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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Refrigeration compressor Market Overview
The global refrigeration compressor market is expected to grow at a CAGR of about 5% in the forecast period of 2024-2032.
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Global Refrigeration compressor Market Share
The refrigeration compressor market is expanding due to rising demand for efficient cooling in industrial, commercial, and residential sectors. Compressors are critical in refrigeration systems, ensuring optimal cooling performance in appliances, air conditioning, and cold storage facilities. The market is driven by the growth of the food and beverage industry, increasing urbanization, and demand for energy-efficient and eco-friendly systems. With advancements in compressor technology, manufacturers focus on reducing environmental impact through innovations like low-GWP refrigerants. Major markets include North America, Europe, and Asia-Pacific, with key players investing in sustainable solutions to meet stringent environmental regulations.
Asia Pacific to be Among the Leading Regions for the Global Industry
Asia Pacific region is one of the leading regions for refrigeration compressor because of its large and growing population. The rapid urbanisation growth in disposable income of the region will drive the consumption of refrigeration compressor in order to fulfill their cooling needs. North America will also be an important market region with impressive growth in demands. This is because of the cold storage and transportation of products like fresh food, dairy, and meat products. Retail stores are flourishing across the globe. They also require refrigeration compressor to store the food products which signifies worldwide increase in its demand.
Refrigeration compressor Industry Definition and Segments
Refrigeration is an act where heat is removed from a substance or an enclosed space to reduce the temperature giving a cooling effect. Refrigerant compressor is the basic part of refrigeration which acts as pump for the refrigerant across the system and dissipates the heat into the surrounding. It controls the circulation of refrigerant and adds pressure to the refrigerant causing it to heat up. The refrigeration performance depends on the refrigerant compressor. Refrigeration compressor can be used in domestic and commercial cooling, transportation, and food preservation.
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On the basis of type, refrigeration compressor can be divided into:
- Reciprocating
- Rotary Vane
- Scroll
- Screw
- Centrifugal
- Others
Refrigeration compressor can be segmented on the basis of construction into:
- Open
- Hermetic
- Semi Hermetic
On the basis of refrigerant, refrigeration compressor industry can be divided into:
- Propane
- Carbon Dioxide
- Hydrofluorocarbons
- Ammonia
- Others
On the basis of capacity, refrigeration compressor can be classified into:
- Less than 100 kW
- 100-400 kW
- Above 400 kW
Refrigeration compressor can find its end use in the following:
- Domestic
- Commercial
- Industrial
- Others
The regional markets for refrigeration compressor can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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FMCG Goods and Retail Stores Contribute to Rising Demand for Refrigeration Compressor Market
Retail stores have been swiftly expanding their network and distribution system throughout the world. Many FMCG products require refrigeration system for preservation. The packaged food and beverages require proper refrigeration for storage leading to a surge in refrigeration compressor demand. The transportation industry also has a remarkable usage of refrigeration in order to supply meat, dairy products, ice-cream, and other related products. There has been rise in awareness for energy efficient refrigeration leading to new technology requirements and is further driving the refrigeration compressor demand. The developing nations are experiencing urbanisation with population and economic growth. The growing middle class is increasingly demanding household cooling for comfortable living.
Key Industry Players in the Global Refrigeration compressor Market
The report gives a detailed analysis of the following key players in the global refrigeration compressor market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Mitsubishi Electric Corporation
- Carrier Global Corporation
- Emerson Electric Co.
- Kirloskar Brothers Limited
- Johnson Controls International plc
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
|
| Breakup by Construction |
|
| Breakup by Refrigerant |
|
| Breakup by Capacity |
|
| Breakup by End Use |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
Refrigeration compressor Market Report Snapshots
Refrigeration compressor Market Size
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The global refrigeration compressor market is projected to grow at a CAGR of 5% between 2024 and 2032.
The major industry drivers of the market includes the growing population, rapid urbanisation, increase in disposable incomes, increasing demand for household cooling, and an increase in packaged food and beverages.
The key industry trends augmenting the market’s expansion are the increasing demand by FMCG products and retail stores, and the rise in awareness of energy efficient refrigeration.
The major regions in the industry are North America, Latin America, Europe, Middle East and Africa, and Asia Pacific with Asia Pacific accounting for the largest share in the market.
On the basis of type, refrigeration compressor can be divided into reciprocating, rotary vane, scroll, screw, and centrifugal, among others.
Refrigeration compressor can be segmented on the basis of construction into open, hermetic, and semi hermetic.
On the basis of refrigerant, refrigeration compressor industry can be divided into propane, carbon dioxide, hydrofluorocarbons, and ammonia, among others.
On the basis of capacity, refrigeration compressor can be classified into less than 100 kW, 100-400 kW, and above 400 kW.
The end-uses are domestic, commercial, and industrial, among others.
The major players in the industry are Mitsubishi Electric Corporation, Carrier Global Corporation, Emerson Electric Co., Kirloskar Brothers Limited, and Johnson Controls International plc, among others.
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