Press release
Condensing Unit Market Size, Share, Demand, Growth Rate (CAGR of 7.10%) and Forecast 2023-2028
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Condensing Unit Market Overview:
A condensing unit refers to the main components of temperature control devices that are responsible for continuously maintaining low or medium temperatures inside a refrigerated appliance or system. The unit consists of various components, including a compressor, condenser coil, fan, and refrigerant lines. The primary function of a condensing unit is to convert the high-pressure, high-temperature refrigerant vapor into a high-pressure liquid by facilitating heat transfer. It achieves this through a combination of compression, condensation, and fan-assisted cooling. It plays an essential role in maintaining the desired temperature and ensuring the efficiency of the overall system, making it an essential component in various applications, including commercial refrigeration, HVAC systems, and industrial cooling processes.
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Condensing Unit Market Trends:
The global market is majorly driven by the rising demand for refrigeration and air conditioning. Moreover, the construction of new residential and commercial buildings, along with the renovation and retrofitting of existing structures, is fuelling the market. Besides, several major companies are developing innovative and advanced condensing units that offer improved performance, reliability, and durability, thus providing an impetus to the demand.
Furthermore, the rising implementations and regulations by the governments to minimize environmental impact and reduce greenhouse gas emissions have led to the growth of the market as condensing units utilize eco-friendly refrigerants and comply with these regulations. Apart from this, the expanding retail industry, including supermarkets, convenience stores, and hypermarkets, is further impacting the market as it relies heavily on refrigeration systems to store and display perishable goods.
Key Market Segmentation:
Competitive Landscape with Key Players:
• Baltimore Aircoil Company Inc. (AMSTED Industries Incorporated)
• Bitzer SE
• Blue Star Limited
• Carrier Global Corporation
• Daikin Industries Ltd.
• Danfoss A/S
• Dorin S.p.A.
• Emerson Electric Co.
• Heatcraft Worldwide Refrigeration (Lennox International Inc.)
• Hussmann Corporation (Panasonic Holdings Corporation)
• MTA S.p.A.
• Tecumseh Products Company (Mueller Industries Inc.)
Type Insights:
• Air-Cooled
• Water-Cooled
• Others
Function Insights:
• Air Conditioning
• Refrigeration
• Heat Pumps
Compressor Type Insights:
• Reciprocating Compressors
• Screw Compressors
• Rotary Compressors
• Others
Refrigerant Insights:
• Fluorocarbons
• Hydrocarbons
• Inorganics
End User Insights:
• Residential
• Commercial
• Industrial
Breakup by Region:
• North America (United States, Canada)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organisations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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