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Refrigerant Compressors Market Expected to Reach $59.7 Billion by 2032—Allied Market Research

 
2022
Refrigerant Compressors Market

Report Code : A09724

quote Incorporation of latest technology in the refrigeration systems is leading to more eco-friendly operation of the system, at a relatively lower cost of operation. Inclusion of Internet of Things (IoT), artificial intelligence, cloud connectivity, and others have specifically advanced the refrigeration systems industry. This also helps in maximizing heat-transfer efficiency and reducing refrigerant charge in a compact, lightweight design. Thus, the advantages in technology provides lucrative growth opportunity to the players in the refrigerant compressors market. quote

Sonia Mutreja - Manager
Construction and Manufacturing at Allied Market Research

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According to a new report published by Allied Market Research, titled, “Refrigerant Compressors Market," The refrigerant compressors market size 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 widely used in industries producing perishable goods such as food and beverages, and pharmaceutical products. In addition, various chemicals and other volatile substances are also stored in refrigerated environments. Furthermore, various other industries such as food & beverage, chemical & petrochemical, pharmaceutical extensively use refrigerant compressors for refrigeration and chilling applications.

The major types of refrigerant compressors are centrifugal, rotary, and reciprocating. Among these, the rotary compressor segment accounted for the largest refrigerant compressors market share in 2022. On the other hand, the reciprocating segment is anticipated to grow with a higher CAGR during the forecast period. Furthermore, refrigerant compressors systems incorporate different types of refrigerants, including ammonia, carbon dioxide, hydrofluorocarbons (HFC), hydrochlorofluorocarbons (HCFC), and others. Out of these segments, the hydrofluorocarbons (HFC) segment generated a large revenue share in 2022. This is mainly attributed to its usage for decades, and most of the refrigeration systems are already using this refrigerant.

However, the rising demand for eco-friendly refrigerants is expected to restrain the growth of hydrofluorocarbons (HFC) and other such refrigerants and will pave the way for refrigerants that are natural and safe for the environment. One such refrigerant is carbon dioxide, which is therefore expected to grow with a higher CAGR during the forecast period. Moreover, by end user industry, the market is segmented on the basis of food & beverage, chemical & petrochemical, pharmaceutical, domestic and other. Among these, the food & beverage segment accounted for a higher market share in 2022, attributed to increased consumption of processed food and beverages driven by the rising disposable income of people. However, owing to the growing geriatric population which drives the demand for pharmaceutical products, it is expected to help the pharmaceutical segment witness a higher CAGR during the forecast period.

The refrigerant compressors market is experiencing a surge owing to the growth in population and increase in the consumption of packaged food, beverages, meat products, dairy, and others, included in the food & beverage industry. In addition, upgradation of existing cold storages in developing countries is also driving the refrigerant compressors market. Moreover, the adoption of eco-friendly and energy-efficient refrigerants is a major factor driving the refrigerant compressors market. However, high maintenance and operating costs act as restraints to the refrigerant compressors market. Contrarily, the technological developments in the refrigeration systems are expected to provide lucrative growth opportunities to the market players in the coming years.

Furthermore, the rise in production, consumption, and trade of perishable and temperature-sensitive products which are transported and stored in a temperature-controlled or refrigerated medium is driving the growth of the cold-chain industry. For instance, in October 2022, the Guangzhou Nansha international logistics center began its operation of cold chain import business. Guangzhou Nansha international logistics center is the largest single cold storage in China.

Moreover, in December 2022, a 5,000 metric ton capacity cold-storage facility began its operation in the Assam state of India. This cold storage facility is said to be the largest in the Northeastern region of the country. These facilities significantly require various refrigeration systems; therefore, many companies in the refrigeration market have launched their refrigeration products for the cold-chain industry. For instance, in October 2022, Daikin Europe NV unveiled Monoblock and other new sustainable cold chain refrigeration solutions. Thus, rise in the cold-chain industry is driving the refrigerant compressors market growth.

In 2022, Asia-Pacific dominated the global refrigerant compressors market, in terms of revenue. This is mainly attributed to the high concentration of food and beverages, and pharmaceuticals manufacturing facilities, along with a large population which drives the growth of various other industrial sectors. On the other hand, LAMEA is expected to grow with a higher CAGR during the forecast period, owing to its high potential for industrialization, and growing food and beverages industry.

However, various businesses in the refrigerant compressors market are experiencing difficulties in day-to-day operations owing to rising inflation worldwide, especially in Europe, North America, Latin America, and Sub-Saharan Africa. The inflation, which is primarily driven by the Ukraine and Russia war has led to higher prices of various raw materials used in the industry including metal and has also led to fluctuations in the energy and food prices.

Key Benefits for Stakeholders

  • The report provides an extensive analysis of the current and emerging refrigerant compressors market trends and dynamics. 
  • In-depth refrigerant compressors market analysis is conducted by constructing market estimations for key market segments between 2022 and 2032.
  • Extensive analysis of the refrigerant compressors market overview is conducted by following key product positioning and monitoring of top competitors within the market framework.
  • A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
  • The refrigerant compressors market forecast analysis from 2023 to 2032 is included in the report.
  • The key players within the refrigerant compressors market are profiled in this report and their strategies are analyzed thoroughly, which helps understand the competitive outlook of the refrigerant compressors industry.

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quote Refrigerant Compressors Market by Type (Centrifugal, Rotary, Reciprocating), by Refrigerant (Ammonia, Carbon Dioxide, Hydroflurocarbon (HFC), Hydrochlorofluorocarbons (HCFC), Others), by End User Industry (Food and Beverage, Chemical and Petrochemical, Pharmaceutical, Domestic, Other): Global Opportunity Analysis and Industry Forecast, 2023-2032 quote

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