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The refrigerant compressors market size is estimated to grow by USD 3.84 billion at a CAGR of 4.5% between 2023 and 2028. The market is experiencing significant growth due to the expanding commercial refrigeration industry, driven by the increasing demand for cold storage and temperature-controlled logistics. Compressors are essential components in refrigeration systems, and their market is influenced by several trends, including the rising pressure requirements for compressors to enhance energy efficiency and reduce greenhouse gas emissions. Additionally, regulatory policies, such as the European Union's F-Gas Regulation, are driving the transition towards natural refrigerants and phasing out high-global-warming-potential (GWP) refrigerants, creating new opportunities for compressor manufacturers. These trends and regulatory shifts are shaping the refrigerant compressors market dynamics and are expected to continue influencing its growth trajectory.
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Refrigerant compressors are essential components in refrigeration systems, used to compress and pressurize refrigerant gases for effective cooling. The market for refrigerant compressors encompasses various types, including Reciprocating compressors, Rotary compressors, and Centrifugal compressors. These compressors find extensive applications in Cold-chain industries, particularly in the Food & Beverage sector, Retail outlets, and the Transportation sector. The Food & Beverages sector, including frozen meals and Fast-moving consumer goods, relies heavily on refrigeration for preserving perishable goods. The Indian government's Production Linked Incentive scheme is expected to boost the demand for refrigerant compressors in the Cold chain sector. Refrigerant compressors use refrigerant gases like Ammonia, Freon, and Carbon Dioxide. The system consists of a Condenser, Expansion valve, and Evaporator, which work together to cool the refrigerant and maintain the desired temperature. The Refrigeration industry's growth is driven by the increasing demand for refrigerators and refrigeration systems in various sectors. Medicines also require refrigeration for storage and transportation, further expanding the market for refrigerant compressors. Overall, the Refrigerant Compressor market is expected to witness significant growth due to the increasing demand for refrigeration systems in various industries. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growth of commercial refrigeration market is notably driving market growth. The market plays a crucial role in ensuring the preservation and transportation of temperature-sensitive items, such as medicines and ready-to-eat food items, through cold chain logistics. Cold-chain infrastructure relies heavily on refrigerant compressors to maintain optimal temperatures, thereby extending the shelf life and ensuring the quality of food and beverages, chemicals, and other perishable goods. The choice of refrigerant type significantly influences the performance and efficiency of compressors in various applications within HVAC systems and cold-chain logistics. Companies specializing in refrigerant compressors continue to innovate and improve their offerings to meet the evolving demands of various industries. Thus, such factors are driving the growth of the market during the forecast period.
The increasing pressure requirements for compressors is the key trend in the market. The market plays a crucial role in ensuring the preservation of medicines, ready-to-eat food items, and other perishable goods through cold chain logistics and infrastructure. Refrigerant compressors are essential components in refrigeration systems used for food and beverages, chemicals, and HVAC applications. The choice of refrigerant type significantly impacts the performance and efficiency of these systems. Cold chain logistics relies heavily on the reliable operation of refrigerant compressors to maintain the required temperature conditions for transporting and storing perishable goods. The refrigerant compressor market is driven by the growing demand for cold chain infrastructure to maintain the quality and safety of various industries, including food and beverages, pharmaceuticals, and chemicals. Thus, such trends will shape the growth of the market during the forecast period.
The changes in regulatory policies is the major challenge that affects the growth of the market. The refrigerant compressor market plays a crucial role in ensuring the preservation of medicines, ready-to-eat food items, and other perishable goods through cold chain logistics and infrastructure. Refrigerant compressors are essential components in refrigeration systems used for food and beverages, chemicals, and HVAC applications. The choice of refrigerant type significantly influences the performance and efficiency of these systems. Cold chain logistics relies heavily on the reliable operation of refrigerant compressors to maintain optimal temperatures and preserve the quality of the goods being transported. Food and beverage industries, in particular, depend on refrigerant compressors to ensure the freshness and safety of their products. The market for refrigerant compressors is expected to grow steadily due to the increasing demand for temperature-controlled storage and transportation solutions. Hence, the above factors will impede the growth of the market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Daikin Industries Ltd. - The company offers refrigerant compressors that includes Daikin refrigeration compressor, Daikin DC inverter scroll compressor and Jt160G-P8Y1 daikin.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The hermetic segment is estimated to witness significant growth during the forecast period. Refrigerant compressors play a vital role in the cold-chain industry, powering various refrigeration systems used in food and beverage production, storage, and transportation.
