Refrigeration and Air Conditioning Compressors Market Value to Grow by Almost US$ 41.2 Billion by 2029: Future Market Insights
The refrigeration and air conditioning compressors market is expected to grow from US$34.2 billion in 2022, at a Compound Annual Growth Rate (CAGR) of 2.7%. The growth of the refrigeration and air conditioning compressors market can be attributed to the increasing demand for energy-efficient and environment-friendly technologies across the globe.
NEW YORK, April 27, 2022 /PRNewswire/ -- A new market research report by Future Market Insights on the refrigeration and air conditioning compressors market includes a global industry analysis 2014–2021 and an opportunity assessment 2022–2029. The report investigates the refrigeration and air conditioning compressors market and provides critical insights for the forecast period of 2022-2029.
As per the findings of the report, the global refrigeration and air conditioning compressors market is expected to experience substantial growth during the forecast period due to multiple driving factors such as increasing retail stores across the globe.
The global refrigeration and air conditioning compressors market value at US$ 34.2 Bn in 2022, and is estimated to increase at a CAGR of 2.7%, reaching a valuation of US$ 41.2 Bn by 2029.. This growth is majorly driven by the increasing consumption of refrigeration and air conditioning compressors in residential applications, commercial applications, and industrial applications.
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Government regulations are expected to play an imperative role in defining the product development and innovation strategies of market players involved in the refrigeration and air conditioning compressor market. In addition, the phase-down of R22 has compelled manufacturers to increase the adoption of R410A, R407C, and R404A, according to the FMI analyst.
East Asia to Offer Lucrative Opportunities
Europe and North America regions are projected to hold significant shares in the global refrigeration and air conditioning compressors market. However, the East Asia market is anticipated to project rewarding growth in the global refrigeration and air conditioning compressors market over the forecast period of 2022-2029.
This is driven by the rapid growth of the food & beverages industry coupled with the rising number of cold supply chain facilities and warehouses in the countries of East Asia such as China and South Korea.
Additionally, macroeconomic factors such as urbanization, growing population, increasing purchasing power of the middle-class population, and rising standard of living are some of the other factors that are boosting the growth of the refrigeration and air conditioning compressors market.
Leading Companies Profiled in Refrigeration and Air Conditioning Compressors Market are:
- Emerson Electric Co.
- Danfoss Group
- Huayi Compressor Co., Ltd.
- Mitsubishi Electric Corporation
- Nidec Corporation
- Midea Group
- Panasonic Corporation
- LG Electronics, Inc.
- United Technologies Corporation
- MAYEKAWA MFG. CO., LTD.
- GEA Group AG
- Daikin Industries Ltd.
- CAREL Industries S.p.A
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Residential Industry to Remain, Key Consumer of Refrigeration and Air Conditioning Compressors,
The global refrigeration and air conditioning compressors market has been segmented based on cooling capacities, types of compressors, their multiple applications, refrigerants, end-use, and regions such as North America, Europe, Latin America, and East Asia, South Asia, Oceania, and the Middle East and Africa.
- By product, the rotary vane type of the refrigeration and air conditioning compressor segment is estimated to hold significant value shares of the global refrigeration and air conditioning compressors market.
- Based on cooling capacity, the less than 5 kW segment is projected to consume the majority share of the global automotive lighting market value. However, the 30 to 100 kW segment is estimated to project rapid growth in the global refrigeration and air conditioning compressor market.
- By application, the residential segment is estimated to hold a significant value share of the global refrigeration and air conditioning compressors market. This segment is likely to be prominent in the global refrigeration and air conditioning compressors market across all regions. However, the commercial segment is anticipated to grow at a high CAGR during the forecast period. Transportation and medical & healthcare applications are also growing at a moderate CAGR during the forecast period.
Key Segment Refrigeration and Air Conditioning Compressors Market by Category
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 Type:
- Rotary Vane
- Scroll
- Reciprocating
- Screw
- Centrifugal
Refrigerant Type:
- R410A
- R407C
- R404A
- R134A
- R290
- R744
- Others
Application:
- Residential
- Commercial
- Medical & Healthcare
- Industrial
- Transportation
End-Use:
- Refrigeration
- Air Conditioning
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East and Africa
Refrigeration and Air Conditioning Compressors Market: Vendor Insights
The report indicates some of the prominent market players, who are recognized as leaders in the global refrigeration and air conditioning compressors market. Some of the key players in the global refrigeration and air conditioning compressors market are Emerson Electric Co., Danfoss Group, Huayi Compressor Co., Ltd., Mitsubishi Electric Corporation, Nidec Corporation, Midea Group, Panasonic Corporation, LG Electronics, Inc., United Technologies Corporation, MAYEKAWA MFG. CO., LTD., GEA Group AG, Daikin Industries Ltd., and CAREL Industries S.p.A., among others.
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The global refrigeration and air conditioning compressors market is considerably consolidated with some players holding prominent shares of the market. These players are offering refrigeration and air conditioning compressors under their several brands.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai and has delivery centres in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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Report: https://www.futuremarketinsights.com/reports/refrigeration-and-air-conditioning-compressors-market
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