Refrigeration and Air Conditioning Compressors Market [2031]
Refrigeration and Air Conditioning Compressors Market [2031]
Segments - Refrigeration and Air Conditioning Compressors Market by 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, and above 1000 kW), Product Types (Rotary Vane, Scroll, Reciprocating, Screw, Centrifugal, and Others), Applications (Residential, Commercial, Medical & Healthcare, Industrial, Transportation, and Others), Refrigerant Types (R410A, R407C, R404A, R134A, R290, and R744), and End-users (Refrigeration and Air Conditioning), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023–2031
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| Report ID :ICT-SE-4732
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Report Description
The global refrigeration and air conditioning compressors market size was valued at around USD 30.96 billion in 2022 and is expected to reach around USD 38.66 billion by 2031, expanding at a CAGR of 2.5%, during the forecast period, 2023–2031. The growth of the market is attributed to the rising adoption of refrigeration and air conditioning compressors in residential, commercial, and industrial applications.
Refrigeration and air conditioning compressors are cooling solutions utilized in various industries. These compressors offer refrigeration, heat pumping, and air conditioning for large-scale facilities and equipment. These compressors are also used to remove vapor from the evaporator and to raise the temperature of low-pressure gas.
Refrigeration and air conditioning compressors provide a suitable temperature that protects perishable or sensitive products from spoilage. Thus, these compressors are extensively used in a multitude of applications including food & beverages, residential, transportation, retail food outlets, and chemical healthcare. Refrigeration and air conditioning compressors are used for the preservation of natural resources.
Refrigeration and air conditioning compressors circulate the refrigerant under pressure. Compressors rise the pressure and temperature of the vaporized refrigerant while dissipating the heat into the surrounding. The refrigerant flows from the evaporator coil through the compressor and then passes through the condenser unit.
This will increase the pressure, then it transforms into a liquid state and releases heat due to an exothermic reaction. Moreover, the refrigerant moves from the condenser to the valve and undergoes a drop in pressure.
This refrigerant flows to the evaporator where the liquid refrigerant draws heat from the evaporator environment. This heat vaporizes the liquid refrigerant. Refrigeration systems cool objects through repeated refrigeration cycles. The evaporating temperature is raised to the condensing temperature, during cooling. While heating, the opposite occurs due to which the compressor works less, reducing power consumption.
COVID-19 Impact on Refrigeration and Air Conditioning Compressors Market
The COVID-19 pandemic has negatively affected the sales & production of air-conditioners and refrigerators. The government’s stringent regulation of social distancing norms and lockdowns in many countries around the world due to the surge in COVID-19 cases.
The shutdown of several non-essential stores has adversely impacted the market demand for refrigerant and air-conditioner compressors. Due to this, AC and refrigerators have witnessed a significant decline in production & sales and disruptions in imports and exports of raw materials.
Refrigeration and Air Conditioning Compressors Market Dynamics
The report presents a complete market overview, and market dynamics by focusing on the current market trends, existing drivers, growth opportunities, and emerging challenges that shape the outcome or overall performance of the market during the forecast period, 2022 to 2030.
Major Drivers
Expansion of cold storage facilities and proliferating cold chain logistics industry
The research report finds that rising urbanization in emerging economies, expansion of cold storage facilities, and proliferating cold chain logistics industry are anticipated to propel the market expansion. The increasing demand for freezer space at cold storage warehouses is expected to exceed their capacity as customers used to purchase groceries online during the pandemic to store their refrigerators with frozen food.
The rate of food spoiling is lowered to a great extent with the help of cold storage facilities. Moreover, cold chain logistics is the process that offers safe transport of temperature-sensitive products and goods including agricultural products, frozen food, seafood, chemicals, and pharmaceutical drugs along with the supply chain.
Current Restraints
Troubleshooting issues and high maintenance cost
The troubleshooting issues and high maintenance costs are projected to hamper the market. Moreover, managing refrigerator emissions is important to protect ozone layer depletion, reduce carbon footprints, and protect human health and the environment.
