During the projected period, the market for compressors for refrigeration and air conditioning is anticipated to grow at a CAGR of 3%. In 2023, the market was valued at US$ 35.1 billion, and by 2033, it had grown to US$ 47.2 billion.
As per the findings of the report, the global refrigeration and air conditioning compressors market is expected to experience substantial growth during the forecast period due to multiple driving factors such as increasing retail stores across the globe.
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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 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.
Residential Industry to Remain Key Consumer of Refrigeration and Air Conditioning Compressors
The global refrigeration and air conditioning compressors market has been segmented on the basis of cooling capacity, types of compressors, their multiple applications, refrigerant, end-use, and regions such as North America, Europe, Latin America, East Asia, South Asia, Oceania, and 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.
- On the basis of 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.
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Other Essential 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
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Refrigeration and Air Conditioning Compressors Market:
About Future Market Insights (FMI)
Future Market Insights (ESOMAR-certified market research organization and a member of the 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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