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Refrigeration and Air Conditioning Compressors Market Estimated to Reach a US$ 22,955.0 Million Value by 2028

Feb 25th 2019 at 12:08 AM

Market Research Reports Search Engine (MRRSE) has recently updated its massive report catalog by adding a fresh study titled “Refrigeration and Air Conditioning Compressors Market Estimated to Reach a US$ 22,955.0 Million Value by 2028”. This business intelligence study encapsulates vital details about the market current as well as future status during the mentioned forecast period of 2028. The report also targets important facets such as market drivers, challenges, latest trends, and opportunities associated with a growth of manufacturers in the global market for Refrigeration and Air Conditioning Compressors. Along with these insights, the report provides the readers with crucial insights on the strategies implemented by leading companies to remain in the lead of this competitive market.

Refrigeration and air conditioning compressors considered under the scope of the report include compressors that are utilized only for residential, commercial and industrial purposes. Refrigeration and air conditioning compressors provide air conditioning, heat pumping and refrigeration for large-scale facilities and equipment.

The global Refrigeration and Air Conditioning Compressors market is estimated to be valued at US$ 15,333.5 Mn by 2018 end and is expected to reach US$ 22,955.0 Mn by the end of 2028 while expanding at a CAGR of 4.1% over the forecast period. The global Refrigeration and Air Conditioning Compressors market is anticipated to represent incremental opportunity of US$ 7,621.6 Mn between 2018 and 2028.

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Rapid growth of food & beverage industry is escalating the demand for refrigeration and air conditioning compressors

Growth in food and beverage production and expansion of cold chain capacities to ensure efficient storage and minimize wastage of food are the two factors expected to boost the demand for refrigeration and air conditioning compressors across the globe over the next decade. Various initiatives are being taken to minimize food loss at production and distribution levels.

Various countries across the globe are strengthening their cold supply chain infrastructure to minimize the wastage of food and beverages. For instance, according to the Global Cold Chain Alliance, refrigerated warehouse capacity in the U.S. increased at a CAGR of 9% between 2008 and 2014.

The aforementioned reasons are expected to boost the sales of refrigeration and air conditioning compressors across various countries.

Centrifugal product type segment of the global refrigeration and air conditioning compressors market is anticipated to grow at a fast pace

Based on product type, the global Refrigeration and Air Conditioning Compressors market is segmented into reciprocating, screw, centrifugal, rotary and scroll types. Reciprocating compressors are one of the most widely utilized refrigeration and air conditioning compressors across the globe.

On the basis of application, the global Refrigeration and Air Conditioning Compressors market is segmented into residential, commercial and industrial. Residential segment accounted for 38.6% share in 2017 in the global refrigeration and air conditioning compressors market.

On the basis of refrigeration, the global Refrigeration and Air Conditioning Compressors market is segmented into R290, R404A, R410A, R744, R134A, R407C and others. Others refrigerant segment is expected to grow at a significant rate over the forecast period in the global refrigeration and air conditioning compressors market.

On the basis of end-use, the global Refrigeration and Air Conditioning Compressors market is segmented into refrigeration and air conditioning. Refrigeration segment is expected to dominate the overall refrigeration and air conditioning compressors market.

China is expected to remain the dominant regional market over the forecast period

On the basis of geography, the global Refrigeration and Air Conditioning Compressors market is segmented into North America, Latin America, Western Europe, Eastern Europe, China, India, Japan, South East Asia & Pacific and Middle East & Africa. The China Refrigeration and Air Conditioning Compressors market accounted for a value share of 43.6% in 2017 and is projected to retain its dominance in the global Refrigeration and Air Conditioning Compressors market over the forecast period. The China Refrigeration and Air Conditioning Compressors market is expected to represent significantly high incremental opportunity between 2018 and 2028 and the Eastern Europe Refrigeration and Air Conditioning Compressors market is projected to expand at a relatively low growth rate, in terms of both value and volume, over the forecast period. Sales of Refrigeration and Air Conditioning Compressors in India is expected to represent a total incremental opportunity of US$ 451.2 Mn between 2018 and 2028.

Leading market players dominating the global refrigeration and air conditioning compressors market

Some of the leading market players in the global Refrigeration and Air Conditioning Compressors market include 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. Key manufacturers of the Refrigeration and Air Conditioning Compressors are involved in the long-term supply contracts with the consumer appliances manufacturers to gain market share.

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