Refrigerant Compressors Market size is estimated to reach USD 85 billion by 2027, according to a new research report by Global Market Insights Inc.
A staggering increase in the construction of new buildings, such as lodgings, offices, commercials, healthcare, public safety, and educational institutes, across the globe is expected to enhance the refrigerant compressors industry growth. Lodging construction is anticipated to witness significant demand in 2021 owing to persistent economic is further propelling the market.
Increasing usage of cooling appliances and increasing demand for modern air conditioners and refrigerators along with surging economical and industrial development is positively influencing the overall refrigerant compressors market expansion.
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The high consumer spending power provides potential opportunities to seek modern conveniences and comfortable environments, especially in hot conditions. Moreover, rising urbanization supports heat-trapping activities due to the presence of the majority of the population in cities, escalating cooling demand. However, various emissions from the current used HVAC appliances are significantly contributing to the degradation of environment and climate change. Increase in the emissions of greenhouse gases by the leakage of hydrofluorocarbon (HFC) or hydrochlorofluorocarbon (HCFC) refrigerants are leading to global warming issues.
Browse key industry insights spread across 300 pages with 274 market data tables & 26 figures & charts from the report, “Refrigerant Compressors Market Size By Type (Positive Displacement [Reciprocating, Rotary], Dynamic Displacement [Axial Flow, Centrifugal]), By Construction (Open, Hermetic, Semi-hermetic), By Cooling Capacity (Less than 100 kW, 100 - 400 kW, Above 400 kW), By Application (Domestic [Refrigeration, AC], Commercial [Refrigeration, AC], Industrial, Mobile, Transport), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027”, in detail along with the table of contents:
Growth in the construction sector to flourish the market growth
Dynamic displacement compressors segment is expected to observe considerable gains of over 5% from 2021 to 2027. Dynamic displacement compressors offer heat transfer under limited load conditions with higher efficiency. Moreover, they offer around 85% weight reduction on account of the compact structure of these compressors and lightweight per unit capacity. Lower maintenance cost and high reliability further provides significant opportunities for the usage in large capacity applications.
In 2020, open-type compressors dominate the refrigerant compressors market with about 30% revenue share led by the several benefits including better compressor cooling, higher efficiency, operational flexibility, and enhanced serviceability. Increasing investments from various government and private authorities toward the advancement of cold storage facilities coupled with renovation of existing facilities are augmenting the market statistics. Open-type compressors are majorly utilized in medium to large capacity refrigeration systems owing to their operational flexibility and convenient adjustment of operating mode.
The rising growth of food & beverage industry is likely to significantly drive the refrigerant compressors demand in industrial sector. Food & beverage manufacturers or processors utilize refrigeration appliances during the process of manufacturing and for the storage of products in warehouses. Refrigerated warehouses enable the efficient storage of various seasonal foods at production facilities and storage based in strategic locations to meet the distribution demand.
North America refrigerant compressors market is predicted to generate over USD 30 billion revenue by 2027. Growth of cold chain logistics to transport marine and meat products, confectionaries, dairy products, and ice cream is significantly propel the regional growth. Moreover, regional government bodies offer funding opportunities to reduce carbon footprints.
The domestic application is estimated to register growth rate of nearly 4.5% till 2027 impelled by growing demand for climate-friendly homes and cooling systems. Several government organizations across various countries are investing and promoting energy-efficient green buildings. The surging number of households in urban areas, size of residences, and requirement of cooling appliances is boosting the market revenue.
Key companies operating in the refrigerant compressors market are Emerson, Gree Electric Appliances, Inc., Huayi Compressor Barcelona S.L., Secop GmbH, Italia Wanbao-ACC S.r.l, LG Electronics, Johnson Controls, Kirloskar Pneumatic Company Limited, Embraco, Daikin Industries, Ltd., Hitachi Ltd., Mitsubishi Electric Corporation, and many more. Manufacturers are involved in intense research & development activities to meet the growing demand for innovative, durable & cost-effective products, which increase efficiency and reduce friction loss.
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