As per FMI, Europe, spearheaded by the U.K. will continue to remain the most lucrative market for refrigeration and air conditioning compressors, accounting for 25.0% of the share in 2022. The U.K. is considered to have the largest food and beverage industry and manufacturing sector.
According to the Food and Drink Federation (FDF), manufactured food and drink contributed around 29 billion euros to the economy of the country in 2018. Furthermore, the food and drink industry had a turnover of over 104.4 Bn euros in 2019. This robust growth of food and beverage industry is the major factor driving the U.K. refrigeration and air conditioning compressors market growth.
Food manufacturers and logistic firms across the country are increasingly employing refrigeration and air conditioning compressors for controlling temperature inside facilities, warehouses, and transportation vehicles.
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The global market for refrigeration and air conditioning compressors is anticipated to surpass US$ 34.2 Bn in 2022, growing 2.6% year over year (YoY). Sales of refrigeration and air conditioning compressors will grow at a CAGR of 2.7%, reaching a valuation of US$ 41.2 Bn by 2029, as they are increasingly being used in a variety of applications.
In addition, both commercial and residential refrigeration equipment has quickly adapted to using low global warming potential (GWP) or common refrigerants. Refrigeration and air conditioning compressor manufacturers are consistently focusing on improving the performance of their products in light of the tightening regulations governing HVAC systems and growing environmental concerns. These manufacturers are also more likely to stake their future on developing highly productive compressors that are both environmentally friendly and compliant with emerging standards.
HVAC systems play a crucial role in extending the shelf life of food goods and reducing food degradation. HVAC systems are generally used everywhere in the residential and commercial sectors of the economy worldwide, in addition to being a key component of the food transportation industry. The demand for improved compressor systems and technologies recently saw a significant development, which can be attributed to the evolving scene of regulations and growing concern regarding comfort, energy efficiency, and ozone depletion.
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Taxonomy
2.2. Market Definition
3. Key Market Trends
3.1. Key Trends Impacting the Market
4. Key Success Factors
5. Market Background
5.1. Macro-Economic Factors
5.1.1. Regional Economic Growth
5.1.2. Global Population Overview
5.1.3. Global GDP Overview
5.1.4. Annual Household Expenditure Overview
5.1.5. Adjusted Net National Per Capita Income
5.1.6. Global Construction Spending Overview
5.2. Industry Value and Supply Chain Analysis
5.2.1. Profit Margin Analysis at each sales point
5.2.2. List & role of key participants
5.2.2.1. Manufacturers
5.2.2.2. Distributors/Retailers
5.3. Forecast Factors – Relevance & Impact
5.4. Market Dynamics
5.4.1. Drivers
5.4.2. Restraints
5.4.3. Opportunity Analysis
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