Therefore, green buildings are carefully designed to reduce negative impacts on the surroundings. Ozone-Depleting Substances (ODS) are the main source of harm to the ozone layer. Thus, low ozone-depleting substances are used as a refrigerant.
Market Opportunities
Helpful government initiatives for green building development
Helpful government initiatives for green building development are expected to drive market growth. Governments are coming up with strict actions and new regulations to protect the environment, which led the manufacturers to focus on developing innovative greener cooling solutions, green building is one of them.
Variable Refrigerant Temperature Technology in green buildings regulates refrigerant temperatures to individual and environmental requirements and improves both energy efficiency and comfort.
Scope of Refrigeration and Air Conditioning Compressors Market Report
The report on the global refrigeration and air conditioning compressors market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes |
Details |
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Report Title |
Refrigeration and Air Conditioning Compressors Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016–2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
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, and above 1000 kW), Product Types (Rotary Vane, Scroll, Reciprocating, Screw, Centrifugal, and Others), Applications (Residential, Commercial, Medical & Healthcare, Industrial, Transportation, and Others), Refrigerant Types (R410A, R407C, R404A, R134A, R290, and R744), and End-users (Refrigeration and Air Conditioning) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
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Key Players Covered in the Report |
United Technologies Corporation; Panasonic Corporation; Nidec Corporation; Mitsubishi Electric Corporation; Midea Group; MAYEKAWA MFG. CO., LTD.; LG Electronics, Inc.; Huayi Compressor Co., Ltd.; GEA Group AG; Emerson Electric Co.; Danfoss Group; Daikin Industries Ltd.; CAREL Industries S.p.A; and Others |
Refrigeration and Air Conditioning Compressors Market Segment Insights
5 kW segment to hold a significant share of the market
On the basis of cooling capacity, the refrigeration and air conditioning compressors market is divided into less than 5 kW, 5 to 30 kW, 30 to 100 kW, 100 to 300 kW, 300 to 500 kW, 500 to 1000 kW, and above 1000 kW.
The 5 kW segment is expected to hold a significant share of the market, owing to its increasing use for medium-temperature applications in the retail and commercial sectors. They feature a simple design with a reduced carbon footprint. However, the 30 to 100 kW segment is projected to expand at a higher CAGR over the forecast period.
Rotary vane segment to expand at a considerable CAGR
Based on product types, the market is fragmented into rotary vane, scroll, reciprocating, screw, centrifugal, and others. The rotary vane segment is anticipated to expand at a considerable CAGR during the forecast period, due to its compact dimension and simple design.
Rotary vane compressors serve in multiple operations such as transportation, paper pressing, industrial cooling operations, and others for their various attractive features. These compressors are highly efficient, simpler, and durable.
Residential segment to register considerable market share
Based on applications, the refrigeration and air conditioning compressors market is segregated into residential, commercial, medical & healthcare, industrial, transportation, and others. The residential segment is expected to register considerable market share during the forecast period, due to the gradually changing lifestyle, growing urbanization, increasing disposable income, and rising need for preserving food products.
R290 segment to expand at a substantial CAGR
By refrigerant types, the refrigeration and air conditioning compressors market is segmented into R410A, R407C, R404A, R134A, R290, and R744. R290 segment is projected to expand at a substantial CAGR in the coming years, due to its numerous benefits such as better efficiency, size reduction of the compressor, and extended cooling capacity.
R290 has gained immense popularity owing to its non-toxic and zero ozone-depleting properties and comparatively has a low environmental impact and minimal global warming potential (GWP).
Refrigeration segment to hold significant share of the market
On the basis of end-users, the refrigeration and air conditioning compressors market is bifurcated into refrigeration and air conditioning. The refrigeration segment is expected to hold a significant share of the market during the forecast period, owing to the rapid expansion of the food and beverage industry.
These compressors play an active role in safeguarding the quality of food products entirely. The growing food export business across the globe positively impacts the demand for refrigeration compressors.
Europe to constitute a key market share
Based on the regions, the refrigeration and air conditioning compressors market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa.
