The global refrigeration compressor market is estimated to increase from USD 37,597.8 million in 2022 to USD 53,732.1 million by 2032, with overall sales increasing at a CAGR of 3.6% over the forecast period (2022-2032).
The Refrigeration compressors find a large number of applications, such as in domestic refrigeration, commercial refrigeration, and refrigeration systems used in the transportation industry. The major use of a refrigeration compressor is in the process of food preservation. Various refrigeration compressors are available depending upon the type of application, such as in equipment cooling, and for the transportation industry, and chemical industry, among others.
The performance of a refrigeration system depends upon the performance of the refrigeration compressor. Refrigeration compressors find a large number of applications, such as in domestic refrigeration, commercial refrigeration, and refrigeration systems used in the transportation industry. The major use of a refrigeration compressor is in the process of food preservation. Various refrigeration compressors are available depending upon the type of application, such as in equipment cooling, and for the transportation industry, and chemical industry, among others.
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Refrigeration can be defined as the process of heat removal from a substance or an enclosed space for the purpose of reducing the temperature. A refrigeration compressor is a basic and crucial part of the refrigeration system. It makes use of compression to increase the temperature of low-pressure gas and remove vapor from the evaporator. The performance of a refrigeration system depends upon the performance of the refrigeration compressor.
Refrigeration Compressor Market: Trends, Drivers, Restraints
With evolving technology, the use of refrigerators for household purposes is becoming economical. Attributing to this trend, the market for global refrigeration compressors is expected to grow. Commercial refrigerators are mainly used for food storage, and merchandising purposes; these refrigerators contain a remote condensing unit. With rising processed and frozen food consumption globally, the refrigeration compressor market is expected to grow at a fast pace. Many companies are focusing on cost reduction in the manufacturing of refrigeration compressors.
In the last few years, retails stores across the globe are flourishing at a rapid rate. Many major players in the retail sector are expanding in various countries, especially in growing economies. Attributing to this rapid growth of the retail sector, there is a rise in the number of supermarkets and hypermarkets that require large refrigeration systems. This trend is responsible for the growth of the global refrigeration compressor market. Refrigeration systems are widely used in the transportation industry to move perishable food items from one place to another. As the demand for frozen foods, packed foods, etc. is increasing rapidly, the refrigeration compressor market is experiencing rapid growth in the transportation industry. The pharmaceutical industry also needs highly advanced refrigeration systems for the process of cooling certain raw materials, and finished and semi-finished products. As the pharmaceutical industry is experiencing steep growth, the demand for refrigeration compressors is expected to increase.
Refrigeration Compressor Market: Market Participants
Examples of some of the market participants in the global refrigeration compressor market identified across the value chain include:
- Bitzer SE
- Emerson Electric Co.
- Dorin S.p.A.
- Embraco
- Mitsubishi Electric Corporation
- Frascold SpA
- GMCC Company
- Fusheng Co. Ltd.
- Hanbell Precise Machinery Co. Ltd.
- Huayi Compressor Barcelona S.L.
- Danfoss
- Mayekawa Mfg. Co. Ltd.
- Panasonic Corporation of North America
- Torad Engineering
- Rechi Precision Co., Ltd.
- Tecumseh Products Company LLC
- Ramco (India)
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and industry.
Regional analysis includes:
- North America (U.S., Canada)
- Latin America (Mexico. Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain)
- Eastern Europe (Poland, Russia)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand)
- Japan
- Middle East and Africa (GCC Countries, S. Africa, Northern Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
By Segmentation:
The global refrigeration compressor market can be segmented on the basis of the type of compressor, application, refrigerant used and industry.
On the basis of type of compressor, the global refrigeration compressor market is segmented as:
- Reciprocating compressor
- Screw compressor
- Centrifugal compressor
- Rotary compressor
- Scroll Compressor
- Others
On the basis of application, the global refrigeration compressor market is segmented as:
- Domestic
- Commercial
On the basis of refrigerant used, the global refrigeration compressor market is segmented as:
- CO2
- R290
- R410A
- Others
On the basis of type of industry, the global refrigeration compressor market is segmented as:
- Food and beverages
- Logistics and transportation
- Chemical
- Pharmaceutical
- Automobile
- Others
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