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Refrigerant Compressors Market: Global Opportunity Analysis and Industry Forecast, 2020–2027

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Jan 2021 | 54 Views
 
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Refrigeration is the process of heat removal from a substance or an enclosed system to achieve suitable temperature. A refrigeration compressor is a mechanical device which is an integral component of the refrigeration system. The function of a refrigeration compressor unit is to circulate the refrigerant under pressure, while dissipating the heat into the surrounding. Temperature sensors are used to prompt the starting of the compressor's action. The refrigerant compressor increases the pressure and temperature of the vaporized refrigerant. The refrigerant flows from the evaporator coil through the compressor and results in increase of the pressure of the coolant. The vaporized refrigerant then flows to the condenser unit where it transforms to liquid state and releases heat due to the exothermic process. From the condenser, the refrigerant flows to the expansion valve and undergoes a drop of pressure. From the expansion valve, the refrigerant flows to the evaporator where the liquid refrigerant draws heat from the evaporator' environment. This heat vaporizes the liquid refrigerant. The vaporized refrigerant then flows back to the compressor where the cycle continues. Refrigeration systems cool objects through repeated refrigeration cycles. The performance of the refrigeration compressor unit is very important to the performance of the refrigeration system. There are different types of compressors for refrigeration applications. 

Market scope and structure analysis:

Report Metric

Details

  Market size available for years

  2019–2027

  Base year considered

  2019

  Forecast period

  2020–2027

  Forecast units

  Value (USD Millions)

  Segments covered

Type, Refrigerant Used, Application, Industry Vertical, and Region

  Geographies covered

North America (US, Mexico and Canada), Europe (Germany, UK, France, Italy, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, and the Rest of Asia Pacific), LAMEA (Latin America, Middle East, and Africa)

  Companies covered

The major players include Bitzer SE, Danfoss, Emerson Electric Co., Mitsubishi Electric Corporation, Panasonic Corporation of North America, GMCC Company, Fusheng Co. Ltd., Hanbell Precise Machinery Co. Ltd., Torad Engineering and Ramco among others.

 

COVID-19 scenario analysis:

  • COVID-19 pandemic has forced many companies including manufacturers and service providers in the HVAC market to halt their business operations to comply with new government rules and regulations. This halt in operations directly impacts the revenue flow of the market players and thereby the global refrigerant compressors market. 
  • Moreover, research scientists are unable to rule out the possibility of spread of coronavirus through heating, ventilation, and air conditioning (HVAC) systems. 
  • Consumers around the world are confused whether HVAC air filtration systems can protect them from COVID-19 exposure. 
  • Some systems like germicidal wavelength UV fixtures were capable of filtering air in previous cases of SARS and MERS viruses but the same cannot be scientifically claimed for COVID-19, as research is still ongoing.
  • Installation and servicing operations would be impeded as contact prevention norms reduce the number of orders that can be handled per day by HVAC companies.
  • Therefore, the refrigerant compressors market is expected to get negatively affected in 2020. 

Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis

Refrigeration compressors are used in various applications. Apart from the domestic sector, commercial refrigeration systems are used in the food & beverage, food retail, transportation, chemical, healthcare industries among others. Refrigeration systems and by extension refrigeration compressors are very important for the process of food preservation. Various types of refrigeration compressors are available in the market depending upon the type of application. Among the various industries which use refrigeration compressors, a few examples are food and beverage, transportation, chemical, health care, pharmaceutical and automotive industry. The rising disposable income of the average consumer globally, growing global population and urbanisation are some of the factors driving the demand for modern air conditioners and refrigerators and by extension, the refrigerant compressors. Proper refrigeration and air conditioning are important for various reasons including maintenance of comfortable living and working environment, preservation of food and medication being some of the chief factors. Growing awareness regarding energy conservation is a also a major driver for the global HVAC and refrigerant compressors markets. Despite the vast technological advancements made however, refrigeration compressors still require regular maintenance as otherwise they may fail and cause huge losses. This is a major restraining factor of the global refrigerant compressors market. Moreover, refrigeration systems expel many harmful gases into the environment, which is a major challenge for manufacturers in the refrigeration compressor market. The opportunity for growth of the global refrigerant compressors market come from the stringent environmental and energy-efficiency related regulations imposed by various governments and international bodies that are creating new demand for better designed and improved products in the HVAC systems and equipment market.

The global Refrigerant Compressors Market trends are as follows:

Growth of global food & beverage, food retail and food service industries

Commercial refrigerators are used widely for food storage and food retail applications. Consumption of processed and frozen food is growing globally. Food retail industry is also growing around the world as more and more supermarkets and hypermarkets are being built. The demand for frozen foods, packed foods and processed foods is increasing rapidly. These are some of the major drivers that are expected to boost the growth of the global refrigeration compressor market. Refrigeration systems are widely used in the transportation and logistics industry for the preservation and safe transport of perishable food items. Emergence of online food delivery applications which offer added advantages such as convenience, discounts, and free delivery services is expected to increase the consumption of food from food service establishments, subsequently driving the demand for refrigeration systems and refrigerant compressors. Hence, due to the above-mentioned factors, the refrigeration compressor market is expected to grow in the future. 

Rising global population, urbanisation and increasing disposable income of consumers worldwide

Rising global population, rise in disposable income of the average consumer worldwide, rapid urbanization are all important drivers for the growth of the global HVAC industry and this in turn is expected to significantly help the growth of the refrigerant compressors market. According to data of United Nations (U.N) more than 54% of global population is living in urban areas, which is generating employment opportunities and improving income level of individuals. Due to the aforementioned factors of growing population, urbanisation and increased standard of living of consumers around the world, creating growth opportunities for the global air conditioners market and as a result the global refrigerant compressors market as well. The use of refrigerators for household purposes is becoming more economical due to advancements in technology. Commercial refrigerators are used widely for food storage and retailing purposes. Consumption of processed food and packet food is growing worldwide. Moreover, the growing importance of sterile and contaminant free air in healthcare facilities and other industries like the medical & pharmaceutical industries is expected to help the global refrigerant compressor market grow in the future. The pharmaceutical industry requires highly advanced refrigeration systems for the process of cooling medicinal products as well as other important uses like blood bank refrigerators. Hence, the global refrigeration compressors market is expected to grow in the future. 

Key segments covered:

Segments

Sub-segments

  Type

  • Reciprocating compressor
  • Screw compressor
  • Centrifugal compressor
  • Rotary compressor
  • Scroll Compressor
  • Others

  Refrigerant Used

  • CO2
  • R290
  • R410A
  • Others

  Application

  • Domestic
  • Commercial

  Industry vertical

  • HVAC
  • Food and beverages
  • Logistics and transportation
  • Chemical
  • Pharmaceutical
  • Automobile
  • Others

 

Key benefits of the report:

  • This study presents the analytical depiction of the global refrigerant compressors market industry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global refrigerant compressors market share.
  • The current market is quantitatively analyzed from 2019 to 2027 to highlight the global refrigerant compressors market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
  • The report provides a detailed global refrigerant compressors market analysis based on competitive intensity and how the competition will take shape in coming years. 
 
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