PUBLISHER: Allied Market Research | PRODUCT CODE: 1414795
PUBLISHER: Allied Market Research | PRODUCT CODE: 1414795
According to a new report published by Allied Market Research, titled, "Refrigerant Compressors Market," The refrigerant compressors market was valued at $35.1 billion in 2020, and is estimated to reach $59.7 billion by 2032, growing at a CAGR of 4.5% from 2023 to 2032.Refrigerant compressors are pumps that enable the flow of the refrigerant in the refrigerant system. The compressor works by increasing the pressure and temperature of the vaporized refrigerant. There are different types of compressors for refrigeration applications.
Refrigerant compressors are a vital component of refrigeration systems that circulate and compress refrigerant gases. Refrigerant compressors play a crucial role in the refrigeration process, as they are responsible for compressing the low-pressure, low-temperature refrigerant vapor into a high-pressure, high-temperature vapor, that is then condensed into a liquid state. This high-pressure liquid then expands, which causes it to evaporate and absorb heat from its surroundings, thereby cooling the area.
The growth in demand for refrigerant compressors systems is mainly driven by the growth in the food and beverages industry. The refrigeration system is essential for preventing the spoilage of various food and beverage products such as dairy, desserts, ice cream, meat, and other frozen and non-frozen food. Moreover, the rise in the trend of upgrading cold storage infrastructures across emerging economies also drives the growth of the refrigerant compressors market.
Furthermore, the rise in the adoption of energy-efficient and eco-friendly compressors is another factor boosting the refrigerant compressors market. However, high energy consumption for operation and high investment in the maintenance of refrigerant compressors systems hamper the growth of the refrigerant compressors market. In addition, stringent regulations related to the usage of refrigerants are acting as a restraint to the refrigerant compressors market. On the contrary, the introduction of advanced technologies such as innovative IoT-enabled refrigeration monitoring solutions provides growth opportunities for the refrigerant compressors market growth.
Furthermore, due to rising inflation driven by Ukraine-Russia war, the prices of raw materials are experiencing increased volatility across the world. This has led to slow-paced growth of the refrigerant compressors market.
The refrigerant compressors market is segmented on the basis of type, refrigerant, end user industry, and region. Depending on type, the market is categorized into centrifugal, rotary, and reciprocating. On the basis of refrigerant type, it is divided into ammonia, carbon dioxide, hydrofluorocarbons (HFC), hydrochlorofluorocarbons (HCFC), and others. As per end user industry, the market is classified into food & beverage, chemical & petrochemical, pharmaceutical, domestic and other. Region wise, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, Italy, UK, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, Malaysia, Indonesia, Singapore, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Competition Analysis
Competitive analysis and profiles of the major players in the refrigerant compressors market are provided in the report. Major companies in the report include Bitzer, Danfoss, Tecumseh Products Company LLC, Copeland LP, Panasonic, Mitsubishi Electric Corporation, LG Electronics, Carrier, Samsung, and Johnson Controls.
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