Refrigerant Compressors Market Size

Refrigerant Compressors Market Size

Refrigerant Compressors Market size exceeded USD 61.8 billion in 2020 and will exhibit 4.8% CAGR from 2021 to 2027. The industry shipments are estimated to cross 536.3 million units by 2027. Rapid urbanization and increasing construction activities in emerging countries along with rising demand for air conditioning & refrigeration appliances are likely to escalate the industry growth.

Refrigerant compressors utilized in air conditioning and refrigeration systems reduce the volume of gaseous refrigerants from the evaporator pressure to condenser pressure levels. New generation cooling appliances with enhanced improvements in efficiency are gaining higher visibility in the market. Growing sales of new cooling appliances will prominently escalate the refrigerant compressors penetration. Surging need for air conditioners owing to higher spending power and extreme heat conditions in emerging economies is positively contributing to an increased industry expansion.

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Emerging trends that have a direct impact on the dynamics of the refrigerant compressors market include growing demand for refrigerants with low Ozone-Depleting Substances (ODS). Managing refrigerant emissions are important to address ozone layer depletion, protect human health & the environment, and reduce carbon footprints. Green buildings are carefully designed, built, and operated to reduce negative & increase positive impacts on surroundings and the environment. They deliver many benefits, ranging from the preservation of precious natural resources to improvements in the quality of life of their occupants.
 

Moreover, there is a rising use of Variable Refrigerant Temperature (VRT) technology in green buildings as VRT technology automatically regulates refrigerant temperatures to individual requirements, environmental requirements, and improve both comfort & energy efficiency. During cooling, the evaporating temperature is raised as close as possible to the condensing temperature. During heating, the opposite occurs due to which the compressor works less, reducing power consumption.
 

The ongoing COVID-19 pandemic has affected the sales and production of white goods, such as air-conditioners, refrigerators, and others, led by strict social distancing norms & lockdowns by various governments across the globe and a surge in COVID-19 cases. The shutdown of several non-essential stores across markets has negatively impacted the refrigerant compressors market demand. Furthermore, consumer sentiment has been hit amid the recent lockdown measures taken by the European countries to stop the third wave of the pandemic, which has further dampened recovery in the sales of compressor-based cooling products.