The condensing unit forms a key component of an HVACR system. It condenses the gas refrigerant from the compressor into its liquid state so that it can be expanded back into a gas while absorbing heat. The main components of a condensing unit include an outdoor coil, fan, compressor, and other accessories. The increasing focus on energy-efficient systems is driving the demand for advanced condensing units that consume less power. The adoption of natural refrigerants like CO2 and ammonia is also gaining momentum owing to their lower global warming potential compared to synthetic counterparts.
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 are Emerson Electric Co., Carrier Global Corp., Danfoss, GEA Group, Voltas Ltd., Bitzer SE, Dorin S.p.A., and others. The leading players are focusing on developing economical and eco-friendly condensing units with advanced features like variable speed compressors.
The demand for condensing units is growing from the commercial refrigeration sector as more supermarkets, hypermarkets, and quick-service restaurants are opening across the region. The units find widespread usage in refrigeration systems for frozen food, chilled vegetables, meat, seafood, dairy products, and pharmaceutical products.
Technological advancements like the integration of IoT sensors, advanced control algorithms, and connectivity solutions are allowing condensing units to operate more efficiently. Digital technologies enable remote monitoring of performance and predictive maintenance of the systems. The use of natural refrigerants is also a key trend as countries are working towards phasing down hydrofluorocarbons owing to their high global warming potential.
Market Trends
Energy efficiency is a major consideration while selecting condensing units. Products compliant with the latest MEPS (Minimum Energy Performance Standards) are gaining traction. Major players are focusing on the development of IE5 super premium efficiency motors and variable speed compressors to reduce power consumption by 15-20%.
Adoption of natural refrigerants like ammonia, propane, and CO2 is growing due to their lower environmental impact. Several field trials of CO2-based condensing units are underway for medium-temperature commercial applications. Their usage allows significant reduction in carbon footprint compared to HFC-based systems.
Market Opportunities
Rising demand from the food retail and quick-service restaurant segment is a key growth opportunity. These end-users widely utilize condensing units for food display cases, walk-in coolers/freezers, and ice cream cabinets. The growing organized retail and expanding QSR chains will augment demand.
Refrigeration retrofits of older HCFC and HFC-based systems with energy-efficient condensing units presents a major market opportunity. Incentive schemes supporting eco-friendly retrofits will encourage the replacement of existing equipment with new-generation units.
Impact of COVID-19 on Asia Pacific Condensing Unit Market
The COVID-19 pandemic has significantly impacted the growth of the condensing unit market in Asia Pacific. During the pre-COVID period, the market was growing steadily at around 8% CAGR driven by increasing demand from refrigeration and air conditioning applications across industries like food & beverage, healthcare, and others. However, the outbreak forced governments to announce lockdowns which disrupted the supply chain and halted manufacturing activities temporarily. This led to a major decline in production volumes across Asian countries like China, India, Japan, etc. in 2020.
As restrictions are now being lifted gradually, the post-COVID scenario seems hopeful. Manufacturers are resuming operations while ensuring all necessary safety protocols. However, demand recovery will be gradual as end-use industries are still witnessing reduced operations. The need for ventilation and temperature/humidity control in healthcare, pharmaceutical facilities is driving demand. Refrigerated transportation for vaccine distribution is also spurring opportunities. Measures like expansion into service segments, development of IoT-enabled smart units can help boost business over the forecast period. Affordability programs targeting housing, retail, and commercial sectors can aid recovery. Collaborations for localized part production can strengthen supply resilience. While near-term challenges persist, long-term growth drivers remain intact due to rising spending power, infrastructure investments, and focus on eco-friendly technologies.
Geographical Regions with Highest Market Concentration
Currently, the condensing unit market in Asia Pacific sees maximum value concentration in countries like China and India. Both nations account for more than 50% of the total regional market revenue due to their large manufacturing bases and growing HVAC equipment demand from multiple end-use sectors. Rapid urbanization and increasing construction spending are major factors propelling demand in India. While China dominates with a strong export-focused manufacturing industry and is a major supplier globally. Other Asian countries like Japan, South Korea are also prominent markets relying heavily on HVAC systems and refrigerated solutions.
Fastest Growing Regional Market
The Southeast Asian sub-region emerging as the fastest expanding market for condensing units in Asia Pacific. Countries like Indonesia, Vietnam, Thailand, and Malaysia offer lucrative prospects with rising incomes, hot & humid climates driving adoption of cooling solutions. Indonesia specifically presents enormous untapped opportunities backed by its young population, expansive construction pipeline, and focus on enhancing infrastructure resilience. Supportive government policies encouraging investments in domestic manufacturing can further accelerate the region's market growth over the coming years.
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?
Get more insights on this topic: https://www.pressreleasebulletin.com/asia-pacific-condensing-unit-market-trend-size-and-demand-2/
