The new report by Expert Market Research titled, ‘Global Refrigeration Compressor Market Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global refrigeration compressor market, assessing the market based on its segments like type, construction, refrigerant, capacity, end use and major regions like North America, Europe, Asia Pacific, Latin America, Middle East and Africa. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 5%
The market for refrigeration compressor has seen substantial growth due to factors such as rising demand contributed by FMCG goods and retailers. Also, increased knowledge across different industries offers an enormous market opportunity for key players in the refrigeration compressor market. The retail stores have been steadily expanding their worldwide network and distribution system. For preservation, many FMCG items need a refrigeration system. For transportation, packaged food and beverages need adequate refrigeration, leading to an increase in demand for refrigeration compressors. There is also a remarkable use of refrigeration by the transportation industry to supply meat, dairy goods, ice cream, and other related products. There has been rise in awareness for energy efficient refrigeration leading to new technology requirements and is further driving the refrigeration compressor market. Urbanisation of population and economic development is faced by developed nations. Home cooling for comfortable living is increasingly demanded by the rising middle class.
Industry Definition and Major Segments
Refrigeration is an act in which heat is extracted from a material or an enclosed space to lower the cooling effect of the temperature. The refrigerant compressor is the central component of refrigeration that functions in the system as a pump for the refrigerant and dissipates the heat into the environment. It regulates the refrigerant’s circulation and adds pressure to the refrigerant that allows it to heat up. Refrigeration efficiency depends on the compressor of the refrigerant. It is possible to use refrigeration compressors for domestic and commercial refrigeration, shipping, and food preservation.
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Based on the type, the industry is divided into:
- Rotary Vane
Based on the construction, the industry is divided into:
- Semi Hermetic
Based on the refrigerant, the industry is divided into:
- Carbon Dioxide
Based on the capacity, the industry is divided into:
- Less than 100 kW
- 100-400 kW
- Above 400 kW
Based on the end use, the industry is divided into:
The regional markets for refrigeration compressor include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Geographically, due to its huge and increasing population, the Asia Pacific Region is one of the leading regions for refrigeration compressors. The rapid growth of urbanization in the region’s disposable income would boost refrigeration compressor demand in order to meet their cooling needs. With impressive demand growth, North America will also be a significant market area. This is due to products such as fresh fruit, dairy, and meat products being cold processed and transported. Throughout the nation, retail stores are booming. They also need refrigeration compressors to store food items, which means that their demand is growing worldwide.
Key Market Players
The major players in the market are Mitsubishi Electric Corporation, Carrier Global Corporation, Emerson Electric Co., Kirloskar Brothers Limited, Johnson Controls International plc, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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