The global condensing unit market size was US$ 38,451.7 million in 2021. The global condensing unit market size is forecast to reach US$ 74,340.6 million by 2030, growing at a compound annual growth rate (CAGR) of 7.6% during the forecast period from 2022 to 2030.
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A condensing unit is a temperature control device that uses cooling to condense a chemical from its vaporific state into a liquid state. Either an appliance or an air conditioning unit will be this unit. The primary components used in refrigerators, air conditioners, heat pumps, and chillers for condensing operations are condensing units. Condensing coil, fan, and compressor are its three main components. There are several sizes and designs of condenser units available. These units are divided into three categories: state change condensing units, cool condensing units, and cool condensing units. By cooling, also known as the condensing unit, temperature control devices are used to condense material from its vaporific condition to a liquid state.
The U.S. Bureau of Economic Analysis and the U.S. Census Bureau reports that the goods and services deficit rose from $68.7 billion in January 2023 to $70.5 billion in February, an increase of $1.9 billion. Due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion, the goods and services deficit increased in February. The goods and services deficit has decreased this year by $35.5 billion, or 20.3% when compared to the same period in 2022. $10.8% more, or $49.5 billion, was exported. Imports cost $2.2% more, or $14.0 billion, than exports.
Factors Influencing Market Growth
The increasing usage of air-conditioners due to the growing disposable incomes of customers and changes in the country’s climate drive the global market.
The growing population and rise in people’s standard of living boost the global market growth.
The increasing residential and commercial construction sector and industrial infrastructure fuel the global market growth.
The rising concern about the probable damaging effects of Chlorofluorocarbons (CFC) refrigerants on the environment may slow down the overall market growth.
Impact Analysis of COVID-19
The COVID-19 pandemic had a negative impact on the global market. Several governments worldwide imposed a lockdown in order to curb the virus from spreading. Due to regulatory regulations or a decline in market demand, certain condenser businesses have temporarily closed. And the temporary stoppage cost the business a great deal of money. Worldwide export and import shipments decreased in the second quarter. Projects also experienced delays due to a lack of labor, and the national demand for condensing units was below pre-COVID-19 levels.
Regional Analysis
The Asia Pacific region garnered a substantial market share in 2021 and is forecast to have considerable growth during the forecast period. As a result of the increasing population, developing food products & services, and rising investments in chemicals & petrochemicals. In addition, the growing demand for food processing and storage facilities. Additionally, an increase in the use of natural refrigerants in many applications boosts the market growth in the region.
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Leading Competitors
The leading prominent companies profiled in the global condensing unit market are:
Emerson Electric Co.
Carrier Global Corporation
Danfoss
GEA Group Aktiengesellschaft
Heatcraft Refrigeration Products LLC
Voltas Limited
Bitzer SE
Advansor A/S
Blue Star
Samsung
Other Prominent Players
Scope of the Report
The global condensing unit market segmentation focuses on Type, Function, Compressor Type, Application, and Region.
Segmentation based on Type
Air-cooled condenser
Water-cooled condenser
Evaporative Condenser
Segmentation based on Function
Air Conditioning
Refrigeration
Heat Pumps
Segmentation based on Compressor Type
Reciprocating Compressors
Screw Compressors
Rotary Compressors
Segmentation based on Application
Industrial
Commercial
Transportation
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Segmentation based on Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
Key questions answered in the global market report are:
— How does a global company acquire markets?
— What are its core strategies and policies?
— What factors will influence the market over the forecast period?
— What are the factors driving and restraining the market?
— What are the leading competitors in the global market?
— Which region is growing at a higher pace in the global market?
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