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The hermetic segment accounted for USD 4.42 billion in 2018. Three primary types of compressors are commonly used: reciprocating compressors, rotary compressors, and centrifugal compressors. Reciprocating compressors, with their simple design and affordability, dominate the market. Rotary compressors, known for their energy efficiency, are popular in larger applications. Centrifugal compressors, the largest and most powerful, are used in industrial refrigeration systems. The Food & Beverage sector, Cold-chain capabilities, and Retail food outlets are significant markets for refrigerant compressors. Ammonia, Carbon dioxide, Hydrofluorocarbons, and Hydrochlorofluorocarbons are commonly used refrigerant gases. The Domestic segment, driven by consumer appliances like refrigerators, is also a growing market. Inflation and consumer purchasing power influence market trends. Advancements in technology, such as Artificial Intelligence and the Internet of Things, are transforming refrigeration systems. Scroll compressors and Screw compressors offer energy efficiency and reliability. Frozen meals, Fast-moving consumer goods, and Perishable goods all benefit from advanced refrigeration systems. Food insecurity, Food waste, and Foodborne illnesses are significant challenges addressed by these technologies. The Middle-class population's increasing demand for better food preservation and storage solutions further fuels market growth.
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APAC is estimated to contribute 66% to the growth of the global market during the market forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Refrigerant compressors are essential components in refrigeration systems, powering the compression of refrigerant gases such as Ammonia, Carbon dioxide, Hydrofluorocarbons, and Hydrochlorofluorocarbons. The market for refrigerant compressors caters to various industries, including cold-chain and food & beverage. Reciprocating compressors, rotary compressors, centrifugal compressors, scroll compressors, and screw compressors are the primary types used in these applications. The cold-chain industry, particularly in food & beverage, benefits significantly from advanced refrigeration systems. The sector's growth is driven by the Production Linked Incentive, increasing consumer purchasing power, and the middle-class population's expanding demand for consumer appliances like refrigerators and refrigeration systems. Cold chain capabilities are crucial in retail food outlets, ensuring the preservation of perishable goods, reducing food waste, and preventing foodborne illnesses. Artificial Intelligence and the Internet of Things are transforming the refrigerant compressor market by enabling predictive maintenance, optimizing energy consumption, and enhancing overall system efficiency. Inflation, however, poses a challenge to the market's growth. The chemical sector also relies on refrigerant compressors for various processes, further expanding the market's scope. Frozen meals and fast-moving consumer goods are other significant applications for refrigerant compressors. The evaporator, condenser, expansion valve, and refrigerant gas are integral parts of refrigeration systems that work in tandem with refrigerant compressors.
The market report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
Refrigerant compressors are essential components in various industries, including Cold-chain industries, Food & beverage, and Chemical sector. These compressors come in different types such as Reciprocating compressors, Rotary compressors, Centrifugal compressors, Scroll compressors, and Screw compressors. The Food & beverages sector and Retail food outlets use refrigerant compressors to keep perishable goods at optimal temperatures. The production of frozen meals, fast-moving consumer goods, and other food products relies heavily on these compressors. Inflation and Food insecurity have increased the demand for efficient refrigeration systems. The use of refrigerant gases like Ammonia, Carbon dioxide, Hydrofluorocarbons, and Hydrochlorofluorocarbons in refrigerant compressors has been a topic of debate due to their impact on the environment. The Domestic segment is also a significant market for refrigerant compressors, with consumer appliances like refrigerators being the primary end-users. The Middle-class population and Consumer purchasing power have influenced the growth of this market. Advancements in technology, such as Artificial Intelligence and Internet of Things, have led to the development of smart refrigeration systems, enhancing Cold chain capabilities and reducing food waste and foodborne illnesses. The Indian government's Production Linked Incentive scheme has also boosted the refrigerant compressor market in India. The Refrigerant compressor market comprises of various components like Condenser, Expansion valve, and Evaporator, which work together to maintain the desired temperature and pressure in refrigeration systems.
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Market Scope |
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Report Coverage |
Details |
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Page number |
159 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.5% |
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Market growth 2024-2028 |
USD 3.84 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
4.23 |
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Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 66% |
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Key countries |
China, US, India, Japan, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
BITZER Kuhlmaschinenbau GmbH, Carrier Global Corp., Daikin Industries Ltd., Danfoss AS, Emerson Electric Co., Frascold Spa, Fusheng Precision Co. Ltd., GEA Group AG, Hanbell Precise Machinery Co. Ltd., Johnson Controls International Plc., LG Electronics Inc., MAYEKAWA MFG. CO. LTD., Mitsubishi Electric Corp., Nidec Corp., OFFICINE MARIO DORIN Spa, Panasonic Holdings Corp., Ramco Industries Ltd, Tecumseh Products Co. LLC, TORAD Engineering LLC, and Zhuhai Gree Electric Appliances Co. Ltd |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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