Chilling Prosperity: Refrigeration and Air Conditioning Compressors Market Aims for US$47.2 Billion by 2033 - Insights by FMI Analysis

During the projected period, the market for compressors for refrigeration and air conditioning is anticipated to grow at a CAGR of 3%. In 2023, the market was valued at US$ 35.1 billion, and by 2033, it had grown to US$ 47.2 billion.

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.

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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, increasing purchasing power of middle-class population, and rising standard of living are some of the other factors that are boosting the growth of the 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 the majority share of the global automotive lighting market value. However, the 30 to 100 kW segment is estimated to project rapid growth in the global refrigeration and air conditioning compressor market.
By application, the residential segment is estimated to hold a 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.

Other Essential Players in the Global 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.
CAREL Industries S.p.A

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Key Segments in the Refrigeration and Air Conditioning Compressors Market

Cooling Capacity:

Less than 5 kW
5 to 30 kW
30 to 100 kW
100 to 300 kW
300 to 500 kW
500 to 1000 kW
Above 1000 kW

Product Type:

Rotary Vane
Scroll
Reciprocating
Screw
Centrifugal

Refrigerant Type:

R410A
R407C
R404A
R134A
R290
R744
Others

Application:

Residential
Commercial
Medical & Healthcare
Industrial
Transportation

End Use:

Refrigeration
Air Conditioning

Region:

North America
Latin America
Europe
East Asia
South Asia
Oceania
The Middle East and Africa

Nandini Singh Sawlani
Future Market Insights Inc.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

This release was published on openPR.