Refrigerant Compressors Market Size, Share, Growth, and Industry Analysis by Type (Reciprocating Compressor, Rotary Compressor, Screw Compressor), by Application (Residential, Commercial, Industrial), and Regional Forecast to 2031

Updated On: 29 April 2024

REFRIGERANT COMPRESSORS MARKET REPORT OVERVIEW

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The global refrigerant compressors market size was USD 18121.46 million in 2021 and the market is projected to touch USD 30053.71 million by 2031, exhibiting a CAGR of 5.19% during the forecast period.

Refrigerant compressors utilized in air conditioning and refrigeration system reduce the capacity of gaseous refrigerants from the evaporator pressure to condenser pressure levels. New generation cooling appliances with boosted progresses in efficiency are gaining higher visibility in the market. Surging need for air conditioners due to higher spending power and extreme heat condition in developing economies is positively contributing to an increased industry expansion. The refrigerant compressor increases the pressure and temperature of the vaporized refrigerant. The refrigerant flows from the evaporator coil through the compressor and results in increase of the pressure of the coolant. The vaporized refrigerant then flows to the condenser unit where it converts to liquid state and releases heat due to the exothermic process. 

Manufacturers are actively investing in research and development to introduce advanced compressor designs, focusing on improved efficiency, reliability and compactness. Participants are fixing their efforts on encouraging R&D. Technological development are supporting the regional market growth. Manufacturers need to stay updated with changing market trends and develop products that meet growing consumer needs. Companies coming up with progressive technological solutions for firming their positions.

COVID-19 Impact:  Pandemic Hampered The Market Due To Unexpected Disruption In The Sector

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

COVID- 19 pandemic has extremely affected the whole world. It caused many unexpected disruption and affected the industry. COVID- 19 had negative impact on the market due to economic slowdown, unpredictability in financial sector and high unstable market. The pandemic resulted in decreased demand due to a disrupted supply chain, drop in sales of products, delivery schedules. Travel bans imposed affected business collaboration and partnership. Demand had recently reduced due to travel bans and lockdown during the COVID-19 pandemic. The continuous loss in the business due to the lockdown measures is projected to directly influence the growth of the investments in the market.

LATEST TRENDS

"Use of Innovative Products To Boost The Market Growth "

Technological improvement and development will further enhance the presentation of the product, allowing it to obtain a varied range of requests in the market. Technological advancement will improve performance and propel the market growth. Technological advancement with high demand are increasingly setting a force to increase the productivity. Some players focus on product improvement to meet consumer requirements and likings. Constant innovation in manufacturing of products is anticipated to stimulate product demand.

REFRIGERANT COMPRESSORS MARKET SEGMENTATION

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• By Type Analysis

According to type, the market can be segmented into reciprocating compressor, rotary compressor, screw compressor.

Reciprocating compressor will capture the maximum market share through forecast period. Refrigerant compressors are a type of positive displacement compressors that use a piston cylinder arrangement to compress the refrigerant.

• By Application Analysis

According to application, the market can be segmented into residential, commercial, industrial.

Refrigerant compressors market players cover segment as commercial will dominate the market share during forecast period.  The pharmaceutical industries relies heavily on refrigeration to store and transport temperature sensitive medications, vaccines, and other medical products.

DRIVING FACTORS

"Rise in Demand For Cooling Appliances In Residential Sector To Boost The Market Growth"

The adoption of domestic refrigerant has been observing considerable growth due to rapid economic growth, increasing need for consumer goods, refrigerated food products, easy consumer finance, and growth in urbanisation and import and export activities in food and beverages sector.

"Growing Importance In Healthcare Industries To Upsurge The Market"

Growing importance of sterile and contaminant free air in healthcare facilities and other industries like the medical & pharmaceutical industries is projected to help the global refrigerant compressor market develop in the upcoming. The pharmaceutical industry requires highly advanced refrigeration systems for the process of cooling medicinal products as well as other important uses like blood bank refrigerators hence, it is further augmenting the refrigerant compressors market growth.

RESTRAINING FACTORS 

"High Cost To Hamper The Market Growth"

High cost is hampering development of shellac market. High cost of their components, refrigeration compressor systems often have a high installation cost. The cost of installation is also increased by the expensive control systems engaged in modern refrigeration systems. Technical difficulties will reduce the industry revenue.

REFRIGERANT COMPRESSORS MARKET REGIONAL INSIGHTS

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"Asia Pacific to Dominate The Region Due To Economic Growth And Increasing Demand"

Asia Pacific is further expected to witness growth in the refrigerant compressors market share. The region is dominating the market due to economic growth and increasing demand for cooling and refrigeration solutions. The rising inhabitants and increasing income levels are also contributing to the development of the market. Upsurge in investments by key market players for the R&D undertakings and enlargement of their production abilities and product portfolios are projected to upsurge the growth. The expansion of regional market is being aided by technological developments.

KEY INDUSTRY PLAYERS

"Key Players Focus On Partnerships To Gain Competitive Advantage"

The key players are dynamically contributing in strategic events that are aimed at maintaining strong market position and increasing market share by merger, partnerships and others. Key players are motivated to introduce new innovative products. They are spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market. The market changes are dynamic such as market expansion, partnership and merger. The collective efforts of these major players expressively impact the competitive landscape and future path of the market.

List of Market Players Profiled

• Huayi Compressor (China)
• Samsung (South Korea)
• Hitachi (Japan)
• Siam Compressor Industry (Thailand)
• Emerson Climate Technologies (Sidney)

INDUSTRIAL DEVELOPMENT

• 2020:  GEA Group AG announced the acquisition of the refrigeration compressor business of Bock Kältemaschinen GmbH. The acquisition aims to strengthen GEA's position in the refrigeration compressor market and expand its product portfolio.

REPORT COVERAGE

The report provides scrutiny and information according to market sectors. Business overview, financial overview, product portfolio, new project launch, recent development enquiry are the factors included in the profile. The report incorporates completely examined and appraised evidence of the noticeable players and their position in the market by methods for various descriptive tools. The report covers national and regional level market size and forecast. The report gives businesses the facility to research new prospect in many areas. The report shows to be an operational tool that players can use to gain a competitive superiority over their opponents and ensure lasting achievement in the market.