The Rapid Growth Of Asia Pacific Condensing Unit Market Is Driven By Rising Construction And Industrial Sector

By Author: Ben
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The Asia Pacific condensing unit market is used extensively in residential and commercial refrigeration systems along with industrial applications in food processing and cold storage. A condensing unit consists of compressors, condensers and other refrigerant circuit accessories used in both split air conditioners and centralized air conditioning systems. Rapid urbanization and economic growth across developing countries of Asia Pacific such as India, China and Indonesia has fueled residential and commercial construction activities. The rising affluence of middle class population has also increased demand for household appliances including refrigerators, freezers and air conditioners which utilize condensing units. Additionally, a growing food processing and cold storage industry across Asia Pacific is creating strong demand for industrial refrigeration equipment that incorporate condensing units.

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 condensing unit market in Asia Pacific is expected to grow rapidly owing to increasing demand for refrigeration and air conditioning equipment across both residential and commercial sectors. Rising population, urbanization and disposable incomes are driving sales of household appliances like refrigerators and air conditioners.

Geographical expansion of major condensing unit manufacturers into developing Asian countries and establishment of manufacturing facilities will help strengthen supply networks and meet growing local demand. International players are partnering with regional component suppliers to benefit from low production costs and cater to the large consumer base in Asia Pacific region.

Market Drivers

Rising construction of commercial buildings, shopping malls and data centers in Asia Pacific countries is a key driver for condensing unit markets. Developing nations are witnessing rapid infrastructure growth which requires heating, ventilation and air conditioning systems employing condensing units. Growing cold chain logistics and food processing industry also incorporates significant refrigeration equipment utilizing condensing technology. Government initiatives supporting ‘Make in India’ and other Asian manufacturing sectors contributes to development of component manufacturing base for condensing units.

The current geopolitical situation is impacting the growth of the Asia Pacific Condensing Unit market. The ongoing Russia-Ukraine conflict and rising tensions between China and other countries are disrupting global supply chains. Russia and Ukraine are major exporters of raw materials like copper, aluminum and steel which are key components in condensing units. The conflict has led to a surge in prices of these commodities affecting the production and cost of condensing units.

Some European countries are dependent on Russia for their energy needs. Persisting uncertainty over energy supplies due to the conflict is restraining industrial activity and demand for condensing units in those markets. Meanwhile, China's zero-covid policy and recurring lockdowns are adversely impacting manufacturing activity and exports from China. This is hampering the supply of condensing unit components and finished products to other Asia Pacific markets.

Looking ahead, manufacturers need to diversify their supply network and find alternative sources for raw materials. They must localize production wherever possible to reduce dependencies. Companies also need to keep exploring other growth opportunities in less geopolitically volatile Asian markets. Close monitoring of regional political situations and flexible strategies will be crucial for sustainable growth in the long run.

In terms of value, the condensing unit market in countries like China, Japan, India and South Korea account for the major share in the Asia Pacific region due to their large industrial sectors and climate control needs. Emerging economies of Southeast Asia represented by Indonesia, Thailand, Vietnam and the Philippines are growing at a faster pace and attracting investments in industries like electronics, automotive, food processing etc. This makes the ASEAN countries the fastest expanding geographical segment for condensing units in Asia Pacific.

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?

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