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Global Refrigeration Compressor Market to Grow at a CAGR of 5% During 2021-2026, Driven by the Rising Demand for HVAC System

According to a new report by EMR titled, ‘Global Refrigeration Compressor Market Report and Forecast 2021-2026’, the global refrigeration compressor market is expected to grow at a CAGR of 5% in the forecast period of 2021- 2026.

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:

  • The types of refrigeration compressors are reciprocating, rotary vane, scroll, screw and centrifugal, among others.   
  • On the basis of construction, refrigeration compressors can be divided into open, hermetic, and semi hermetic.
  • The refrigeration compressors can be divided on the basis of refrigerant into propane, carbon dioxide, hydrofluorocarbons, and ammonia, among others.
  • On the capacity basis, refrigeration compressors can be segmented into less than 100 kW, 100-400 kW, and above 400 kW.
  • On the basis of end-use, refrigeration compressors are segmented into domestic, commercial, and industrial, among others.
  • The regional markets for refrigeration compressors include North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The flourishing retail stores across the globe is driving the industry growth of refrigeration compressors.
  • The rise in transportation of perishable goods is providing impetus to the market growth.
  • The new and innovative technological solutions for more efficient cooling and environmentally friendly compressors is propelling the industry growth.
  • Growing population, rapid urbanisation and increasing disposable income of households will lead to flourishing demand for refrigeration compressors.

Key Offerings of the report:

  • The EMR report gives an overview of the global refrigeration compressor industry for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecasted (2021-2026) markets for the type, construction, refrigerant, capacity, end use, and major regions of refrigeration compressors. 
  • The market report also analyses the trade data by covering the major importing and exporting countries.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

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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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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