The Global Refrigerant Compressor Market size is expected to reach USD 24.67 Billion in 2028 and register a revenue CAGR of 4.4% over the forecast period, according to the latest report by Reports and Data. Growing demand for air-conditioning in developing countries is a significant driver of the refrigerant compressor market revenue growth. Air conditioners are witnessing growing demand due to their residential and commercial use for improving human comfort and convenience, as well as in industries, such as information technology, biotechnology, and food beverage. According to various studies conducted independently, inappropriate ambient temperatures can have a negative effect on the efficiency of the workforce, thereby influencing productivity and causing economic losses. It has been found that in the UK, about USD 17.70 billion are lost every year as a result of inappropriate ambient temperatures in workplaces. There has been a significant rise in demand for air-conditioners in developing economies, which in turn would lead to high demand for refrigerant compressors.
Companies in the market are making considerable investments in Research and Development (RD) to manufacture compressors that make use of variable speed technology. Variable speed technology automatically controls the compressor operation as per the user's requirement for compressed gases. The high-energy efficiency provided by this type of compressor is attributed to its continuous and real-time operational nature. As a result, these compressors will experience a growth in the adoption rate, which in turn, will fuel the growth of the refrigerant compressor market. Research and developments are also being done to manufacture compressors producing low noise during operation.
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Market Overview:
As a result of steady revenue growth over the past few years, the manufacturing and construction industry is expected to achieve a robust annual revenue growth rate between 2021 and 2028. In addition to the rapidly growing construction industry, rapid urbanization and industrialization, and technological advancements in manufacturing techniques, this can also be attributed to these factors. Green construction and energy efficient buildings have become increasingly popular in recent years as awareness of environmental impact and carbon emissions has increased. Over the forecast period, key factors are expected to boost global market growth, including the rapid growth of global populations, changing lifestyle preferences, the increasing demand for smart buildings, an increase in renovation and reconstruction activities, and an increase in eco-friendly construction activities. Other factors that will contribute to market growth in the future include an increase in disposable income, government schemes, and investments by private organizations.
Some of the Leading Market Players Are Listed Below:
- Bitzer SE,
- Dorin SPA,
- Mitsubishi Electric Corporation,
- GMCC Company,
- Panasonic Corporation,
- LG Electronics Inc.,
- Daikin Industries Ltd.,
- Johnson Controls,
- Danfoss, Emerson Electric Co.
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Competitive Landscape:
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as license agreements, partnerships, merger and acquisitions, collaborations, RD investments, and joint ventures to gain robust footing in the market.
Market Segmentation:
By Type Outlook
- Reciprocating Compressor
- Centrifugal Compressor
- Rotary Compressor
- Axial Compressor
- Others
By Refrigerant Outlook
- Carbon Dioxide
- Propane
- HFCs
- Ammonia
- Others
By Application Outlook
- Domestic
- Commercial
- Industrial
- Food Beverages
- Chemical
- Pharmaceutical
- Logistics Transportation
- Automotive
- Others
The Global Refrigerant Compressor Market Is Segmented Into:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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