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The condensing unit market is expected to grow in the forecast period of 2022 to 2029. Data Bridge Market Research analyses that the market is growing with a CAGR of 9.8% in the forecast period of 2022 to 2029 and is expected to reach USD 18,985.40 million by 2029 from USD 9,074.32 million in 2021. The growing demand of condensing units in commercial and industrial sectors is expected to drive the market growth.
The temperature control devices are used to condense material from its gaseous state to a liquid state by cooling which is known as the condensing unit. This machine may either be a heat pump or an air conditioning unit. For condensation purposes, condensing systems are primarily used in refrigerators, air conditioners, heat pumps, and chillers. It consists of three major components namely, compressor, fan, and condensing coil. They move energy in the form of heat by compressing a gas known as a "refrigerant," then pumping it through a system of coils and using the air around the coils to heat and cool spaces. Electronic controls, fans, pumps, and coils manage the condenser's work.
The growing demand for condensing units in commercial and industrial sectors in the developing economies, rising demand for improved quality condensing units for various applications, increasing growth of the retail sector are some of the major as well as vital factors which will likely augment the growth of the condensing unit market. On the other hand, the growing number of technological advancements along with the rising demand for natural refrigerants will provide growth opportunities for market growth. However, stringent environmental regulations on refrigerants used will limit the market growth. In addition, the rising number of complexities and uncertainties for manufacturers will act as a challenge for condensing the unit market.
Condensing Unit Market Scope and Market Size
The condensing unit market is segmented into six notable segments which are type, function, refrigerant type, compressor technology, application and end user. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
· On the basis of type, the condensing unit market is segmented into the air-cooled condensing unit, water cooled condensing unit and evaporative condensing unit. In 2022, the air-cooled condensing unit segment is expected to dominate the market due to the easy installation and low maintenance of air-cooled condensing units.
· On the basis of function, the condensing unit market is segmented into the air conditioning, heat pump, refrigeration, and others. In 2022, the air conditioning segment is expected to dominate the market due to the advancements in air conditioning systems that are more efficient and environmentally friendly.
· On the basis of refrigerant type, the condensing unit market is segmented into the fluorocarbons, hydrocarbons, inorganics and others. In 2022, the fluorocarbons segment is expected to dominate the market due to the growing use of fluorocarbon refrigerant in commercial refrigeration.
· On the basis of compressor technology, the condensing unit market is segmented into reciprocating, hermetic, semi-hermetic, open, rotary, scroll, rotary vane, screw, centrifugal and others. In 2022, the reciprocating segment is expected to dominate the market due to growing use of reciprocating compressors to compress gases and refrigerants of a wide range of molecular density.
· On the basis of application, the condensing unit market is segmented into the high temperature, medium temperature and low temperature. In 2022, high temperature segment is expected to dominate the market due to the growing use of high temperature condensing units in cold rooms.
· On the basis of end user, the condensing unit market is segmented into the residential, commercial and industrial. In 2022, the industrial segment is expected to dominate the market due to the growing demand for advanced refrigeration from various application areas, such as power plants, retail stores, dairy cabinets, hospitals, cryogenic containers, and cooling systems.
Condensing Unit Market Country Level Analysis
The condensing unit market is analyzed, and market size information is provided by the type, function, refrigerant type, compressor technology, application and end user as referenced above.
The countries covered in the condensing unit market report are the Japan, China, South Korea, India, Australia & New Zealand, Singapore, Malaysia, Indonesia, Philippines and Rest of Asia-Pacific.
The form segment in the Asia-Pacific region is expected to grow with the highest growth rate in the forecast period of 2022 to 2029 because of growth in investments & collaborations in condensing unit business. China is expected to dominate the market due to the growing usage of refrigeration in various end industries.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts, and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of sales channels are considered while providing forecast analysis of the country data.
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Growing Strategic Activities by Major Market Players to Enhance the Awareness for Condensing Unit is Boosting the Market Growth of Condensing Unit Market
The condensing unit market also provides you with a detailed market analysis for every country's growth in a particular market. Additionally, it provides detailed information regarding the market players’ strategy and their geographical presence. The data is available for the historical period 2012 to 2020.
Competitive Landscape and Condensing Unit Market Share Analysis
The condensing unit market competitive landscape provides details by the competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width, and breadth, application dominance, technology lifeline curve. The above data points are only related to the company’s focus on the condensing unit market.
Some of the major players operating in the condensing unit market are Emerson Electric Co., Carrier, Danfoss, Heatcraft Worldwide Refrigeration, BITZER Kühlmaschinenbau GmbH, Dorin S.p.A., FRASCOLD SPA, FreezeIndia, Howe Corporation, Hussmann Corporation, DAIKIN INDUSTRIES, Ltd., Blue Star Limited., MTA S.p.A., National Comfort Products., SCM Frigo S.p.A., GEA Group Aktiengesellschaft, Tecumseh Products Company, Prijai Heat Exchangers Pvt. Ltd., KeepRite Refrigeration, Voltas, Inc., among others.
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