Refrigeration and Air Conditioning Compressors Market Current Scenario Trends, Comprehensive Analysis and Regional Forecast to 2029
A new market research report by Future Market Insights on the refrigeration and air conditioning compressors market includes global industry analysis 2014–2021 and opportunity assessment 2022–2029. The report investigates the refrigeration and air conditioning compressors market and provides critical insights for the forecast period of 2022-2029.
Refrigeration
and air conditioning compressors have become cooling solutions across diverse
industries. They provide air conditioning, heat pumping, and refrigeration for
large scale facilities and equipment. These compressors are also used to raise
the temperature of a low-pressure gas and remove vapor from the evaporator.
The
global refrigeration and air conditioning compressors
market value at US$ 34.2 Bn in 2022, and is estimated to increase at
a CAGR of 2.7% during the forecast period of 2022-2029. This growth is majorly
driven by the increasing consumption of refrigeration and air conditioning compressors
in residential applications, commercial applications, and industrial
applications.
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.
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.
Access full Report: https://www.futuremarketinsights.com/reports/refrigeration-and-air-conditioning-compressors-market
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