Refrigerant Compressors Market size worth over $90.4 bn by 2026
Published Date: March 23, 2020 Authors: Hemant Pandey, Kiran Pulidindi
Refrigerant Compressors Market size is set to exceed USD 90.4 billion by 2026; according to a new research report by Global Market Insights, Inc.
Proliferating AC sales will drive the industry demand
Refrigerant compressors utilized in air-conditioning and refrigeration systems reduce the volume of gaseous refrigerant from evaporator pressure to condenser pressure levels. New generation cooling appliances with enhanced efficiency improvements are gaining higher visibility in the market. Rising sales of new cooling appliances will prominently escalate the refrigerant compressors market demand over the forecast timeframe. Surging demand for air conditioners owing to higher spending power and extreme heat conditions in emerging economies is positively contributing towards increased product demand. For instance, in 2018, the global AC demand rose to 15% as compared with 2017. Brazil, India, Indonesia and Mexico represented a market for approximately 100 million AC units in 2018.
Continuous demand for modern cooling appliances
Improving economic conditions coupled with growing consumer preference for seeking modern conveniences are providing a positive outlook for the industry size. Higher cooling degree days are observed in more temperate countries, further resulting in increased cooling demand. Increasing home ownerships along with adoption of green buildings incorporating energy efficient systems will further contribute towards boosting the refrigerant compressors market growth over the forecast timeframe.
Browse key industry insights spread across 205 pages with 279 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), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Residential applications of reciprocating compressors will drive the product penetration
Positive displacement segment accounted for more than 80% of the refrigerant compressors market volume share. Reciprocating compressors possess enhanced capabilities for compressing wide range of refrigerants. Lower initial and maintenance cost along with ability for compressing the refrigerant to higher pressures are contributing towards their application in household cooling appliances. New product development initiatives and plant capacity expansion projects will positively influence the segment size over the projected timeframe.
Multiple benefits of hermetic compressors will augment the segment growth
Hermetic compressors offer improved economical savings, compactness and universality. In hermetic compressors, motor and compressors are enclosed in a single housing for preventing the refrigerant leakage. The shell enclosure allows the suction gas to pass over the compressor and motor, further decreasing the temperature of motor. This enables the application of hermetic compressors in small capacities appliances up to 35 kW.
Growing economic conditions and surging urbanization will boost the segment size
In 2019, 100 - 400 Kw segment accounted for volume share of over 20% in the refrigerant compressors market. Increasing application of these compressors in supermarkets, hypermarkets, government institutions, convenience stores, data centers and hospitality sector will significantly drive the segment share. Growing urbanization and population across the globe are increasing demand for commercial refrigeration, further escalating the segment share.
Proliferating food retail sales to boost the market outlook in Europe
Europe refrigerant compressors market share will significantly grow with 2.3% CAGR from 2020 to 2026. Proliferating cold chain logistics market owing to surging demand for processed and perishable food products. Government initiatives and strategies for improving the food supply chain will further contribute towards the regional growth. Growing food retail sales and packaged products in supermarkets, hypermarkets and convenience stores will escalate the demand for refrigeration appliances, further driving the product sales. For instance, in 2018. the supermarkets and hypermarkets in France accounted for more than 60% of the total food retail sales.
Digital solutions and service offerings will provide positive outlook for the industry players
Industry participants are investing in digital solutions and services for supporting refrigerant compressors maintenance activities. Digital service solutions aid in simplifying in field service operations with efficient troubleshooting and timely repair activities. For instance, in February 2018, Danfoss launched TurboTool 2.0 mobile app for simplifying the field service of Danfoss Turbocor centrifugal compressors. This enabled the company to assist their service technicians, contractors, end user designers and customers to provide assistance for installation and servicing the compressor.
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