NEWARK, Del, Oct. 26, 2023 (GLOBE NEWSWIRE) -- The refrigeration and air conditioning compressors market is securing a CAGR of 3% during the forecast period. The market is anticipated to capture a valuation of US$ 35.1 billion in 2023 and is predicted to reach US$ 47.2 billion by 2033.
Which End-use Industries are Influencing the Global Market?
Several end-use industries influence the global market as follows:
- Residential Sector: Increasing demand for home appliances, consumer goods, and electronic and electric appliances. Such as refrigerators, freezers, and air conditioning drives the market size. Consumers are fond of new gadgets and home appliances. Therefore, the residential sector is the primary industry to drive the global market.
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- Commercial Sector: Commercial industries such as supermarkets, hotels, restaurants, and others are advancing the global market revenue. The increasing demand for refrigeration and air conditioning compressors to store perishable goods drives the global market.
- Industrial Sector: The increasing demand for refrigeration and air conditioning compressors to store food and beverages and medical and pharmaceutical chemicals.
- Automotive Sector: Automotive is a significant sector that captures maximum revenue in the global market. The adoption of refrigeration and air conditioning compressors is rising for automotive parts of trucks, commercial vehicles, cars, and others.
- Healthcare Sector: Healthcare industry is rapidly growing due to the increasing adoption of refrigeration and air conditioning compressors for laboratory freezers and vaccine refrigerators.
Key Takeaways:
- In the historical period, the market captured a CAGR of 2.4% in 2022.
- The United States is estimated to lead the global market by securing a share of 18.2% by 2033.
- Germany is significantly growing the global market size by capturing a share of 4.9% during the forecast period.
- With a share of 3.2%, Japan is anticipated to drive the global market during the forecast period.
- Australia is projected to capture a share of 2.1% in the global market by 2033.
"Refrigeration and air conditioning compressors are essential components in cooling systems," says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.). "These mechanical devices are pivotal in maintaining temperature control, and they find application in various industries, including food preservation and climate control, contributing to our everyday comfort and functionality."
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How Key Players are Advancing the Global Market Revenue?
The key players are advancing the market through various strategic methods, including:
- Research and Developments: Key players invest much in research and development activities to launch innovative and improved products. These key players are developing better and more advanced products to attract consumers.
- Product Innovation: Key players are continuously innovating new products in the market as per consumers' requirements. They are developing and introducing high-efficiency, better performance, and compact-size products to their customers.
- Partnerships: Key players collaborate with other essential companies to reach relevant consumers and expand their business portfolio. The key players can promote their products more flexibly.
- Expansion: The key players are expanding their products globally to collect maximum revenue. They are establishing manufacturing companies in regions to expand their portfolio.
- Mergers and Acquisitions: The key players are acquiring companies to develop innovative products with their upskilling and unique strategies. They are expanding their product portfolio to achieve their goals in the global market.
Key Players in the Global 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.
- CAREL Industries S.p.A
Recent Developments in the Global Market are:
In 2021, Emerson Electric announced its newly launched product Copeland Scroll Modular Compact. It is a light-weighted compressor developed for small and medium commercial applications.
Scope of Report
| Attribute | Details |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | US$ billion for Value |
| Key Countries Covered | The United States, The United Kingdom, Japan, India, China, Australia, Germany |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
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Key Segments in the Refrigeration and Air Conditioning Compressors Market
Cooling Capacity:
- Less than 5 kW
- 5 to 30 kW
- 30 to 100 kW
- 100 to 300 kW
- 300 to 500 kW
- 500 to 1000 kW
- Above 1000 kW
Product Type:
- Rotary Vane
- Scroll
- Reciprocating
- Screw
- Centrifugal
Refrigerant Type:
- R410A
- R407C
- R404A
- R134A
- R290
- R744
- Others
Application:
- Residential
- Commercial
- Medical & Healthcare
- Industrial
- Transportation
End Use:
- Refrigeration
- Air Conditioning
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East and Africa
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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About Future Market Insights (FMI)
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