Refrigerant compressors Market to Reach $59,711.6 Million, Globally, by 2032 at 4.5% CAGR: Allied Market Research

Growth of the cold-chain industry, growth of food and beverages and pharmaceutical industries, and industrialization in developing economies drive the growth of the global refrigerant compressors market.

PORTLAND, Ore., Nov. 27, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Refrigerant Compressors Market by Type (Centrifugal, Rotary, and Reciprocating), Refrigerant Type [Ammonia, Carbon Dioxide, Hydrofluorocarbons (HFC), Hydrochlorofluorocarbons (HCFC), and Others], and End User Industry (Food & beverage, Chemical & Petrochemical, Pharmaceutical, Domestic and Other): Global Opportunity Analysis and Industry Forecast, 2023–2032". According to the report, the global refrigerant compressors industry generated $35,073.7 million in 2020 and is anticipated to generate $59,711.6 million by 2032, witnessing a CAGR of 4.5% from 2023 to 2032.

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Prime determinants of growth

Growth of the cold-chain industry, growth of food and beverages and pharmaceutical industries, and industrialization in developing economies drive the growth of the global refrigerant compressors market. However, the strict government regulations restrict the market growth. Moreover, advancements in technology are expected to present new opportunities in the coming years.

Report coverage & details:

The rotary refrigerant compressors segment is expected to maintain its leadership status throughout the forecast period

Based on type, the rotary refrigerant compressors segment held the highest market share in 2020, accounting for around than three-fourths of the global refrigerant compressors market revenue and is estimated to maintain its leadership status throughout the forecast period. Reciprocating refrigerant compressors are more efficient than air-based refrigerant compressors. In addition, reciprocating compressors provide excellent energy efficiency, especially in low to medium cooling capacities. Thus, the higher efficiency positively influences the growth of the market.

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The ammonia segment to maintain its leadership status throughout the forecast period

Based on refrigerant, the ammonia segment held the highest market share in 2020, accounting for more than half of the global refrigerant compressors market, and is estimated to maintain its leadership status throughout the forecast period. The carbon dioxide segment is projected to manifest the highest CAGR from 2023 to 2032. Carbon dioxide is a non-toxic and non-flammable refrigerant; thus, the demand for carbon dioxide refrigerant has rapidly increased in the refrigerant compressors market, where toxicity and flammability are key concerns, such as in cold-storage facilities of food and beverages, and pharmaceutical industries.

The domestic segment to maintain its lead position during the forecast period

Based on end user industry, the domestic segment accounted for the largest share in 2020, contributing to around two-thirds of the global refrigerant compressors market revenue, and is projected to maintain its lead position during the forecast period. The food and beverage segment is expected to witness the highest CAGR from 2023 to 2032. Refrigeration systems provide efficient cooling, ensuring that carbonated beverages can be chilled to the perfect temperature without compromising their carbonation levels. It also allows manufacturers to deliver consistent, high-quality carbonated beverages to consumers. Thus, such importance of refrigeration systems in the rapidly growing beverage industry is expected to positively affect the growth of this segment.

Asia-Pacific to maintain its dominance by 2032

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for around half of the global refrigerant compressors market revenue, and is expected to dominate the market during the forecast period. The low labor and material costs in China help the manufacturers to produce refrigeration systems at lower prices as compared to the other developed nations. Such factors can be witnessed throughout the region; therefore, the growth of the refrigerant compressors market is expected to be higher in Asia-Pacific.

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Leading Market Players: -

• Bitzer
• Danfoss
• Tecumseh Products Company LLC
• Copeland LP
• Panasonic
• Mitsubishi Electric Corporation
• LG Electronics
• Carrier
• Samsung
• Johnson Controls

The report provides a detailed analysis of the key players in the global refrigerant compressors market. These players have adopted different strategies such as new product launches, collaborations, expansion, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

 We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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SOURCE Allied Market Research

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