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.
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Growth Factors
In recent decades, the demand for packaged and processed food products has witnessed a significant surge, prompting food and beverage manufacturers to ramp up their production capabilities. To meet this escalating demand, companies are investing in expanding their production capacity, setting up new facilities, and embracing advanced technologies, including refrigeration and air conditioning compressors.
Refrigeration and air conditioning compressors have emerged as indispensable tools for preserving and prolonging the shelf life of food products. They are now being widely adopted by food and beverage manufacturers to regulate and maintain optimal temperatures within their facilities. By ensuring precise temperature control, these compressors play a crucial role in preserving the freshness, quality, and safety of food products throughout the production and storage processes.
Recent Developments
In December 2021, Mitsubishi Electric Corporation made a significant investment of US$ 0.6 billion to expand its production capacity for air conditioner compressors in Thailand, demonstrating its commitment to meeting growing market demand.
Similarly, in November 2020, Emerson introduced a cutting-edge line of Copeland scroll compressors tailored for commercial applications. This innovative product range is engineered to assist manufacturers in complying with increasingly stringent efficiency and refrigerant regulations, thereby addressing evolving industry needs.
Around the same time, Embraco unveiled its latest NEX compressors platform designed specifically for commercial applications. As a leading global provider of refrigeration technology for both domestic and commercial cold chains, Embraco continues to innovate and offer solutions that meet the evolving demands of the market.
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Key Manufacturers
- 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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