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:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Historic Year |
2020 |
|
Market Size in 2020 |
$35,073.7 million |
|
Market Size in 2032 |
$59,711.6 million |
|
CAGR |
4.5 % |
|
No. of Pages in Report |
190 |
|
Segments covered |
Type, Refrigerant, End User Industry, and Region. |
|
Drivers |
Growth of the cold-chain industry Growth of food and beverages and pharmaceutical industries, Industrialization in developing economies |
|
Opportunities |
Advancements in Technology |
|
Restraints |
Strict government regulations High initial costs and maintenance expenses |
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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