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 USD 35.1 billion in 2023 and is predicted to reach USD 47.2 billion by 2033.
Refrigeration and air conditioning compressors are integral components of cooling systems, responsible for compressing refrigerant gases to facilitate heat transfer and maintain desired temperatures.
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.
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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.
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
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.
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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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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets.
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