In 2024, the total sales of refrigeration compressor in Korea is likely to garner a revenue of US$ 2,195.8 million. According to our industry analysis, the demand for refrigeration compressor in Korea is forecasted to surge at a 2.0% CAGR from 2024 to 2034. By the end of this projection period, the net revenue generated from the sales of refrigeration compressor in the whole country is projected to surpass US$ 2,676.7 million.
Key Insights on the Refrigeration Compressor Sector of Korea
| Attributes | Details |
|---|---|
| Industry Size of Korea in 2024 | US$ 2,195.8 million |
| Expected Industry Size of Korea by 2034 | US$ 2,676.7 million |
| Forecasted CAGR between 2024 to 2034 | 2.0% |
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The food and beverage sector in Korea experienced tremendous growth in the last decade with the establishment of more food processing facilities, convenience stores, and eateries. This has raised the need for commercial refrigeration solutions, invariably propelling the manufacturing of compressors in the country.
Korea is known for its technological innovations, and refrigeration compressor manufacturers are anticipated to gain more business by using cutting-edge technologies and innovations. Technologies like IoT integration, smart controls, and variable-speed compressors are a few recent advancements that have affected the product outlook in the country.
Leading producers of semiconductors and electronics, like Samsung and LG, are based in South Korea, and the manufacturing of electrical gadgets necessitates exact temperature control. Korea's growing need for refrigeration compressor can be directly related to the expansion of this sector to a large extent.
The reciprocating pump segment of refrigeration compressor is anticipated to capture about 61.1% of total sales in Korea in 2024.
| Refrigeration Compressor in Korea by Product Type | Reciprocating Pump |
|---|---|
| Total Share (2024) | 61.1% |
Research and development initiatives across a range of industries, including HVACR, are actively supported by the Korean government. Moreover, refrigeration compressor with a reciprocating pump, which lowers environmental impact and increases energy efficiency, are given more incentives and assistance.
The higher suitability of R134A refrigerant for compressor is expected to contribute to 31.8% of the total refrigeration compressor sales in Korea in 2024.
| Refrigeration Compressor in Korea by Refrigerant Type | R134A |
|---|---|
| Total Share (2024) | 31.8% |
High-performance compressors are in great demand in Korea because air conditioning systems are being adopted in homes, workplaces, and public areas. The use of high-quality refrigerants, such as R134, is increasing day by day, supporting the performance of such systems.
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A few Korea-based industry players have forged strategic alliances in the last few years with famous international HVAC and appliance businesses. Through these partnerships, they can access global industries and capitalize on the stature and distribution networks of international brands.
Recent Developments in the Refrigeration Compressor Industry in Korea
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| Attribute | Details |
|---|---|
| Estimated Industry Size in 2024 | US$ 2,195.8 million |
| Projected Industry Size by 2034 | US$ 2,676.7 million |
| Anticipated CAGR between 2024 to 2034 | 2.0% CAGR |
| Historical Analysis of Demand for Refrigeration Compressor in Korea | 2019 to 2023 |
| Demand Forecast for Refrigeration Compressor in Korea | 2024 to 2034 |
| Report Coverage | Industry Size, Industry Trends, Analysis of key factors influencing Refrigeration Compressor in Korea, Insights on Global Players and their Industry Strategy in Korea, Ecosystem Analysis of Local and Korea Providers |
| Key Companies Profiled | Hanbell Compressor Co., Ltd.; LG Electronics Inc.; Samsung Electronics Co., Ltd.; Doosan Hana Co., Ltd.; Kumkang Machinery Co., Ltd.; Myungseong Precision Co., Ltd.; Dongwon Machinery Co., Ltd.; Daewong Precision Machinery Co., Ltd.; Daelim Industrial Co., Ltd.; Samhwa Machinery Co., Ltd.; Youngsung Machinery Co., Ltd.; KCC-Tech Co., Ltd.; Hankook Machinery Co., Ltd.; Dongyang Machinery Co., Ltd.; Daehan Machinery Co., Ltd. |
| Key Provinces Analyzed while Studying Opportunities in Refrigeration Compressor in Korea | South Gyeongsang, North Jeolla, South Jeolla, Jeju |
The anticipated CAGR for refrigeration compressor sales in Korea through 2034 is 2.0%.
