June 22, 2024
Asia Pacific Condensing Unit Market

Asia Pacific Condensing Unit Market to Witnesses Growth owing to Rising Demand for Refrigeration Systems

The Asia Pacific condensing unit market is growing significantly owing to rapid expansion of cold storage facilities and rising sales of air conditioners and refrigerators across the region. Condensing units are integral components of refrigeration and air conditioning systems that condense the hot refrigerant gas into a liquid form outside the unit being cooled. They consist of condenser coils, fans and compressors that remove the heat from the gas. The growing demand for frozen and chilled foods from the expanding foodservice industry and consumers is propelling demand for condensing units in commercial refrigeration systems across Asia Pacific countries.

Asia Pacific Condensing Unit Market Size is estimated to be valued at US$ 10.9 Bn in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023-2030.

Key Takeaways

Key players operating in the Asia Pacific condensing unit market are Emerson Electric Co., Carrier Global Corp., Danfoss, GEA Group, Voltas Ltd., Bitzer SE, Dorin S.p.A., and others.

The key opportunities in the market include growing demand for energy efficient condensing units from retail and food processing industries. Rapid urbanization and rising living standards are augmenting sales of air conditioners and refrigerators which is fueling market growth.
Countries like China, India, Indonesia, and Vietnam offer lucrative expansion opportunities for market players owing to increasing investments in cold chain infrastructure, retail space, and tourism sector in these emerging economies.

Market Drivers

The rising demand for refrigeration equipment like refrigerators, refrigerated display cabinets, and walk-in-coolers from expanding food retail and quick service restaurant sectors is a major market driver. Rapid urbanization, increasing per capita disposable incomes, and growing working population are augmenting the sales of residential air conditioners across Asia Pacific which requires condensing units. The increasing investments by global retail giants and supermarket chains to enhance their presence in developing Asian countries will further drive the demand for commercial refrigeration solutions and condensing units.

PEST Analysis

Political: The Asia Pacific region includes several developing economies that are witnessing an increase in infrastructure development and construction activities. This is positively impacting the demand for condensing units used in commercial and residential buildings for air conditioning and refrigeration.

Economic: The strong economic growth in many countries of Asia Pacific such as China, India, Indonesia, and others is enhancing the purchasing power of consumers. This is augmenting the sales of appliances and equipment that use condensing units such as air conditioners and refrigerators.

Social: Rising living standards along with hot and humid weather conditions across Asia Pacific countries is increasing the adoption of air conditioners among households. This is subsequently boosting the consumption of condensing units.

Technological: Advancements in materials and manufacturing processes are enabling OEMs to develop more efficient and durable condensing units. Adoption of IoT-enabled smart control systems is also gaining traction to enhance energy saving and remote monitoring capabilities.

The Asia Pacific condensing unit market in terms of value is concentrated majorly in China, Japan, South Korea, and India. These countries collectively account for over 60% of the total regional market revenue owing to their large manufacturing bases and growing HVAC industries.

Indonesia, Vietnam, Philippines, and other Southeast Asian countries collectively represent the fastest growing region for the Asia Pacific condensing unit market. Rising construction activities along with the hot and humid climatic conditions in these nations are augmenting the demand for air conditioners and refrigerators, thereby driving sales of condensing units.

What Are The Key Data Covered In This Asia Pacific Condensing Unit Market Report?

:- Market CAGR throughout the predicted period

:- Comprehensive information on the aspects that will drive the Asia Pacific Condensing Unit Market’s growth between 2024 and 2031.

:- Accurate calculation of the size of the Asia Pacific Condensing Unit Market and its contribution to the market, with emphasis on the parent market

:- Realistic forecasts of future trends and changes in consumer behaviour

:- Asia Pacific Condensing Unit Market Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa

:- A complete examination of the market’s competitive landscape, as well as extensive information on vendors

:- Detailed examination of the factors that will impede the expansion of Asia Pacific Condensing Unit Market vendors

FAQ’S

Q.1 What are the main factors influencing the Asia Pacific Condensing Unit market?

Q.2 Which companies are the major sources in this industry?

Q.3 What are the market’s opportunities, risks, and general structure?

Q.4 Which of the top Asia Pacific Condensing Unit Market companies compare in terms of sales, revenue, and prices?

Q.5 Which businesses serve as the Asia Pacific Condensing Unit market’s distributors, traders, and dealers?

Q.6 How are market types and applications and deals, revenue, and value explored?

Q.7 What does a business area’s assessment of agreements, income, and value implicate?

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