A global industry analysis from 2014 to 2021 and a 2022 to 2029 opportunity assessment are included in the study of the Refrigeration and Air Conditioning Compressors Market. The market for refrigeration and air conditioning compressors is examined in the report, which also offers crucial predictions for the years 2022 to 2029.
According to the report’s findings, the expansion of retail stores around the world is just one of the many factors that will propel the global market for refrigeration and air conditioning compressors to significant growth during the forecast period.
The global refrigeration and air conditioning compressors market value at US$ 34.2 Bn in 2022, and is estimated to increase at a CAGR of 2.7%,reaching a valuation ofUS$ 41.2 Bnby 2029.This growth is majorly driven by the increasing consumption of refrigeration and air conditioning compressors in residential applications, commercial applications, and industrial applications.
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Government regulations are expected to play an imperative role in defining the product development and innovation strategies of market players involved in the refrigeration and air conditioning compressor market. In addition, the phase-down of R22 has compelled manufacturers to increase the adoption of R410A, R407C, and R404A, according to the FMI analyst.
East Asia to Offer Lucrative Opportunities
Europe and North America regions are projected to hold significant shares in the global refrigeration and air conditioning compressors market. However, the East Asia market is anticipated to project rewarding growth in the global refrigeration and air conditioning compressors market over the forecast period of 2022-2029.
This is driven by the rapid growth of the food & beverages industry coupled with the rising number of cold supply chain facilities and warehouses in the countries of East Asia such as China and South Korea.
Additionally, macroeconomic factors such as urbanization, growing population, increasing purchasing power of the middle-class population, and rising standard of living are some of the other factors that are boosting the growth of the refrigeration and air conditioning compressors market.
Leading Companies Profiled in Refrigeration and Air Conditioning Compressors 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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Residential Industry to Remain, Key Consumer of Refrigeration and Air Conditioning Compressors,
The global refrigeration and air conditioning compressors market has been segmented based on cooling capacities, types of compressors, their multiple applications, refrigerants, end-use, and regions such as North America, Europe, Latin America, and East Asia, South Asia, Oceania, and the Middle East and Africa.
- By product, the rotary vane type of the refrigeration and air conditioning compressor segment is estimated to hold significant value shares of the global refrigeration and air conditioning compressors market.
- Based on cooling capacity, the less than 5 kW segment is projected to consume the majority share of the global automotive lighting market value. However, the 30 to 100 kW segment is estimated to project rapid growth in the global refrigeration and air conditioning compressor market.
- By application, the residential segment is estimated to hold a significant value share of the global refrigeration and air conditioning compressors market. This segment is likely to be prominent in the global refrigeration and air conditioning compressors market across all regions. However, the commercial segment is anticipated to grow at a high CAGR during the forecast period. Transportation and medical & healthcare applications are also growing at a moderate CAGR during the forecast period.
Key Segment Refrigeration and Air Conditioning Compressors Market by Category
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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Refrigeration and Air Conditioning Compressors Market: Vendor Insights
The report indicates some of the prominent market players, who are recognized as leaders in the global refrigeration and air conditioning compressors market. Some of the key players in the global refrigeration and air conditioning compressors 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., and CAREL Industries S.p.A., among others.
The global refrigeration and air conditioning compressors market is considerably consolidated with some players holding prominent shares of the market. These players are offering refrigeration and air conditioning compressors under their several brands.
About Future Market Insights (FMI)
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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