A new market research report by Future Market Insights on the refrigeration and air conditioning compressors market includes global industry analysis 2014–2018 and opportunity assessment 2019–2029. The report investigates the refrigeration and air conditioning compressors market and provides critical insights for the forecast period of 2019-2029. As per the findings of the report, the global refrigeration and air conditioning compressors market is expected to experience substantial growth during the forecast period due to multiple driving factors such as increasing retail stores across the globe.

The global refrigeration and air conditioning compressors market was valued at ~US$ 31 Bn in 2018, and is estimated to increase at a CAGR of ~3% during the forecast period of 2019-2029. This growth is majorly driven by the increasing consumption of refrigeration and air conditioning compressors in residential applications, commercial applications, and industrial applications. The global market of refrigeration and air conditioning compressors is estimated to be valued at US$ 15,333.5 Mn by the end of 2018, witnessing a Y-o-Y growth rate of 4.1% over the forecast period. China is estimated to account for a value share of 43.7% in the global refrigeration and air conditioning compressors market by 2018 end and is anticipated to remain dominant throughout the forecast period.

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The refrigeration and air conditioning compressors market has been experiencing significant growth for years now, particularly in China and India. Growing demand for refrigerators, display cases and air conditioners in developing countries is contributing to the substantial demand for refrigeration and air conditioning compressors in these regions.

Government regulations are expected to play an imperative role in defining the product development and innovation strategies of market players involved in the refrigeration and air conditioning compressor market. In addition, the phase-down of R22 has compelled manufacturers to increase the adoption of R410A, R407C, and R404A, according to the FMI analyst.

East Asia to Offer Lucrative Opportunities

Europe and North America regions are projected to hold significant shares in the global refrigeration and air conditioning compressors market. However, the East Asia market is anticipated to project rewarding growth in the global refrigeration and air conditioning compressors market over the forecast period of 2019-2029. This is driven by the rapid growth of the food & beverages industry coupled with the rising number of cold supply chain facilities and warehouses in the countries of East Asia such as China and South Korea.

Additionally, macroeconomic factors such as urbanization, growing population, and increasing purchasing power of middle class population, and rising standard of living are some of the other factors that are boosting the growth of refrigeration and air conditioning compressors market.

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Residential Industry to Remain Key Consumer of Refrigeration and Air Conditioning Compressors

The global refrigeration and air conditioning compressors market has been segmented on the basis of cooling capacity, types of compressors, their multiple applications, refrigerant, end use, and regions such as North America, Europe, Latin America, East Asia, South Asia, Oceania, and Middle East and Africa.

• By product, the rotary vane type of the refrigeration and air conditioning compressor segment is estimated to hold significant value shares of the global refrigeration and air conditioning compressors market.
• On the basis of cooling capacity, the less than 5 kW segment is projected to consume majority share of the global automotive lighting market value. However, the 30 to 100 kW segment is estimated to project a rapid growth in the global refrigeration and air conditioning compressor market.
• By application, the residential segment is estimated to hold significant value share of the global refrigeration and air conditioning compressors market. This segment is likely to be prominent in the global refrigeration and air conditioning compressors market across all regions. However, the commercial segment is anticipated to grow at a high CAGR during the forecast period. Transportation and medical & healthcare applications are also growing at a moderate CAGR during the forecast period.

Refrigeration and Air Conditioning Compressors Market: Vendor Insights

The report indicates some of the prominent market players, who are recognized as leaders in the global refrigeration and air conditioning compressors market. Some of the key players in the global refrigeration and air conditioning compressors market are Emerson Electric Co., Danfoss Group, Huayi Compressor Co., Ltd., Mitsubishi Electric Corporation, Nidec Corporation, Midea Group, Panasonic Corporation, LG Electronics, Inc., United Technologies Corporation, MAYEKAWA MFG. CO., LTD., GEA Group AG, Daikin Industries Ltd., and CAREL Industries S.p.A., among others.

The global refrigeration and air conditioning compressors market is considerably consolidated with some players holding prominent shares of the market. These players are offering refrigeration and air conditioning compressors under their several brands.

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How Growth Will Unfold

Manufacturers operating within the global refrigeration and air conditioning compressor market are likely to tune their product development strategies based on the evolving regulations. Further, in their efforts to develop ‘smart compressors’, market players will lean towards the adoption of novel technologies and mechanical innovations.

In addition, the overall growth of the commercial sector and increasing trade volume of frozen food are some of factors that are tipped to propel the growth of the global refrigeration and air conditioning compressors market in the coming years.

Key Segment

By Cooling Capacity

• Less than 5 kW
• 5 to 30 kW
• 30 to 100 kW
• 100 to 300 kW
• 300 to 500 kW
• 500 to 1000 kW
• Above 1000 kW

By Product Type

• Rotary Vane
• Scroll
• Reciprocating
• Screw
• Centrifugal

By Refrigerant Type

• R410A
• R407C
• R404A
• R134A
• R290
• R744
• Others

By Application 

• Residential
• Commercial
• Medical & Healthcare
• Industrial
• Transportation

By End Use 

• Refrigeration
• Air Conditioning