Asia Pacific Market Set to Experience Strong Growth in Condensing Unit Sales
Various macroeconomic and industry specific factors are expected to fuel demand for condensing units from both residential and commercial sector in the region.
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Residential Sector to Drive Significant Gains
Rising population, rapid urbanization and improving economic conditions are enhancing consumer purchasing power in emerging economies of Asia Pacific. This is translating into higher sales of refrigerators, air conditioners, chillers and other appliances requiring condensing units. With a large consumer base and surging middle class, countries like India, China, Indonesia and Vietnam will contribute substantially to residential condensing unit sales.
The residential condensing unit market in Asia Pacific is estimated to increase at a compound annual growth rate of over 7% during 2022-2027. Replacement demand from the existing installed base along with new construction activities are key growth levers. Major appliance manufacturers are expanding their production capacities and distribution networks across Tier 2 and Tier 3 cities to tap into opportunities in rural areas.
Commercial & Industrial Segment Emerging as New Growth Avenue
Strong economic growth, infrastructure development projects, expansion of retail and hospitality sectors are propelling demand from commercial and industrial verticals. The Asia Pacific commercial condensing unit market is projected to witness annual gains of around 6-8% over the next five years. Rapidly growing number of shopping malls, hotels, hospitals, corporate parks and manufacturing facilities are installing central AC and refrigeration systems equipped with condensing units.
Asia Pacific Market Set to Grow in Condensing Unit Sales - https://www.coherentmi.com/blog/asia-pacific-market-set-to-experience-strong-growth-in-condensing-unit-sales-56
