Global Condensing Unit Market: Overview
The condensing unit is also known as outdoor HVAC unit. These units could be either a heat pump or an air conditioning unit. A typical HVAC Condensing Unit comes with a compressor, a fan, and a condensing coil. The expansion of the global condensing unit market is mainly fuelled by the increased demand for advanced refrigeration from several application areas.
The global condensing unit market has been segmented based on four parameters, namely type, application, function, and region for better understanding of the market.
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Global Condensing Unit Market: Notable Developments
The global condensing unit market has come across few developments in the recent years. One such development is mentioned below:
- In February 2019, US-based Emerson Electric Company acquired General Electric’s Intelligent Platforms. The addition of the technologies of programmable logic controller of the latter is likely to expand the already diverse product portfolio of Emerson Electric Company and enhance its machine control capabilities.
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Some well-known organizations in the global condensing unit market comprise the below-mentioned:
- Emerson Electric Company
- Heatcraft Worldwide Refrigeration
- GEA Group
- Danfoss Group
- Bitzer SE
- Carrier Corporation
Global Condensing Unit Market: Key Trends
The following drivers, opportunities, and restraints characterize global condensing unit market over the forecast period, from 2019 to 2027.
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Technical Advancements in Condensing Units to Accentuate its Demand
The expansion of the global condensing unit market is estimated to be driven by rising demand for improved quality condensing units for various applications. Extended shelf life, better performance, and durability offered by technically advanced products drive the demand for the product in the market. In developed parts of the world, such as North America and Europe, huge demand is generated for these condensing units, which is likely to drive the market substantially during the assessment tenure, from 2019 to2027.
Some of the most common natural refrigerants are CO2, ammonia, and HCs, such as isobutene and propane. Conventional refrigerants are being replaced by natural refrigerants, which are technologically superior cooling equipment. This has led to an increase in the market size natural refrigerants. Natural refrigerants are utilized in applications like heating systems, air-conditioning, and refrigeration.
On the basis of type, the condensing unit market is divided into the segments of and evaporative condensing unit, water-cooled condensing unit, and air-cooled condensing unit. The air-cooled condensing unit segment is likely to hold a large chunk of the global condensing unit market over the assessment tenure, from 2019 to 2017. Such market dominance is due to low installation and maintenance cost, increased shortage of water, and extensive commercial applications.
On the flip side, growing concern about probable harmful effects of Chlorofluorocarbons (CFC) refrigerants on the environment is likely to impede the growth of the global condensing unit market in forthcoming years.
Global Condensing Unit Market: Geographical Analysis
To give a detailed view of the global condensing unit market, TMR analysts have split the market into five main regions. These regions are Latin America, Europe, Asia Pacific, the Middle East and Africa, and North America.
From the geographical perspective, Asia pacific is estimated to emerge as one of the leading regions in the global condensing unit market. China is estimated to account for the lion’s share of the regional condensing unit market, in terms of value. The government of China is encouraging the use of natural refrigerants in many applications. These refrigerants are particularly preferred in heat pumps, room air conditioners, industrial and commercial uses.
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