Condensing Unit Market and its key opportunities and challenges

Browse 105 market data Tables and 33 Figures spread through 143 Pages and in-depth TOC on “Condensing Unit Market”
Condensing Unit Market by Type (Air-Cooled, Water-Cooled, Evaporative Condensing Unit), Application (Commercial, Industrial, Transportation), Function (Air Conditioning, Refrigeration), and Region

The global Condensing Unit Market is projected to grow from an estimated USD 20.24 Billion in 2016 to USD 32.47 Billion by 2022, at a CAGR of 8.2% during the forecast period as per a report by MarketsandMarkets. 

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How technological advancements, leading to introduction of efficient condensing units is an opportunity?

Technological advancements provide an opportunity for the growth of the condensing unit market. Europe and North America are characterized by extensive experience and knowledge in the condensing unit market. There is an increase in the demand for condensing units, due to the technological advancements. This includes the introduction of latest models, such as Copeland Scroll XJ Series for outdoor applications.

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Why stringent environmental regulations on refrigerants/gases used in condensing units is a major challenge?

Increasing concerns about the high GWP of common CFC refrigerants have adversely affected the growth of the condensing unit market in Europe and North America. Although refrigerants/refrigeration gases, such as CFC, fluorocarbons, carbon dioxide (CO2), ammonia, hydrocarbons, and hydrofluoroolefins (HFOs) are consumed in a little amount in a single condensing unit, the number seems disastrous collectively for millions of units. Various regulations have created complexities and uncertainties for manufacturers who need guidance regarding the regulations and barriers relevant to low-GWP refrigerants. Some of the major regulations are:

1.  In Europe, standards, such as EN 378 and ISO 5149 must be met in the context of non-toxic, non-flammable refrigerants.

2.  In the US, it is mandatory to achieve the EPA SNAP approval before using ammonia in refrigerants.

3.  The use of ammonia is restricted/banned under regulations for toxic refrigerants in some countries. Ammonia is considered a toxic substance in the European Union (EU) and hence, additional safety is specified for using ammonia.

4.  In the US, hydrocarbon refrigerants are exposed to restrictive regulatory environment, due to their high flammability.

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