Global Refrigeration And Air Conditioning Compressors Market Is Set To Register A CAGR Of 2.7% Between 2022 And 2029
A new market research report by Future Market Insights on
the refrigeration and air conditioning compressors market includes
global industry analysis 2014–2021 and opportunity assessment 2022–2029.
The report investigates the refrigeration and air conditioning compressors
market and provides critical insights for the forecast period of 2022-2029.
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 value at US$ 34.2 Bn in 2022, and is estimated to increase at a
CAGR of 2.7% during the forecast period of 2022-2029. This growth is majorly
driven by the increasing consumption of refrigeration and air conditioning
compressors in residential applications, commercial applications, and
industrial applications.
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.
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https://www.futuremarketinsights.com/reports/refrigeration-and-air-conditioning-compressors-market
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 2022-2029.
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.
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.
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