Refrigeration and Air Conditioning Compressors Market CAGR Projected to Grow at 4.01 % through 2028
The refrigeration and air conditioning compressors market has been experiencing significant growth for years now, particularly in China and India. Growing demand for refrigerators, display cases and air conditioners in developing countries is contributing to the substantial demand for refrigeration and air conditioning compressors in these regions.
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However, the global refrigeration and air conditioning compressors market is expected to face certain challenges. The manufacturing of refrigeration and air conditioning compressors is technology-intensive as well as capital-intensive. Technology-intensive characteristics thereof reflect in precision manufacturing, which requires expensive precision processing equipment as well as a high level of management and production, continuously accumulated know-how in a relatively long period as well as continuous improvement in quality and reliability of compressors. The aforementioned reasons are expected to restrain the growth of the global refrigeration and air conditioning compressors market.
Introduction of sustainable compressors for commercial refrigeration application is a key trend identified in the global refrigeration and air conditioning compressors market across the globe.
On the basis of product type, the reciprocating segment is anticipated to dominate refrigeration and air conditioning compressors production over the forecast period
On the basis of application, the residential segment is expected to register moderate growth in terms of value over the forecast period in the global refrigeration and air conditioning compressors market
On the basis of refrigeration, the others segment is anticipated to dominate the market in terms of value. This segment accounted for a 27.3% value share of the global refrigeration and air conditioning compressors market in 2017
On the basis of end-use, the refrigeration segment is anticipated to dominate the market in terms of value in the overall refrigeration and air conditioning compressors market
China and South East Asia & Pacific are estimated to have collectively accounted for more than 3/5th of the overall value share in the global refrigeration and air conditioning compressors market by the end of 2017. The China refrigeration and air conditioning compressors market is expected to remain dominant over the forecast period. Asia Pacific is a key production base for various products, including consumer appliances (refrigerators, freezers, etc.) and hence, the region is expected to create significant growth opportunities with a relatively high CAGR in the global refrigeration and air conditioning compressors market.
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The report highlights some of the top companies operating in the global refrigeration and air conditioning compressors market such as Emerson Electric Co., The Danfoss Group, Mitsubishi Electric Corporation, GEA Group AG, Bitzer SE, Frascold S.p.A., Fusheng Co., Ltd., LG Electronics, Inc., Huayi Compressor Co., Ltd., Mayekawa Mfg. Co., Ltd., Panasonic Corporation, Midea Group, Nidec Corporation, Officine Mario Dorin S.p.A., and Tecumseh Products Company LLC.
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