According to Future Market Insights, the global refrigeration compressor market size is expected to reach US$ 37,597.8 Million in 2022 and further grow at 3.6% CAGR between 2022 and 2032. Overall sales of refrigeration compressors are projected to total a valuation of US$ 53,732.1 Million by 2032.
Rising applications of refrigeration compressors in residential, commercial, healthcare, industrial, and transportation sectors is a key factor driving the global market forward.
Similarly, sales of refrigeration compressors are increasing as a result of factors like rising demand for FMCG goods, organized retail store demand, increasing consumption of processed foods, and growing demand from cold chain infrastructure.
Due to their perishable nature, a large number of FMCG products need to be stored in cold temperatures. Suitable refrigeration systems are required for storing packaged goods and beverages. There has been an increase in demand for fast-moving consumer goods during the past few decades. To meet this rising demand, producers are increasing their production capacity, constructing new facilities, and implementing cutting-edge technology like compressors for refrigeration. As the need for FMCG products rises internationally, the refrigeration compressor market is expected to grow at a steady pace over the next ten years.
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Furthermore, growing usage of refrigeration in horticulture and other related industries are expected to fuel market demand. The demand for refrigeration compression is also being driven by the quick global expansion of the cold chain infrastructure.
The need for refrigeration compressors is expanding as the food trade in emerging countries expands quickly due to a strong cold chain infrastructure and warehouses. There will be more opportunities for the refrigeration compressor industry as a result of the rising demand for small cold storage systems for frozen and perishable food delivery services.
Key Takeaways from Refrigeration Compressor Market Report:
- By type, reciprocating segment is projected to hold the highest share of around 62.8% in terms of volume in 2022.
- Based on refrigerant type, the R134A refrigerant type segment is projected to grow at a CAGR of 2.0% between 2022 and 2032.
- By application, the residential segment is anticipated to create an absolute $ opportunity worth US$ 7,383 Million during the forecast period.
- By 2032, East Asia is expected to hold the largest share of 28.1% in the global market.
- The U.S. refrigeration compressor market is poised to expand at 3.0% CAGR over the forecast period, reaching a market valuation of US$ 10,313.4 Million by the end of 2032.
- China’s refrigeration compressor market is anticipated to rise at 2.8% CAGR between 2022 and 2032.
Key Companies Profiled:
- Nidec Corporation
- Emerson Electric Co.
- GEA Group AG
- The Danfoss Group
- Midea Group
- Tecumseh Products Company LLC.
- Mitsubishi Electric Corporation
- LG Electronics, Inc.
- Changhong Huayi Compressor Co., Ltd.
- Panasonic Corporation
- Frascold S.p.A.
- Johnson Controls–Hitachi Air Conditioning
- Carrier Corporation
Key manufacturers are focusing on increasing their regional market and are involved in marking their direct presence in the local markets by expanding their dealer network. They are also collaborating with local distributors to supply their products globally.
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Global Refrigeration Compressor Market Segmentation:
By Product Type:
- Reciprocating
- Rotary
- Scroll
- Screw
- Centrifugal
By Refrigerant Type:
- R410A
- R407C
- R404A
- R134A
- R290
- R600a
- Others
By Application:
- Residential
- Commercial
- Medical & Healthcare
- Industrial
- Transportation
By Region:
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- Middle East and Africa
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Refrigeration and Air Conditioning Compressors Market Size: This Market is estimated to secure a CAGR of 3% during the forecast period. The market registered a valuation of US$ 35.1 billion in 2023 and reached US$ 47.2 billion by 2033.
Commercial Refrigeration Compressor Market Growth: The Global Market is set to reach US$ 38,687.2 million in 2023. Overall sales of commercial refrigeration compressors are likely to surge at 4.3% CAGR, taking the forecasted market valuation to US$ 58,940.03 million by the end of 2033.
Commercial Refrigeration System Market Overview: The Market is projected to grow to US$ 79,711.2 Million in 2032. The demand for advanced and compact refrigeration systems is rising with increasing funding for the development of cold chain infrastructure in developing countries and growing demand for frozen foods across the globe.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI is the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets.
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