Refrigerant Compressors Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2019 - 2025
Report ID: GMI2516
Refrigerant Compressors Market Size is projected to witness significant growth owing to wide application in walk-in coolers, refrigerators and air conditioners. Changing climatic conditions and increasing awareness towards air pollutions are the key factors shifting consumer trends towards quality ventilation, thus boosting product demand.
Refrigeration is a heat removal process, compressors are mostly installed in confined spaces or extreme climatic to achieve suitable temperature. Increasing demand for the product due to its efficient capacity to generate high refrigeration pressure for air conditioning and chilling in food storages & preservation will propel refrigerant compressors market growth.
Refrigerant compressors are essential components in the refrigeration system for increasing refrigerant vapor pressure in the condenser to achieve suitable temperature. In the overall compressing process components such as fluids, hydrogen & natural gases, condenser, evaporator, and expansion devices are critical for controlling temperature.
End use industry for refrigerant compressor such as automotive industry will witness significant growth owing to its maintaining good air quality inside cabins in the passenger and commercial vehicles. Moreover, the large presence of refrigerant compressors in aftermarket and OEM market for consumer in chilling or air conditioning is the prominent factors fueling refrigerant compressors market share during forecast time.
Cold chain industry growth owing to increasing requirements to store frozen products such as poultry meat, dairy products, perishable food products and fruits & vegetables will stimulate demand. Rising adoption of chilling machineries by processing companies for broad industrial application will fuel refrigerant compressors market growth during a forecast time frame.
Technological advancements enhance overall refrigeration performances, including reliable operation, less noise, and higher efficiency to sustain for long life are the key aspects boosting market penetration. The product has application in several industries such as food & beverage, engineering, processing, chemical, healthcare, pharmaceutical, and transportation. Food and beverage segment is expected to hold a major market share owing to the widespread usage for frozen food and fruits & vegetable preservation. Moreover, the pharmaceutical industry is expected to gain notable adoption for the preservation of medicines and raw materials at freezing temperatures. Stringent government regulation for manufacturers and high cost associated with manufacturing are the key factors hampering refrigerant compressors market demand during the forecast time.
The products are segmented into reciprocating, centrifugal, screw, rotary, scroll and other. The reciprocating segment is expected to dominate market share due to its wide domestic application. The refrigerator holds a maximum presence in most of the household for the chilling and freezing application. Rising demand for air conditioners in urban and semi-urban cities in both domestic and commercial usage stimulating refrigerant compressor market size.
Application segment is categorized into domestic and industrial. Domestic segment is anticipated to hold a large market share. Increasing demand for the refrigerator designed for domestic application supporting industry growth during a forecast time frame. Growing numbers of supermarkets and hypermarkets require HVAC systems for temperature controlling and providing excellent air quality will propel product demand in commercial application.
North America market is expected to witness significant growth owing to the presence of prominent industry requiring refrigerant compressors. Need to have a strong presence of the cold chain industry for commercial transport systems with chilling facility in food and chemical sector will stimulate regional industry growth.
Asia Pacific refrigerant compressors market is expected to exhibit highest growth rate owing to emerging economic growth, rapid industrialization and growing new companies. Strong economic growth in India and China leading towards a large number of retail stores and outlets will support regional industry growth. The increasing sale of preserving canned and packaged food products will instigate product demand.
Global industry share includes Daikin, Dorin, Samsung, Kirloskar Kpcl, Mitsubishi, Panasonic, TECO, LG, Johnson Controls, Bristol Compressors and DB Americas.Moreover, other companies are RECHI Group, and Shanghai Hitachi Electrical Appliances BITZER, Emerson Climate Technologies, GEA, Embraco, Ramco, Tecumseh Products Company and Hanbell Precise Machinery. Other key players are Mayekawa Mfg., Rechi Precision Co, Huayi, Frascold and GMCC Company.
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