Burlingame, Feb. 20, 2024 (GLOBE NEWSWIRE) -- CoherentMI published a report, titled, Asia Pacific Condensing Unit Market was valued at US$ 10.9 Billion in the year 2023 and is anticipated to reach US$ 18.4 Billion by 2030, at a CAGR of 8% during the forecast period 2023-2030.
Market Dynamics:
The Asia Pacific condensing unit market is driven by the increasing adoption of efficient cooling systems in various industries. Growing concerns regarding energy consumption and environmental sustainability have led to the demand for energy-efficient and eco-friendly cooling solutions. Condensing units play a crucial role in enhancing the energy efficiency of refrigeration and air conditioning systems by converting high-pressure and high-temperature refrigerant vapor into liquid form.
Another driver for the market growth is the rapid industrialization and urbanization in the Asia Pacific region. The expansion of the food and beverage industry, pharmaceutical manufacturing, and cold storage facilities has increased the demand for reliable and efficient cooling systems. Additionally, the booming e-commerce sector and the need for temperature-controlled storage and transportation of perishable goods have further propelled the demand for condensing units.
Asia Pacific Condensing Unit Market Report Coverage:
| Report Coverage | Details | |
| Study Period | 2023 - 2030 | |
| Base Year of Estimation | 2022 | |
| CAGR | 8.0% | |
| Largest Market | Asia Pacific | |
| Market Concentration | High | |
| Major Players | Emerson Electric Co., Carrier Global Corp., Danfoss, GEA Group Aktiengesellschaft, Voltas Ltd. and Among Others. | |
| Segments Covered | By Product Type, By Application, By End User, By Region | |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends | |
| Growth Drivers | • Expanding cold chain and refrigeration industry • Growth of pharmaceutical manufacturing sector | |
| Restraints & Challenges | • High installation and maintenance costs • Infrastructural challenges in remote areas | |
Key Market Takeaways:
- The Asia Pacific condensing unit market size is anticipated to witness a CAGR of 8% during the forecast period 2023-2030, owing to the growing demand for energy-efficient cooling solutions in the commercial sector and the increasing adoption of cold chain logistics in the food and beverage industry.
- On the basis of product type, the air-cooled condenser segment is expected to hold a dominant position, owing to factors such as its compact size, easy installation, low maintenance requirements, and high energy efficiency.
- In terms of application, the commercial segment is expected to dominate the market, driven by industries such as food retail, pharmaceuticals, and e-commerce that require temperature-controlled transport.
- On the basis of end-user industry, the high-temperature segment is expected to hold a dominant position, as industries dealing with high-temperature materials such as chemicals and metal processing require efficient cooling systems.
- In terms of region, Asia Pacific is expected to hold a dominant position over the forecast period, due to factors such as rapid urbanization, economic growth, and increasing investment in infrastructure development.
- Key players operating in the Asia Pacific condensing unit market include Emerson Electric Co., Carrier Global Corp., Danfoss, GEA Group Aktiengesellschaft, Voltas Ltd., Bitzer SE, Dorin S.p.A., Tecumseh Products Company LLC, The Kirby Company, and Reftech Engineering Pte Ltd. These players are focusing on product innovation, strategic partnerships, and expansions to strengthen their market position.
Market Trends:
Adoption of eco-friendly refrigerants: There is a growing trend of replacing traditional refrigerants with eco-friendly alternatives, such as hydrofluoroolefins (HFOs) and natural refrigerants like ammonia and carbon dioxide. These refrigerants have low global warming potential (GWP) and are considered more environmentally friendly.
Integration of IoT and smart technology: The Asia Pacific condensing unit market is witnessing a trend towards the integration of Internet of Things (IoT) and smart technology in cooling systems. This allows real-time monitoring, remote controlling, and predictive maintenance of condensing units, leading to improved efficiency, reduced downtime, and cost savings.
Recent Developments:
- On Feb 2023, Daikin launched its new Zeas condensing units in India with energy-efficient inverter compressors. The units are well-suited for cold rooms, warehouses, and commercial establishments.
- In January 2021, Emerson launched its Copeland scroll outdoor condensing units designed for refrigeration applications. The new models offer high efficiency and reliability for commercial businesses.
Read the complete market research report, "Asia Pacific Condensing Unit Market Size And Share Analysis - Growth Trends And Forecasts (2023 - 2030)", Published by CoherentMI.
Market Opportunity:
Growing Demand for Energy-efficient Cooling Solutions in Commercial Sector
The Asia Pacific condensing unit market is anticipated to witness significant growth during the forecast period, primarily driven by the increasing demand for energy-efficient cooling solutions in the commercial sector. With the rise in urbanization and economic growth in countries like China and India, there has been a surge in the construction of commercial buildings such as offices, shopping malls, and hotels. These establishments require effective cooling systems to maintain optimal indoor temperatures and enhance customer comfort.
Air-cooled condensers are expected to dominate the market in this segment. These units are widely used in commercial buildings due to their compact size, easy installation, and low maintenance requirements. They offer high energy efficiency and are capable of providing a constant and reliable cooling solution. Moreover, the air-cooled condenser market is driven by factors such as growing environmental concerns, stringent regulations regarding energy consumption, and the need to reduce operating costs.
Increasing Adoption of Cold Chain Logistics in Food and Beverage Industry
The Asia Pacific condensing unit market is also witnessing a significant opportunity in the transportation segment, particularly in the cold chain logistics industry. With the growth of the food and beverage sector in the region, there is a rising need to maintain the quality and freshness of perishable goods during transportation. Condensing units play a crucial role in refrigerated vans, trucks, and containers by providing the necessary cooling and temperature control.
The commercial segment is expected to dominate this market opportunity, with industries such as food retail, pharmaceuticals, and e-commerce driving the demand for temperature-controlled transport. The increasing consumer demand for fresh and healthy food products and the need to comply with stringent regulations regarding the transportation of perishable goods are further fueling the adoption of condensing units in this segment.
In conclusion, the Asia Pacific condensing unit market offers significant opportunities in the commercial sector's demand for energy-efficient cooling solutions and the growing adoption of cold chain logistics in the food and beverage industry. With the dominant presence of air-cooled condensers and the commercial and high-temperature segments, the market is anticipated to witness substantial growth. Key players in the market are actively engaged in strategies to meet the evolving market demands and maintain a competitive edge.
Asia Pacific Condensing Unit Market Segmentation:
- By Product Type:
- Air-cooled Condenser
- Water-cooled Condenser
- Evaporative Condenser
- By Application:
- High Temperature
- Medium Temperature
- Low Temperature
- By End-user Industry:
- Industrial
- Commercial
- Transportaion
- By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Top Questions Answered in this Report:
- What factors are impeding the growth of the Asia Pacific Condensing Unit Market?
- What are the primary drivers fueling the growth of the Asia Pacific Condensing Unit Market?
- Which segment dominates as the leading component in the Asia Pacific Condensing Unit Market?
- Who are the key players actively participating in the Asia Pacific Condensing Unit Market?
- Which region is expected to take the lead in the Asia Pacific Condensing Unit Market?
- What is the projected CAGR of the Asia Pacific Condensing Unit Market?
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