With 1.4X Global Growth, Revenue from the Sales of Refrigeration and Air Conditioning Compressors to Reach Nearly US$ 23 Bn by 2028

Refrigeration and Air Conditioning Compressors Market

Despite refrigeration and air conditioning compressor manufacturing being a technology-intensive and capital-intensive process, with the growth in the demand for consumer appliances, the compressor market is anticipated to expand at a moderate growth rate in the near future, according to Future Market Insights (FMI), a premier company delivering critical information, analytics, and solutions. The refrigeration segment lies in the high growth – high value quadrant and will continue to be attractive in terms of market position. Increasing investments across the consumer appliances manufacturing industry is one of the key factors responsible for 1.4X growth of the refrigeration and air conditioning compressors market during the forecast period 2018-2028.

Designed to deliver maximum cooling and heating efficiency when needed, variable speed compressors will witness increased adoption in the heating, ventilation, and air conditioning (HVAC) industry – bringing new levels of comfort, efficiency, reliability and versatility. The market research also exhibits major changes across the globe that are driving the adoption of variable speed technology to compressors in ducted style systems. Expert analysts at FMI have indicated that manufacturers are more likely to prefer R290 refrigerant as compared to the R134a compressor as it provides 30% increased efficiency and has no direct effect on global warming.

“Various government agencies and organizations are focusing on the reduction of HCFC emissions from refrigerants. According to Environment Protection Agency (EPA) guidelines, consumption of HCFCs is required to drop 99.5% by 2020 and be replaced by alternative natural refrigerants. In order to meet these standards, prominent players have already launched upgraded products, while some Tier-III category players are striving to achieve compatible technologies through R&D and partnerships”- Industrial Automation Research Specialist, Future Market Insights

Top producers are likely to focus on product capacity, production, value, consumption, market share and growth opportunity in key regions, covering North America, Eastern & Western Europe, Latin America, China, Japan, Southeast Asia & Pacific, India, and MEA.

Rapid Growth of F&B Industry and Retail Stores Coupled with Rising Number of Cold Supply Chain Facilities and Warehouses to Upswing Market

The comprehensive study on refrigeration and air conditioning compressors market goes on to reveal that an increase in F&B production, along with the expansion of cold chain capacities to ensure efficient storage and minimize wastage of food, is expected to elevate the demand for refrigeration compressors across the globe over the forecast period. Concerns about food loss is driving key players across the globe to factor in the risks and strengthen their cold supply chain infrastructure in the coming years. FMI also predicts that rapid expansion of retail stores characterized by the rising number of hypermarkets and supermarkets is likely to boost the demand for commercial refrigeration systems, which in turn, would boost the sales of refrigeration and air conditioning compressors – which is anticipated to grow at a CAGR of 4.1% during the forecast period and reach a market valuation of US$ 22,955.0 Mn by the end of 2028.

Opportunity Analysis of the Refrigeration and Air Conditioning Compressor Market

  • Increasing consumer power, sustainability, digitalization, consolidation and a growing middle class is translating into a positive outlook for the consumer appliances industry, thereby creating an opportunity for the refrigeration and air conditioning compressors market. In the mature markets including North America, Western Europe, Japan, Australia, and New Zealand – where population growth is low – sales of refrigeration and air conditioning compressors is dominated by replacement products. On the other hand, developing markets comprising Eastern Europe, Middle East, China and Asia Pacific, and Latin America are characterized by rapidly rising living standards and a large number of new households being able to invest in appliances and other household products.
  • With technology evolving at a rapid pace, the data center industry encompassing IoT, mobile, and cloud computing is likely to open new investment opportunities for air conditioning commercial compressor manufacturers. In the larger data exchange landscape, the load placed on data centers will significantly increase as data centers require a high efficiency range of cooling solutions, which optimizes the equipment performance.

China is expected to account for more than 2/5th of the global market by the end of 2018 and continue market dominance till 2028. The market for refrigeration and air conditioning compressors is predicted to grow at a significant rate in North America and India. Designing new products with special focus on energy efficiency, reliability, easy maintenance, safety and overall sustainability is likely to be the major product strategy adopted by key manufacturers of refrigeration and air conditioning compressors such as The Danfoss Group, Emerson Electric Co., LG Electronics, Mitsubishi Electric Corporation, and Huayi Compressor co. ltd

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