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The global refrigeration compressor market is being supported by the rising cooling requirements for residential or commercial purpose. The growing demand for the packaged food products in the retail outlets worldwide, is providing impetus to the growth of refrigeration compressor market. In the end use segment, domestic sector is the leading region with a swift growth rate. This is because of the increasing population in the developing countries which is accompanied with rising disposable incomes. The expanding middle class is looking to satisfy their cooling requirements and escape the summer heat. Commercial services are also opting for HVAC system to increase the productivity of employees.
Open type compressors are thriving in the construction category of refrigeration compressors because of the rapid rise in the demand for cold storage warehouses. Open type compressors are also found to have better cooling and higher efficiency. The centrifugal type of refrigeration compressor has significant growth expectations with its lighter weight structure and better efficiency under partial load. The emission of harmful gases to the environment is a constraint to the industry growth. Continuous research and development endeavours have been made to overcome the challenge.
The major players are recently laying emphasis on making more efficient and greener compressor for sustainable development. Carrier Global Corporation (NYSE: CARR) is the parent company of Carrier Transicold and a major player in the market. On 15 December 2020, Carrier Transicold started offering new-generation R-542 A for refrigerant haulers. It claims to have nearly half of the global warming potential than the traditional refrigerants used in the trucks. The technological advancements to the transport industry are expected to propel the demand for refrigerant compressors.
Market Analysis by Type, Construction, Refrigerant, Capacity, End-Use and Regions:
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The major players in the global refrigeration compressor market are Mitsubishi Electric Corporation, Carrier Global Corporation, Emerson Electric Co., Kirloskar Brothers Limited, and Johnson Controls International plc, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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