Mitsubishi Electric Corporation, Carrier Global Corporation, Emerson Electric Co., Kirloskar Brothers Limited, and Johnson Controls International plc, among others, are the major players in the global market for refrigeration compressor.
As per the analysis by Expert Market Research, the global refrigeration compressor market is expected to grow at a CAGR of about 5% in the forecast period of 2024-2032, owing to the growing demand for FMCG goods.
The usage of refrigeration compressors is widespread, including commercial refrigeration, home refrigeration, and transportation industry refrigeration systems. Most often, when food is being preserved, a refrigerator is used which requires a refrigeration compressor. In a variety of industries refrigeration compressors are used, including food and beverage, transportation, chemicals, healthcare, and pharmaceuticals.
The increase in retail stores around the world need such compressors to store food products, which is increasing the refrigeration compressor market demand. Many FMCG products and packaged foods and beverages require refrigeration for preservation and proper storage, leading to a surge in demand for refrigeration compressors. Also, the growing awareness of energy-efficient refrigeration is resulting in requirements for suitable technology, boosting the market growth. In addition, the rise in middle-class population demanding household cooling is increasing the demand for refrigeration compressors.
The rapid urbanisation and rising disposable income in the Asia Pacific region are surging the demand for refrigeration compressors to meet cooling needs. North America will also see significant growth in this market because of cold storage and transportation of fresh food, meat, and dairy products.
In February 2021, Daikin introduced a new line of inverter-driven air-cooled and water-cooled screw chillers. The new screw compressor chiller line will have a single Daikin screw compressor equipped with Variable Volume Ratio (VVR) technology. The new R-1234ze(E) range offers a long-term solution that will support the F-gas Regulation's HFC phase-down plan.
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Mitsubishi Electric is one of the world’s leading manufacturing companies for a wide variety of products. They produce refrigerators, vacuum cleaners, dehumidifiers, air purifiers, ventilation fans, electric fans, and water pumps for comfortable living. They are also involved in factory automation, automotive, building, energy, and transportation systems.
|Florida, United States
Carrier is a leading company providing heating, air conditioning and refrigeration solutions. It is a trusted brand which delivers efficient solutions for home heating and cooling needs. They began working on a refrigeration system to cool a railroad car. Following that, they moved forward to cooling spaces in ships, hospitals, and restaurants. Some of their products include air conditioners, heat pumps, ductless systems, thermostats, furnaces, air purifiers, and humidifiers.
|Missouri, United States
Emerson Electric Company provides innovative solutions that make living healthier, safer, smarter, and more sustainable. Their two core business platforms include automation solutions and commercial and residential solutions. They are developing new solutions for heating, ventilation, air conditioning and refrigeration, food management, and cold chain monitoring. Some of the company brands are ASCO, Keystone, and Fisher. The products include pressure management, temperature measurement, hygiene, and sanitary measurement.
Kirloskar aims to enhance its business and create new growth opportunities through fluid management. They are one the leading manufacturers of pumps and cover a wide range of industries like building, pharma, coal, irrigation, sugar, food and beverages, and many more. They also provide timely support and aftersales services to meet their customers’ needs. They are leading suppliers of API and non-API pumps for the oil and gas industry and also provide pumping solutions for hydro, thermal, and nuclear pumps.
The main objective of Johnson Controls is to make the world more sustainable by focusing on efficiency, controls, and automation. The company optimises building performances to enhance comfort and improve safety. They cover many industries such as healthcare, education, data centres, and manufacturing. They manufacture products which can be used in HVAC equipment like air-cooled chillers, condensing units, and absorption chillers. For the food and beverage industry, they make compressors, control systems, condensers, and evaporators.
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.