Refrigeration Compressor Market is estimated to be US$ 56.8 billion by 2032 with a CAGR of 3.9% during the forecast period-By PMI

Covina, Sept. 28, 2023 (GLOBE NEWSWIRE) -- Refrigeration Compressor is the central unit of refrigeration process which is used to raise the temperature, pressure, and energy level of refrigerant vapors by mechanical means.

Growing population and expansion of food & beverage industries across globe has provided lucrative opportunities in target market growth. Rising export of food products and wide benefits of refrigeration such as to prevent food items from pathogens and bacteria has driven the market growth. Further, growing applications in healthcare, transportation, retail food outlets and chemical is anticipated to increase the demand for Refrigeration Compressor market growth over the forecast period.

Refrigeration Compressor market accounted for US$ 38.8 billion in 2022 and is estimated to be US$ 56.8 billion by 2032 and is anticipated to register a CAGR of 3.9 %. Refrigeration Compressor market is segmented into Type, Application, and region.

Key Highlights:

• In March 2023, Emerson a U.S. manufacturer launched new CO₂ compression portfolio with refrigeration industry’s first trans-critical CO₂ screw compressor which is designed for high-pressure industrial CO₂ refrigeration. The new launched ‘Vilter-branded trans-critical compressor’ is designed for heavy-duty industrial requirements.

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Major players

Key players in the global refrigeration compressor market include:

• Emerson Electric Co. 
• GMCC Electronic Technology Wuxi Co., Ltd 
• Huayi Compressor Co., Ltd. 
• Huangshi Dongbei Electrical Appliance Co., Ltd
• Landa Digital Printing
• Embraco - Empresa Brasileira de Compressores S.A.
• Panasonic Corporation 
• Secop kompresorji d.o.o.
• LG Electronics, Inc.
• Hitachi, Ltd.

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Refrigeration Compressor Market-Segmentation

By Type

• Reciprocating Compressor
• Rotary Compressor
• By Application
• Domestic
• Small Commercial
• Commercial

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Analyst View:
Refrigeration compressors have wide range of applications such as heat pumping, refrigeration for large-scale equipment & facilities, and air conditioning which in turn propels growth of the target market. Growing consumption of frozen food products worldwide has further expected to fuel the Refrigeration Compressor market growth in coming years.

Key Components and Applications of the Refrigeration Compressor Market:

1. Compressor Types: The market includes various types of compressors, such as reciprocating compressors, rotary compressors, scroll compressors, screw compressors, and centrifugal compressors, each suited to specific applications.
2. Refrigeration Systems: Refrigeration compressors are a crucial part of refrigeration systems used in commercial and industrial settings, including supermarkets, cold storage facilities, and food processing plants.
3. Air Conditioning: In the HVAC industry, compressors are integral to air conditioning systems for residential, commercial, and automotive applications.
4. Refrigerated Transport: Refrigeration compressors are used in refrigerated trucks, vans, and containers to maintain temperature-controlled environments during the transportation of perishable goods.
5. Industrial Cooling: Various industrial processes, such as manufacturing and petrochemical production, rely on refrigeration compressors to maintain precise temperature control.
6. Heat Pumps: Heat pumps use compressors to transfer heat between indoor and outdoor environments, providing both heating and cooling capabilities in residential and commercial buildings.

Market Trends and Drivers:

1. Energy Efficiency: Growing emphasis on energy-efficient compressors and systems to reduce electricity consumption and environmental impact.
2. Environmental Regulations: Stricter regulations regarding refrigerants with lower global warming potential (GWP) drive the development of eco-friendly compressors.
3. Rising Demand for Food Preservation: The demand for refrigeration compressors is increasing in the food and beverage industry due to the need for extended shelf life and safe storage of perishable products.
4. Urbanization and Commercialization: The expansion of urban areas and the growth of commercial spaces drive demand for HVACR systems, boosting the refrigeration compressor market.
5. Technological Advancements: Innovations in compressor design, including variable-speed and digital compressors, improve efficiency and reliability.
6. Cold Chain Logistics: The growth of e-commerce and global trade fuels demand for refrigeration compressors in cold chain logistics to maintain the integrity of temperature-sensitive products during transit.

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