Refrigeration and air conditioning compressors are integral components of cooling systems, responsible for compressing refrigerant gases to facilitate heat transfer and maintain desired temperatures.
The refrigeration and air conditioning compressors market is securing a CAGR of 3% during the forecast period. The market is anticipated to capture a valuation of US$ 35.1 billion in 2023 and is predicted to reach 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.
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- 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.
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.
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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.
Key Players in the Global Market are
- Emerson Electric Co.
- Danfoss Group
- Huayi Compressor Co., Ltd.
- Mitsubishi Electric Corporation
- Nidec Corporation
- Midea Group
- Panasonic Corporation
- LG Electronics, Inc.
- United Technologies Corporation
- MAYEKAWA MFG. CO., LTD.
- GEA Group AG
- Daikin Industries Ltd.
- CAREL Industries S.p.A
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Key Segments in the Refrigeration and Air Conditioning Compressors Market
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
Explore FMI’s Extensive Ongoing Coverage on Industrial Automation Domain
- Refrigeration Coolers Market Share is expected to have a moderate CAGR of 5.6% during the forecast period.
- Refrigeration Compressor Market Size exhibiting a CAGR of 3.6% throughout the forecast period.
- Air Conditioning Systems Market Demand is expected to reach US$ 223.4 Billion by 2033, with a steady growth rate of 6.21%.
- Air Conditioning Compressor Market Growth is expected to reach US$ 42,413.6 Million by 2032.
- Industrial Robotic Motors Market Outlook is expected to expand at a CAGR of 14% during the forecast period 2023 to 2033 and, reach US$ 4.6 billion by 2033.
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