The global condensing unit market was valued US$ 20.23 Bn in 2019 and is expected to reach US$ 40.73 Bn by 2027, at a CAGR of 8.9 % during a forecast period.
Product Definition:
The condensing unit is also known as HVAC generally placed outdoor. Major function of these unit is heat exchanger, that helps to condense a refrigerant from gaseous to liquid state which further exhibit heat or an air conditioning process. Normally HVAC Condensing Unit comes up with a fan, a condensing coil and compressor that helps to accomplish the condenser's work.
The report study has analyzed the revenue impact of COVID-19 pandemic on the sales revenue of market leaders, market followers, and disrupters in the report, and the same is reflected in our analysis.
Growth Elements:
Development and significant growth in the refrigerator manufacturing industries will cover the market growth during the forecast period. Rising demand for enhanced quality condensing unit as per end-user’s demand in numerous applications expected to drive the overall market demand of global condensing unit in the coming years. Rise in population count together with evolution in disposable income in emerging economies like Japan, India, China comparing with others is considered as another factor to boost the market demand. Better performance, durability, and prolonged shelf life are the result of technically advanced products expected to fulfill the consumers and vendors request and that will drive the demand for the product in the market.
On the other hand, ratio of contamination increases the average global temperature, therefore boosting the requirement of refrigeration in domestic and commercial divisions. Development in the pharmaceutical industries are fulling the demand of targeted market in numerous sector including product storage, manufacturing unit, R&D activity and other application area where at some point this unit play a major role thriving for condensing unit globally. Additionally, food processing, food service and warehousing are observing significant growth from the base year and expected the same during growing time span which will boost the market demand from these industries. Growth in automobiles are also fuelling the condensing unit demand since long. Most widely used application sector recorded by including fermentation rooms, milk cooling tanks, storage rooms, hospitals, superstores, and others.
However, stringent environmental regulation for the product use is estimated to hamper the market demand in the coming years.
Condensing Unit Market Segment analysis:
By product, the air-cooled condensing unit segment is attributed to dominate the condensing unit market growth and expected to hold the largest share in the market in the next seven years. Benefits of using these units documented for low installation cost, rising water paucity, wide commercial applications, and others, though water-cooled condensing units have extended life and higher energy proficiency in comparison to air-cooled condensing units is making this segment more preferred than other types. Development in the electronics sector will help to boost the demand and supply, as condensing unit maintain the quality and production cycle time of heavy electronic appliances.
Technological advancements like available air-cooled app controlling system for the handling such units making this segment to gain attention of consumers as well as investors present in the market. Furthermore, emerging services associated with the unit comprises, superior fan and broader angle with 4D airflow, quick cooling technology, dehumidification ability, auto cleaning, protection for dirt and others propelling the market demand and expected to boost the market demand in the coming years.
Condensing Unit Market Regional Analysis:
Globally, Asia Pacific is expected to dominate the condensing unit market and is expected to grow at a CAGR of XX % during the forecast period. Developing regions like India, China, Japan are considered as major contributors to the condensing unit market growth in the APAC region. Ongoing regional development projects in the various sector will be going to broaden the market need in the coming years. Winding attention of the merchant to invest in the region owing to availability of strong men power and technological improvement is the documented as key factor. Huge electronics, automotive, dairy product, chemical research, pharmaceutical and many more industrial sectors will boost the market demand in the coming years. Furthermore, cumulative usage and growing popularity of consuming refrigeration in day to day life, and rising living standards is driving the demand for product storage purpose, which in turn, is likely to open numerous openings in the growth of the condensing unit market, in the Asia Pacific region.
Industrial Updates:
Growth in the market is propelling the development activity across the globe, amongst them one of industrial development is mentioned below:
In February 2019, US-based Emerson Electric Company acquired General Electric’s Intelligent Podiums. This action and addition of developed technologies will further contribute for the Emerson Electric Company profile development.
The objective of the report is to present a comprehensive analysis of the Global Condensing Unit Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Condensing Unit Market dynamics, structure by analysing the market segments and project the Global Condensing Unit Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Condensing Unit Market make the report investor’s guide.
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Scope of Condensing Unit Market
Global Condensing Unit market, By Product
• Water-Cooled Condensing Unit
• Evaporative Condensing Unit
• Air-Cooled Condensing Unit
Global Condensing Unit market, By Application
• Commercial Refrigeration
• Industrial Refrigeration
• Aerospace and Defense
• Automobile
• Industry
• Fire Control
Global Condensing Unit Market, By Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa
Key Players Operating the Condensing Unit Market,
• BITZER Kuhlmaschinenbau GmbH
• Heatcraft Worldwide Refrigeration
• Carrier Commercial Refrigeration
• Tecumseh Products Company
• JINAN RETEK INDUSTRIES INC
• Emerson Electric Company
• Hussmann Corporation
• Rivacold UK Ltd
• Daikin Applied
• Voltas Limited
• GEA Group
• Danfoss
• Patton Ltd
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