The global Refrigerant Compressor Market is expected to reach USD 21.80 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 Players Profiled in the Report are:
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 2018 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.
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The competitive scenario segment of the report focuses on company overview, total revenue, market potential, market share, growth rate, global presence, estimated revenue, products and services offered, and business strategies adopted. Significant players operating in the global Refrigerant Compressor market are evaluated by considering market share, growth rate, revenue share, and product markets. The report focuses on a detailed explanation of competition, market growth size, margins, market shares, revenue estimation, business strategies and opportunities, mergers and acquisitions, sales, industry insights, and key factors.
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; 2016-2026)
- Reciprocating Compressor
- Screw Compressor
- Centrifugal Compressor
- Rotary Compressor
- Scroll Compressor
Refrigerant Used Outlook (Revenue, USD Million; 2016-2026)
Application Outlook (Revenue, USD Million; 2016-2026)
End-Use Industry Outlook (Revenue, USD Million; 2016-2026)
- Food & Beverages
- Logistics & Transportation
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)
To summarize, the report titled ‘Global Refrigerant Compressor Market’ provides a detailed report of the market by extensive research about the companies involved, current market status, drivers and constraints, and current and future COVID-19 oriented scenario. The study explores the historical years to provide insights into market estimation and fruitful opportunities for key players and new ventures.
Key Objectives of the Report:
- To provide historical and forecast revenue of the key segments and sub-segments along with analysis of key regions in the market
- To analyze recent mergers and acquisitions, collaborations, partnerships, product developments, and R&D activities in the global Refrigerant Compressor market
- To provide detailed analysis of the market along with forecast estimation of various segments and sub-segments in the global Refrigerant Compressor market.
- To offer insights into key market drivers and restraints and key factors such as micro- & macro-economic factors, regulatory framework, supply chain analysis, and price analysis that impact market growth
- To offer strategic and extensive analysis of the key players in the market along with their company profiles, financial standing, global market position, and product portfolio
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The report covers macro and micro-economic factors that are anticipated to affect market growth and dynamics. Along with this, the report also offers insights into the social, political, economic, and legal aspects that are anticipated to influence the growth of the market. Moreover, the report provides a thorough analysis of the size in terms of value and volume and offers an accurate forecast of the market growth and expansion.
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