Global Condensing Unit Market Size to grow USD 42.2 billion in 2028
The Global Condensing Unit Market Size was valued at USD 22.5 billion in 2021. The market is projected to grow by USD 42.2 billion in 2028, at a CAGR of 8.1% during the forecast period.
The growth of the Condensing Unit Market is being driven by factors such as an increase in demand for condensing units in the commercial and industrial sectors in emerging countries, as well as the advantages supplied by these units, such as greater sturdiness and duration. Growing demand for condensing units in the corporate and industrial sectors of developing nations, rising demand for higher-quality condensing units for a variety of applications, and expanding retail sector growth are a few of the major drivers that can propel the Condensing Unit Market growth during the forecast period.
During the COVID-19 pandemic, almost every industry in the world suffered a setback. This can be ascribed to severe disruptions in their respective manufacturing and supply-chain operations as a result of various precautionary lockdowns and other limitations imposed by governments all over the world. The same applies to the market. Furthermore, consumer demand has decreased as people are now more focused on removing non-essential expenses from their budgets since the general economic situation of most people has been badly impacted by the outbreak. Over the forecast period, the aforementioned factors are likely to weigh on the worldwide Condensing Unit market's revenue trajectory. The global Condensing Unit market is likely to rebound as respective governing agencies begin to lift these enforced lockdowns.
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Technical Advancements in Condensing Units to Increase Demand
Rising demand for higher-quality condensing units for various applications is expected to propel the global condensing unit market growth. The demand for the product in the market is driven by the extended shelf life, superior performance, and durability supplied by technologically enhanced items. CO2, ammonia, and HCs like isobutene and propane are some of the most popular natural refrigerants. Natural refrigerants, which are technologically superior cooling equipment, are replacing conventional refrigerants. As a result, the market for natural refrigerants has grown. Natural refrigerants are used in a variety of applications, including heating, cooling, and refrigeration. Huge demand for these condensing units is produced in developed areas of the world, including North America and Europe, which is expected to drive the market significantly during the forecast period.
Rising Infrastructure Spending in Developing Countries Is Propel Market Growth
Condensing units are temperature-control systems that exchange energy in the form of heat by compressing a refrigerant, pushing it through a series of coils, and heating and cooling areas with the air surrounding the coils. In the next years, rising infrastructure spending, particularly in Asia Pacific's developing countries, is likely to propel the worldwide condensing unit market growth. Various infrastructure projects, such as metro rail and airports, are in the planning and development stages in India. In 2018–19, the Airport Authority of India (AAI) spent roughly USD 2.32 billion on extending existing terminals and building 15 new ones. In addition, the airport industry has been extended to private engagement, with six PPP (Public-Private Partnership) airports being built throughout major cities. Furthermore, between FY 2018 and FY 2023, India's airport infrastructure is estimated to receive investments ranging from USD 5.99 billion to USD 6.41 billion. Furthermore, the growing global population, as well as rising disposable income, particularly in developing nations, are key drivers that are predicted to boost the global condensing unit market.
The Asia-Pacific is the largest market for condensing units due to the rising disposable income and rising infrastructure spending in this region. Moreover, in terms of value, China is expected to occupy the lion's share of the regional condensing unit market. Natural refrigerants are being promoted by the Chinese government for a range of uses. These refrigerants are used mostly in heat pumps and room air conditioners.
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North America is the second-largest market for condensing units due to the growth in demand for condensing units in the commercial and industrial sectors, as well as the growing demand for condensing units in various manufacturing industries.
Europe is the third-largest market for condensing units due to the increased demand for natural refrigerants, as well as shifting client preferences for ready-to-eat, baked, and frozen foods.
KEY INDUSTRY DEVELOPMENTS:
In February 2019, Emerson Electric Company, based in the United States, purchased General Electric's Intelligent Platforms. The latter's programmable logic controller technologies are likely to increase Emerson Electric Company's already wide product line and strengthen its machine control capabilities.
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