The market of Europe is expected to constitute a key market share during the projected period, owing to the robust growth of the food and beverage industry in the region. Food manufacturers and logistic firms are increasingly employing air conditioning compressors and refrigeration compressors for controlling the temperature inside transportation vehicles and warehouses across the region.
However, the market of North America is anticipated to expand at a rapid pace in the coming years, due to the increasing consumer awareness regarding environmental safety and the rising number of cold storage facilities.
Segments
The global refrigeration and air conditioning compressors market has been segmented on the basis of
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 Types
- Rotary Vane
- Scroll
- Reciprocating
- Screw
- Centrifugal
- Others
Applications
- Residential
- Commercial
- Medical & Healthcare
- Industrial
- Transportation
- Others
Refrigerant Types
- R410A
- R407C
- R404A
- R134A
- R290
- R744
End-users
- Refrigeration
- Air Conditioning
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- United Technologies Corporation
- Panasonic Corporation
- Nidec Corporation
- Mitsubishi Electric Corporation
- Midea Group
- MAYEKAWA MFG. CO., LTD.
- LG Electronics, Inc.
- Huayi Compressor Co., Ltd.
- GEA Group AG
- Emerson Electric Co.
- Danfoss Group
- Daikin Industries Ltd.
- CAREL Industries S.p.A
Competitive Landscape
Key players competing in the US Refrigeration and Air Conditioning Compressors market are United Technologies Corporation; Panasonic Corporation; Nidec Corporation; Mitsubishi Electric Corporation; Midea Group; MAYEKAWA MFG. CO., LTD.; LG Electronics, Inc.; Huayi Compressor Co., Ltd.; GEA Group AG; Emerson Electric Co.; Danfoss Group; Daikin Industries Ltd.; CAREL Industries S.p.A; and Others.
Some of these players have adopted a series of business development strategies including merger and acquisition, entering into partnerships and collaboration, product launches, and production capacity expansion to expand their consumer base and enhance their market share.
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In December 2021, the company based in Tokyo, Japan named Mitsubishi Electric Corporation invested US 0.6 billion to increase its air-conditioned compressor production in Thailand.
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In November 2020, Emerson launched a new line of Copeland scroll compressors for commercial applications. The new product range is designed to aid manufacturers to meet refrigerant regulations and efficiency.
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In November 2020, Embraco, a global provider of refrigeration technology for the commercial and domestic cold chain, launched NEX compressors platform for commercial applications.
Frequently Asked Questions
Key players competing in the global frozen yogurt market are United Technologies Corporation; Panasonic Corporation; Nidec Corporation; Mitsubishi Electric Corporation; Midea Group; MAYEKAWA MFG. CO., LTD.; LG Electronics, Inc.; Huayi Compressor Co., Ltd.; GEA Group AG; Emerson Electric Co.; Danfoss Group; Daikin Industries Ltd.; CAREL Industries S.p.A; and Others.
Europe is expected to constitute a key market share during the projected period.
The global refrigeration and air conditioning compressors market is expanding at a CAGR of 2.5%, during the forecast period, 2023–2031.
Expansion of cold storage facilities and proliferating cold chain logistics industry are expected to drive market growth.
