The global refrigeration compressor market is projected to reach a valuation of US$ 53,732.1 million by 2032, with sales growing at a slow CAGR of 3.6% from 2022 to 2032. Historically, the market observed a CAGR of 2.3% from 2017 to 2021 and reached a value of US$ 37,597.8 million in 2022. This growth can be attributed to factors like developing cold chain capacities, advancing FMCG industry, and surging retail outlets. A growing focus on protecting perishable food and pharmaceutical products from spoilage during transportation and storage will facilitate the growth of the refrigeration compressor during the forecast period.
The process of removing heat from a substance or an enclosed space to lower the temperature and provide a cooling effect is referred to as refrigeration. A refrigerant compressor pumps the refrigerant throughout the system and dissipates heat into the environment. It regulates the refrigerant’s flow and applies pressure, which makes the refrigerant heat up. Refrigeration compressors are gaining extensive application across multiple industrial verticals including residential, transportation, healthcare, food and beverages, retail food outlets, and the chemical sector, among others. These compressors provide an ideal temperature that prevents perishable goods from spoilage as a result of which it finds extensive application across various industries.
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An upsurge in the export of food products and growing demand for food security will open avenues of growth for the refrigeration compressor market. The expanding transportation sector also generates high demand for refrigeration compressor. A sharp incline in the demand for frozen goods, packaged food, and others spurs the demand for refrigeration compressor, especially in the transportation sector. Moreover, development of bacteria and harmful pathogens is controlled with the help of refrigeration which reduces the risk of foodborne diseases. This factor is expected to have a positive influence on the global sales of the refrigeration compressor market.
Key Takeaways:
- Heightened demand for fast-moving consumer goods will strengthen the prospects for refrigeration compressor market.
- By product type, reciprocating compressors will create an absolute dollar opportunity of US$ 7,280.1 million during this period of observation.
- Based on refrigerant type, the R134A category will dominate the market during the assessment period.
- The refrigeration compressor market in Germany will grow at a CAGR of 2.4%.
- Increasing adoption of HVAC systems in residential and commercial sectors will bolster China’s refrigeration compressor market to grow at 2.8% CAGR.
Competitive Landscape
Nidec Corporation, GEA Group AG, The Danfoss Group, Midea Group, LG Electronics, Inc., Panasonic Corporation, and Frascold S.p.A., among others, are a few of the significant participants in the refrigeration compressor market profiled in the full version of the report.
Key market players are focusing on upgrading and enhancing their product portfolios by launching new products. These enterprises also employ strategic partnerships, mergers, collaborations, and acquisitions to gain a competitive edge.
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More Insights Into Refrigeration Compressor Market
In its latest report, FMI offers an unbiased analysis of the global refrigeration compressor market, providing historical data from 2017 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of product type, refrigerant type, application, and region.
According to the same reports, based on segmentation, the R-134 a refrigerant type will gain extensive usage due to its superior thermal stability, non-toxic, non-flammable, and non-corrosive qualities. This segment will grow at a 2.2% CAGR during the following years. In terms of product type, the reciprocating compressors will remain popular with a value of US$ 7,280.1 million.
Based on region, the refrigeration compressor market in the United States of America will demonstrate impressive growth. The target market in this region will expand at a CAGR of 3.0% and reach a value of US$ 10,313.4 million by 2032. Increasing export of food items, rising consumer awareness, and growing adoption of cooling technologies in industrial and commercial settings will shape the refrigeration compressor market in the US. Other countries like China and Germany will also contribute to the global growth of the refrigeration compressor market in the forthcoming years.
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