Refrigerant Compressor Market Size, Revenue Analysis, PEST, Region & Country Forecast, 2021–2028
The global Refrigerant Compressor Market is expected to reach USD 23.96 Billion by 2028, according to a new report by Reports and Data. A Refrigeration Compressor withdraws refrigerant from the evaporator at relatively low pressure, compresses it and then releases it to the condenser where it is cooled. The refrigerant is then moved to the expansion valve and the evaporator before being compressed again. Refrigerant compressors are used for air conditioning, refrigeration, and heat pumping applications.
Growing demand for air-conditioning in developing countries is a significant driver of the refrigerant compressor market. It is a crucial part of the refrigeration sector owing to its increasing use for both human comforts as well as industrial processes such as information technology, biotechnology, etc. 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, EUR 15.70 billion are lost every year as a result of inappropriate temperatures. There has been a significant rise in the air-conditioning in the developing economies, which in turn would lead to high demand for refrigerant compressors.
Companies in the market are making considerable investments in R&D to manufacture compressors that make use of variable speed technology. A variable speed technology automatically controls the compressor operation as per the user's requirement for compressed air. The high-energy efficiency provided by this type of air compressors 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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Key participants include Bitzer SE, Dorin SPA, Mitsubishi Electric Corporation, GMCC Company, Panasonic Corporation, LG, Daikin, Ramco, Danfoss, Emerson Electric Co., and Frascold SPA among others.
Further key findings from the report suggest
- The reciprocating compressor segment is projected to contribute to the largest market share with USD 4.68 billion in 2020 with a growth rate of 4.7% in the forecast period. The market dominance of reciprocating compressors can be attributed to its extensive application in domestic refrigeration systems. Escalating demand for air conditioners in domestic and commercial usage is also expected to propel the market growth for this type of compressor.
- Domestic application segment is forecasted to dominate the market with a growth rate of 4.5% throughout the forecast period. This dominance in the market can be attributed to the rising demand for refrigeration systems intended for domestic application.
- The refrigerant compressor market in the APAC region is forecasted to witness the fastest growth rate of 4.6% in the forecast period. Strong economic growth in India and China leading to a large number of retail stores and outlets will support the market growth. The rise in the level of disposable income of the people in this region is playing a vital role in boosting the demand for compressors.
The Refrigerant Compressor Market Report Offers:
- Deep insights into the Refrigerant Compressor market landscape
- Key details about the regional segmentation of the Refrigerant Compressor market
- Analysis of the crucial market trends with regards to both current and emerging trends
- Comprehensive impact analysis of COVID-19 pandemic on the Refrigerant Compressor industry
- Extensive overview of the key manufacturers and prominent players of the industry
- Comprehensive study of the market segmentation and recent developments
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For the purpose of this report, Reports and Data have segmented global refrigerant compressor market on the basis of type, refrigerant used, application, end-use industry, and region:
Type Outlook (Revenue, USD Million; 2020-2028)
- Reciprocating Compressor
- Screw Compressor
- Centrifugal Compressor
- Rotary Compressor
- Scroll Compressor
- Others
Refrigerant Used Outlook (Revenue, USD Million; 2020-2028)
- CO2
- Propane
- HFCs
- Ammonia
- Others
Application Outlook (Revenue, USD Million; 2020-2028)
- Domestic
- Commercial
End-Use Industry Outlook (Revenue, USD Million; 2020-2028)
- Food & Beverages
- Chemical
- Pharmaceutical
- Logistics & Transportation
- Automotive
- Others
Market Drivers:
The constant efforts of the prominent players to develop innovative products and technologies are driving the growth of the industry. Additionally, the market is witnessing numerous strategic collaborations and initiatives that are expanding the scope of the market. The report discusses in detail the factors and elements of the Refrigerant Compressor market that are positively influencing the growth of the market.
Regional Analysis:
The report offers clear insights into the regional bifurcation of the market with regards to the regions where the market has already established its prominence. Furthermore, it analyzes the key regions for production and consumption ratio, import/export analysis, supply and demand dynamics, regional trends and demands, and the presence of prominent players in each region. The regional analysis segments also offer a country-wise analysis to offer a panoramic view of the market.
The regional analysis covers:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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