The global refrigerant compressor market size is expected to reach USD 24.67 Billion in 2028 and register a revenue CAGR of 4.4% over the forecast period, according to the latest report by Reports and Data. Growing demand for air-conditioning in developing countries is a significant driver of the refrigerant compressor market revenue growth. Air conditioners are witnessing growing demand due to their residential and commercial use for improving human comfort and convenience, as well as in industries, such as information technology, biotechnology, and food beverage. According to various studies conducted independently, inappropriate ambient temperatures can have a negative effect on the efficiency of the workforce, thereby influencing productivity and causing economic losses. It has been found that in the UK, about USD 17.70 billion are lost every year as a result of inappropriate ambient temperatures in workplaces. There has been a significant rise in demand for air-conditioners in developing economies, which in turn would lead to high demand for refrigerant compressors.
Companies in the market are making considerable investments in Research and Development (RD) to manufacture compressors that make use of variable speed technology. Variable speed technology automatically controls the compressor operation as per the user's requirement for compressed gases. The high-energy efficiency provided by this type of compressor is attributed to its continuous and real-time operational nature. As a result, these compressors will experience a growth in the adoption rate, which in turn, will fuel the growth of the refrigerant compressor market. Research and developments are also being done to manufacture compressors producing low noise during operation.
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Some Key Highlights from the Report
- By type, reciprocating compressor segment contributed to largest revenue share in 2020. High market revenue share of reciprocating compressors can be attributed to its extensive application in domestic and commercial refrigeration systems. Benefits delivered by reciprocating compressor comprise ease of usage, higher pressure generation, and higher energy-efficiency. These compressors are highly beneficial in applications where intermittent use with high pressure is required.
- By application, domestic segment is expected to grow at faster revenue growth rate over forecast period, attributed to the rising demand for refrigerators and air conditioners in residential building. Refrigerators provide cooling, which is essential to keep food fresh for an extended period. During summer season, refrigerators keep water and other drinks cool. They also have freezers that enable freezing of water into ice, which has plenty of other applications.
- Refrigerant compressor market in Asia Pacific is expected to register fastest revenue growth rate over forecast period. Robust economic growth in India and China and presence of large number of retail stores and outlets support market growth. In addition, presence of larger consumer base and rising disposable income of people in this region are playing a vital role in boosting the demand for refrigerant compressors.
- Rapid growth of the frozen food industry, especially in countries like China, India, Mexico, and Brazil, is expected to drive the market revenue growth of refrigerant compressors.
- In June 2021, Clauger, which is a firm specializing in industrial air-conditioning and refrigeration systems, made an announcement about entering into a definitive agreement with GEA to buy refrigeration contracting operations of the latter in Italy and Spain. The deal is in line with portfolio optimization strategy of GEA to divest certain business operations with relatively low profit margins.
- Companies profiled in the global market report includes Bitzer SE, Dorin SPA, Mitsubishi Electric Corporation, GMCC Company, Panasonic Corporation, LG Electronics Inc., Daikin Industries Ltd., Johnson Controls, Danfoss, Emerson Electric Co.
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For the purpose of this report, Reports and Data has segmented the refrigerant compressor market based on type, refrigerant, application, and region:
Type Outlook (Revenue, USD Billion; 2018–2028)
- Reciprocating Compressor
- Centrifugal Compressor
- Rotary Compressor
- Axial Compressor
Refrigerant Outlook (Revenue, USD Billion; 2018–2028)
- Carbon Dioxide
Application Outlook (Revenue, USD Billion; 2018–2028)
- Food Beverages
- Logistics Transportation
Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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