The market for refrigeration and air conditioning compressors is expected to grow at a CAGR of 3% over the forecast period. The market is expected to be worth US$ 35.1 billion by 2023, and US$ 47.2 billion by 2033.
Which End-use Industries are Influencing the Global Market?
Several end-use industries influence the global market as follows:
- Residential Sector:Increasing demand for home appliances, consumer goods, and electronic and electric appliances. Such as refrigerators, freezers, and air conditioning drives the market size. Consumers are fond of new gadgets and home appliances. Therefore, the residential sector is the primary industry to drive the global market.
- Commercial Sector: Commercial industries such as supermarkets, hotels, restaurants, and others are advancing the global market revenue. The increasing demand for refrigeration and air conditioning compressors to store perishable goods drives the global market.
- Industrial Sector:The increasing demand for refrigeration and air conditioning compressors to store food and beverages and medical and pharmaceutical chemicals.
- Automotive Sector:Automotive is a significant sector that captures maximum revenue in the global market. The adoption of refrigeration and air conditioning compressors is rising for automotive parts of trucks, commercial vehicles, cars, and others.
- Healthcare Sector:Healthcare industry is rapidly growing due to the increasing adoption of refrigeration and air conditioning compressors for laboratory freezers and vaccine refrigerators.
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Key Takeaways:
- In the historical period, the market captured a CAGR of 2.4% in 2022.
- The United States is estimated to lead the global market by securing a share of 18.2% by 2033.
- Germany is significantly growing the global market size by capturing a share of 4.9% during the forecast period.
- With a share of 3.2%, Japan is anticipated to drive the global market during the forecast period.
- Australia is projected to capture a share of 2.1% in the global market by 2033.
How Key Players are Advancing the Global Market Revenue?
The key players are advancing the market through various strategic methods, including:
- Research and Developments: Key players invest much in research and development activities to launch innovative and improved products. These key players are developing better and more advanced products to attract consumers.
- Product Innovation: Key players are continuously innovating new products in the market as per consumers’ requirements. They are developing and introducing high-efficiency, better performance, and compact-size products to their customers.
- Partnerships:Key players collaborate with other essential companies to reach relevant consumers and expand their business portfolio. The key players can promote their products more flexibly.
- Expansion: The key players are expanding their products globally to collect maximum revenue. They are establishing manufacturing companies in regions to expand their portfolio.
- Mergers and Acquisitions:The key players are acquiring companies to develop innovative products with their upskilling and unique strategies. They are expanding their product portfolio to achieve their goals in the global market.
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Key players can capture maximum revenue in the global market in a few steps.
Recent Developments in the Global Market are:
In 2021, Emerson Electric announced its newly launched product Copeland Scroll Modular Compact. It is a light-weighted compressor developed for small and medium commercial applications.
Key Segments:
Cooling Capacity:
- Less than 5 kW
- 5 to 30 kW
- 30 to 100 kW
- 100 to 300 kW
- 300 to 500 kW
- 500 to 1000 kW
- Above 1000 kW
Product Type:
- Rotary Vane
- Scroll
- Reciprocating
- Screw
- Centrifugal
Refrigerant Type:
- R410A
- R407C
- R404A
- R134A
- R290
- R744
- Others
Application:
- Residential
- Commercial
- Medical & Healthcare
- Industrial
- Transportation
End Use:
- Refrigeration
- Air Conditioning
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East and Africa
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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