May 26, 2024
Asia Pacific Condensing Unit Market

The Asia Pacific Condensing Unit Market Is Driven By Increasing Adoption Of Smart AC Systems

Condensing units are an integral part of heating, ventilation, air conditioning, and refrigeration (HVACR) systems. They are responsible for removing heat from the refrigerants and transferring it to the outside environment. Condensing units comprise heat exchangers, such as condenser coils, compressors, fans, and in some cases, control boards. These units increase the efficiency of HVACR systems by condensing the hot gaseous refrigerant into liquid form and pumping it to the evaporator unit through a metering device. Some key advantages of condensing units include high energy-efficiency, compact size, durability, and lower noise levels during operation. Demand for such HVACR components is driven by the growing construction activities across commercial and residential sectors in Asia Pacific. Factors such as rising disposable incomes, rapid urbanization, and improving living standards have augmented the adoption of air conditioning units, thereby favoring the regional condensing unit market.

The Asia Pacific Condensing Unit Market is estimated to be valued at US$ 10.9 billion in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by CoherentMI.

Market Key Tends:

One of the major trends in the Asia Pacific condensing unit market is the increasing adoption of smart AC systems. Smart ACs are equipped with connectivity and control features that allow remote monitoring and regulation of indoor climate via mobile apps and voice assistants. They optimize energy usage through self-learning algorithms based on consumer behavior patterns. Manufacturers are developing IoT-enabled condensing units that can communicate operational parameters in real-time for predictive maintenance. For example, smart sensors monitor compressor run times and alert users about imminent repairs. Such innovative products aid in reducing service costs while improving customer satisfaction. Rising focus toward energy efficiency and convenience are propelling the demand for smart and connected condensing units across the region.

Porter’s Analysis:

Threat of new entrants: The threat of new entrants is moderate as setting up a condensing manufacturing plant requires high initial investment in machinery and R&D. Bargaining power of buyers: The bargaining power of buyers is high as the market has large number of buyers and condensing units are common products with less differentiation. Bargaining power of suppliers: The bargaining power of suppliers is low to moderate as there are multiple component suppliers and setting up new suppliers does not require large investment. Threat of new substitutes: The threat of new substitutes is low as there are limited product substitutes for condensing units used in cooling and refrigeration applications.

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

Key Takeaways:

The Asia Pacific Condensing Unit Market Size is expected to witness high growth.

Regional Analysis: The Asia Pacific region dominates the condensing unit market with the largest market share. China holds the major share in the region’s market owing to strong presence of component suppliers and condenser manufacturers. India and Southeast Asian countries are also emerging as high growth markets in the region.

Key players operating in the Asia Pacific condensing unit market are 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, Reftech Engineering Pte Ltd. Emerson Electric Co. and Carrier Global Corp. are the leading players in the region.

*Note:
1.Source: CoherentMI, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it