The global refrigeration and air conditioning compressors market size was valued at around USD 30.96 billion in 2022.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Refrigeration and Air Conditioning Compressors Market Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Refrigeration and Air Conditioning Compressors Market Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Refrigeration and Air Conditioning Compressors Market Market - Supply Chain
4.5. Global Refrigeration and Air Conditioning Compressors Market Market Forecast
4.5.1. Refrigeration and Air Conditioning Compressors Market Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Refrigeration and Air Conditioning Compressors Market Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Refrigeration and Air Conditioning Compressors Market Market Absolute $ Opportunity
5. Global Refrigeration and Air Conditioning Compressors Market Market Analysis and Forecast by Applications
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Applications
5.2.2. Y-o-Y Growth Projections by Applications
5.3. Refrigeration and Air Conditioning Compressors Market Market Size and Volume Forecast by Applications
5.3.1. Residential
5.3.2. Commercial
5.3.3. Medical & Healthcare
5.3.4. Industrial
5.3.5. Transportation
5.3.6. Others
5.4. Absolute $ Opportunity Assessment by Applications
5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Refrigeration and Air Conditioning Compressors Market Market Analysis and Forecast by End Users
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by End Users
6.2.2. Y-o-Y Growth Projections by End Users
6.3. Refrigeration and Air Conditioning Compressors Market Market Size and Volume Forecast by End Users
6.3.1. Refrigeration
6.3.2. Air Conditioning
6.4. Absolute $ Opportunity Assessment by End Users
6.5. Market Attractiveness/Growth Potential Analysis by End Users
7. Global Refrigeration and Air Conditioning Compressors Market Market Analysis and Forecast by Region
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Region
7.2.2. Y-o-Y Growth Projections by Region
7.3. Refrigeration and Air Conditioning Compressors Market Market Size and Volume Forecast by Region
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. Asia Pacific
7.3.5. Middle East and Africa (MEA)
7.4. Absolute $ Opportunity Assessment by Region
7.5. Market Attractiveness/Growth Potential Analysis by Region
7.6. Global Refrigeration and Air Conditioning Compressors Market Demand Share Forecast, 2019-2026
8. North America Refrigeration and Air Conditioning Compressors Market Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.2. North America Refrigeration and Air Conditioning Compressors Market Market Size and Volume Forecast by Country
8.2.1. U.S.
8.2.2. Canada
8.3. Absolute $ Opportunity Assessment by Country
8.4. North America Refrigeration and Air Conditioning Compressors Market Market Size and Volume Forecast by Applications
8.4.1. Residential
8.4.2. Commercial
8.4.3. Medical & Healthcare
8.4.4. Industrial
8.4.5. Transportation
8.4.6. Others
8.5. Basis Point Share (BPS) Analysis by Applications
8.6. Y-o-Y Growth Projections by Applications
8.7. North America Refrigeration and Air Conditioning Compressors Market Market Size and Volume Forecast by End Users
8.7.1. Refrigeration
8.7.2. Air Conditioning
8.8. Basis Point Share (BPS) Analysis by End Users
8.9. Y-o-Y Growth Projections by End Users
8.10. Market Attractiveness/Growth Potential Analysis
8.10.1. By Country
8.10.2. By Product Type
8.10.3. By Application
8.11. North America Refrigeration and Air Conditioning Compressors Market Demand Share Forecast, 2019-2026
9. Latin America Refrigeration and Air Conditioning Compressors Market Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Latin America Average Pricing Analysis
9.2. Latin America Refrigeration and Air Conditioning Compressors Market Market Size and Volume Forecast by Country
9.2.1. Brazil
9.2.2. Mexico
9.2.3. Rest of Latin America
9.3. Absolute $ Opportunity Assessment by Country
9.4. Latin America Refrigeration and Air Conditioning Compressors Market Market Size and Volume Forecast by Applications
9.4.1. Residential
9.4.2. Commercial
9.4.3. Medical & Healthcare
9.4.4. Industrial
9.4.5. Transportation
9.4.6. Others
9.5. Basis Point Share (BPS) Analysis by Applications
9.6. Y-o-Y Growth Projections by Applications
9.7. Latin America Refrigeration and Air Conditioning Compressors Market Market Size and Volume Forecast by End Users
9.7.1. Refrigeration
9.7.2. Air Conditioning
9.8. Basis Point Share (BPS) Analysis by End Users
9.9. Y-o-Y Growth Projections by End Users
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.11. Latin America Refrigeration and Air Conditioning Compressors Market Demand Share Forecast, 2019-2026
10. Europe Refrigeration and Air Conditioning Compressors Market Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Europe Average Pricing Analysis
