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.
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.
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.
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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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.