The global market for refrigeration and air conditioning compressors is anticipated to surpass US$ 34.2 Bn in 2022, growing 2.6% year over year (YoY). Sales of refrigeration and air conditioning compressors will grow at a CAGR of 2.7%, reaching a valuation of US$ 41.2 Bn by 2029, as they are increasingly being used in a variety of applications.
Compressors for refrigeration and air conditioning have evolved into cooling solutions for a variety of industries. They offer large-scale facilities and equipment that include air conditioning, heat pumps, and refrigeration. These compressors are also employed in the heating of a low-pressure gas and the removal of vapour from an evaporator.
The global refrigeration and air conditioning compressors market is expected to be worth US$ 34.2 billion in 2022, with a CAGR of 2.7 percent from 2022 to 2029. The increasing consumption of refrigeration and air conditioning compressors in residential, commercial, and industrial applications is driving this growth.
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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, and increasing purchasing power of middle class population, and rising standard of living are some of the other factors that are boosting the growth of refrigeration and air conditioning compressors market.
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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 majority share of the global automotive lighting market value. However, the 30 to 100 kW segment is estimated to project a rapid growth in the global refrigeration and air conditioning compressor market.
- By application, the residential segment is estimated to hold 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.
Refrigeration and Air Conditioning Compressors Market: Vendor Insights
The report indicates some of the prominent market players, who are recognized as leaders in the global refrigeration and air conditioning compressors market. Some of the key players in the global refrigeration and air conditioning compressors 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., and CAREL Industries S.p.A., among others.
The global refrigeration and air conditioning compressors market is considerably consolidated with some players holding prominent shares of the market. These players are offering refrigeration and air conditioning compressors under their several brands.
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Key Segment Refrigeration And Air Conditioning Compressors Market By Category
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
- Middle East and Africa
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