Condensers Global Market Report 2026

Condensers are devices used to transform gaseous substances into a liquid state through cooling. They play a crucial role in improving stability and maintaining voltages within desired limits, especially during changing load conditions and contingency situations.

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.

Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report's Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.

Tariffs are impacting the condensers market by increasing costs of imported copper tubing, aluminum fins, steel housings, and cooling components. Industrial and power generation facilities in North America and Europe are most affected due to reliance on imported raw materials, while Asia-Pacific faces export competitiveness challenges. These tariffs have raised manufacturing and refurbishment costs, influencing pricing structures. At the same time, they are encouraging localized material sourcing, refurbishment activities, and innovation in alternative materials to improve cost stability.

The condensers market research report is one of a series of new reports from The Business Research Company 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 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.

Condensers Market Global Report 2026 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses condensers market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for condensers ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward, including technological disruption, regulatory shifts, and changing consumer preferences? The condensers market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, total addressable market (TAM), market attractiveness score (MAS), competitive landscape, market shares, company scoring matrix, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market. This section also examines key products and services offered in the market, evaluates brand-level differentiation, compares product features, and highlights major innovation and product development trends.
• The supply chain analysis section provides an overview of the entire value chain, including key raw materials, resources, and supplier analysis. It also provides a list competitor at each level of the supply chain.
• The updated trends and strategies section analyses the shape of the market as it evolves and highlights emerging technology trends such as digital transformation, automation, sustainability initiatives, and AI-driven innovation. It suggests how companies can leverage these advancements to strengthen their market position and achieve competitive differentiation.
• The regulatory and investment landscape section provides an overview of the key regulatory frameworks, regularity bodies, associations, and government policies influencing the market. It also examines major investment flows, incentives, and funding trends shaping industry growth and innovation.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include the technological advancements such as AI and automation, Russia-Ukraine war, trade tariffs (government-imposed import/export duties), elevated inflation and interest rates.
• The total addressable market (TAM) analysis section defines and estimates the market potential compares it with the current market size, and provides strategic insights and growth opportunities based on this evaluation.
• The market attractiveness scoring section evaluates the market based on a quantitative scoring framework that considers growth potential, competitive dynamics, strategic fit, and risk profile. It also provides interpretive insights and strategic implications for decision-makers.
• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth.
• Expanded geographical coverage includes Taiwan and Southeast Asia, reflecting recent supply chain realignments and manufacturing shifts in the region. This section analyzes how these markets are becoming increasingly important hubs in the global value chain.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The company scoring matrix section evaluates and ranks leading companies based on a multi-parameter framework that includes market share or revenues, product innovation, and brand recognition.

Scope

• Markets Covered:1) By Product Type: New; Refurbished
• 2) By Cooling Type: Air-Cooled; Evaporative; Water-Cooled
• 3) By Application: Industrial; Commercial
• Subsegments:
• 1) By New: Air-Cooled Condensers; Water-Cooled Condensers; Evaporative Condensers; Steam Condensers; Other New Condensers
• 2) By Refurbished: Refurbished Air-Cooled Condensers; Refurbished Water-Cooled Condensers; Refurbished Evaporative Condensers; Refurbished Steam Condensers; Other Refurbished Condensers
• Companies Mentioned: 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.
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Taiwan; Russia; South Korea; UK; USA; Canada; Italy; Spain.
• Regions: Asia-Pacific; South East Asia; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time Series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data Segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
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