Condensing Unit Market Share

APAC Market Statistics

Asia Pacific industry is set to hold largest revenue share of 37% by 2037. The rising demand for frozen meat in the APAC region will drive the market of condensing units in this region. According to the United States Department of Agriculture Foreign Agricultural Service (USDA) published in April 2024, Asia's imports of poultry, pork, and beef are expected to be 3 million metric tons less in 2024 than they were in 2020. It is anticipated that Asia's proportion of the world's exports of beef, pig, and poultry will drop from 25% at their peak in 2020 to just 17% overall.

Condensing units are especially in actual demand in China, driven by the rising industrialization and demand for industrial refrigeration in this region. According to Oxford Academics released in 2019, Chinese manufacturing has expanded at a pace of more than 9 % per year for almost a century.

In Japan, condensing units will encounter massive growth because of the rising pharmaceutical manufacturing sector. According to ITA published in November 2022, Japan is a vital export market for medicines made in the United States and the third-largest pharmaceutical market in the world.

The condensing units sector will also be huge in Korea due to the rising urbanization in this country. In fact, South Korea's proportion of the population living in cities, at 81.43 percent in 2022, was essentially stable.

North American Market Analysis

North America condensing unit market is anticipated to witness substantial growth rate till 2037. This growth will be noticed mainly due to the rising demand for cooling agents for instance ACs and refrigerators in commercial sectors. According to the Department of Energy released in September 2019, by 2030, building energy use in North America could be cut by more than 20% using technologies known to be cost-effective recently and by more than 35% if research goals are met.

The market for condensing units has expanded in the U.S. as a result of the presence of the dominant key players in this region. For instance, February 27, 2024, Emerson Electric Co., a multinational technology and software company known for its innovation leadership, is set to revolutionize industrial manufacturing with Boundless Automation, a next-generation automation architecture that will liberate data, eliminate data silos, and unleash the potential of software.

The Canadian condensing unit sector will grow mainly due to the rising demand for packaged food, and refrigerating it for a longer period. According to the Government of Canada, at current pricing, packaged food retail sales in Canada reached a total of USD 77.6 billion in 2023.