditioners in September 2023, equipped with sensors to ensure precise airflow, optimal temperature control, and humidity management in indoor environments.

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 May 2021, Hanon Systems, a South Korea-based automotive parts manufacturer, acquired Keihin Corporation for an undisclosed amount. This strategic move aims to expand Hanon Systems' automotive condenser portfolio in Europe and North America. Keihin Corporation, based in Japan, is known for its expertise in manufacturing condensers.

Major companies operating in the condensers market include ABB Ltd., Siemens AG, General Electric Company, Eaton Corporation PLC, Voith Group, Fuji Electric Co. Ltd., WEG S.A., Brush Group, Mitsubishi Electric Corporation, Electro-Mechanical Engineering Associates Inc., Ideal Electric Company, Ansaldo Energia S.p.A., Hyundai Ideal Electric Co. Ltd., Sustainable Power Systems Inc., Toshiba Corporation, Power Systems & Controls Inc., Andritz AG, LG Electronics Inc., Midea Group Co. Ltd., Nippon Chemi-Con Corporation, Nortek Global HVAC LLC, QVF Manufacturer LLC, Rheem Manufacturing Company, Samsung Electronics Co. Ltd., Tokyo Electric Chemical Industry Co. Ltd., Trane Technologies PLC, United Technologies Corporation, Vishay Intertechnology Inc., York International Corporation, Zhejiang Weixing Industrial Development Co. Ltd.

The Asia-Pacific was the largest region in the condensers market in 2023. North America was the second largest region in the condensers market. The regions covered in the condensers market report are Asia-Pacific, 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, Russia, South Korea, UK, USA, Italy, Spain, Canada

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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