10.2. Europe Refrigeration and Air Conditioning Compressors Market Market Size and Volume Forecast by Country
10.2.1. Germany
10.2.2. France
10.2.3. Italy
10.2.4. U.K.
10.2.5. Spain
10.2.6. Russia
10.2.7. Rest of Europe
10.3. Absolute $ Opportunity Assessment by Country
10.4. Europe Refrigeration and Air Conditioning Compressors Market Market Size and Volume Forecast by Applications
10.4.1. Residential
10.4.2. Commercial
10.4.3. Medical & Healthcare
10.4.4. Industrial
10.4.5. Transportation
10.4.6. Others
10.5. Basis Point Share (BPS) Analysis by Applications
10.6. Y-o-Y Growth Projections by Applications
10.7. Europe Refrigeration and Air Conditioning Compressors Market Market Size and Volume Forecast by End Users
10.7.1. Refrigeration
10.7.2. Air Conditioning
10.8. Basis Point Share (BPS) Analysis by End Users
10.9. Y-o-Y Growth Projections by End Users
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.11. Europe Refrigeration and Air Conditioning Compressors Market Demand Share Forecast, 2019-2026
11. Asia Pacific Refrigeration and Air Conditioning Compressors Market Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Asia Pacific Average Pricing Analysis
11.2. Asia Pacific Refrigeration and Air Conditioning Compressors Market Market Size and Volume Forecast by Country
11.2.1. China
11.2.2. Japan
11.2.3. South Korea
11.2.4. India
11.2.5. Australia
11.2.6. Rest of Asia Pacific (APAC)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Asia Pacific Refrigeration and Air Conditioning Compressors Market Market Size and Volume Forecast by Applications
11.4.1. Residential
11.4.2. Commercial
11.4.3. Medical & Healthcare
11.4.4. Industrial
11.4.5. Transportation
11.4.6. Others
11.5. Basis Point Share (BPS) Analysis by Applications
11.6. Y-o-Y Growth Projections by Applications
11.7. Asia Pacific Refrigeration and Air Conditioning Compressors Market Market Size and Volume Forecast by End Users
11.7.1. Refrigeration
11.7.2. Air Conditioning
11.8. Basis Point Share (BPS) Analysis by End Users
11.9. Y-o-Y Growth Projections by End Users
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.11. Asia Pacific Refrigeration and Air Conditioning Compressors Market Demand Share Forecast, 2019-2026
12. Middle East & Africa Refrigeration and Air Conditioning Compressors Market Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Middle East & Africa Average Pricing Analysis
12.2. Middle East & Africa Refrigeration and Air Conditioning Compressors Market Market Size and Volume Forecast by Country
12.2.1. Saudi Arabia
12.2.2. South Africa
12.2.3. UAE
12.2.4. Rest of Middle East & Africa (MEA)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Middle East & Africa Refrigeration and Air Conditioning Compressors Market Market Size and Volume Forecast by Applications
12.4.1. Residential
12.4.2. Commercial
12.4.3. Medical & Healthcare
12.4.4. Industrial
12.4.5. Transportation
12.4.6. Others
12.5. Basis Point Share (BPS) Analysis by Applications
12.6. Y-o-Y Growth Projections by Applications
12.7. Middle East & Africa Refrigeration and Air Conditioning Compressors Market Market Size and Volume Forecast by End Users
12.7.1. Refrigeration
12.7.2. Air Conditioning
12.8. Basis Point Share (BPS) Analysis by End Users
12.9. Y-o-Y Growth Projections by End Users
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.11. Middle East & Africa Refrigeration and Air Conditioning Compressors Market Demand Share Forecast, 2019-2026
13. Competition Landscape
13.1. Global Refrigeration and Air Conditioning Compressors Market Market: Market Share Analysis
13.2. Refrigeration and Air Conditioning Compressors Market Distributors and Customers
13.3. Refrigeration and Air Conditioning Compressors Market Market: Competitive Dashboard
13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
13.4.1. United Technologies Corporation
13.4.2. Panasonic Corporation
13.4.3. Nidec Corporation
13.4.4. Mitsubishi Electric Corporation
13.4.5. Midea Group
13.4.6. MAYEKAWA MFG. CO., LTD.
13.4.7. LG Electronics, Inc.
13.4.8. Huayi Compressor Co., Ltd.
13.4.9. GEA Group AG
13.4.10. Emerson Electric Co.
13.4.11. Danfoss Group
13.4.12. Daikin Industries Ltd.
13.4.13. CAREL Industries S.p.A
Methodology
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