Refrigeration compressor business revenue in Korea is likely to reach around US$ 2,676.7 million by 2034.
Refrigeration compressor companies are targeting retail food sellers to boost sales.
R134A refrigerant is estimated to account for 31.8% revenue share in Korea in 2024.
Adoption of reciprocating pump is likely to garner 61.1% of total sales in Korea.
1. Executive Summary
1.1. Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.5.1. Supply Side Participants and their Roles
3.5.1.1. Producers
3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers)
3.5.1.3. Wholesalers and Distributors
3.5.2. Value Added and Value Created at Node in the Supply Chain
3.5.3. List of Raw Material Suppliers
3.5.4. List of Existing and Potential Buyer’s
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.7.1. Profit Margin Analysis
3.7.2. Wholesalers and Distributors
3.7.3. Retailers
3.8. PESTLE and Porter’s Analysis
3.9. Regulatory Landscape
3.9.1. By Key Regions
3.10. Regional Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
4. Industry Analysis and Outlook 2019 to 2023 and Forecast, 2024 to 2034
4.1. Historical Market Size Value (US$ Million) & Volume (Units) Analysis, 2019 to 2023
4.2. Current and Future Market Size Value (US$ Million) & Volume (Units) Projections, 2024 to 2034
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Industry Analysis and Outlook 2019 to 2023 and Forecast 2024 to 2034, By Product Type
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Product Type, 2019 to 2023
5.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Product Type, 2024 to 2034
5.3.1. Reciprocating
5.3.2. Rotary
5.3.3. Scroll
5.3.4. Screw
5.3.5. Centrifugal
5.4. Y-o-Y Growth Trend Analysis By Product Type, 2019 to 2023
5.5. Absolute $ Opportunity Analysis By Product Type, 2024 to 2034
6. Industry Analysis and Outlook 2019 to 2023 and Forecast 2024 to 2034, By Refrigerant Type
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Refrigerant Type, 2019 to 2023
6.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Refrigerant Type, 2024 to 2034
6.3.1. R410A
6.3.2. R407C
6.3.3. R404A
6.3.4. R134A
6.3.5. R290
6.3.6. R600a
6.3.7. Others
6.4. Y-o-Y Growth Trend Analysis By Refrigerant Type, 2019 to 2023
6.5. Absolute $ Opportunity Analysis By Refrigerant Type, 2024 to 2034
7. Industry Analysis and Outlook 2019 to 2023 and Forecast 2024 to 2034, By Application
7.1. Introduction / Key Findings
7.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Application, 2019 to 2023
7.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Application, 2024 to 2034
7.3.1. Residential
7.3.2. Commercial
7.3.3. Medical & Healthcare
7.3.4. Industrial
7.3.5. Transportation
7.4. Y-o-Y Growth Trend Analysis By Application, 2019 to 2023
7.5. Absolute $ Opportunity Analysis By Application, 2024 to 2034
8. Industry Analysis and Outlook 2019 to 2023 and Forecast 2024 to 2034, By Region
8.1. Introduction
8.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Region, 2019 to 2023
8.3. Current Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Region, 2024 to 2034
8.3.1. South Gyeongsang
8.3.2. North Jeolla
8.3.3. South Jeolla
8.3.4. Jeju
8.3.5. Rest of
8.4. Market Attractiveness Analysis By Region
9. South Gyeongsang Industry Analysis and Outlook 2019 to 2023 and Forecast 2024 to 2034
9.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2019 to 2023
9.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2024 to 2034
9.2.1. By Product Type
9.2.2. By Refrigerant Type
9.2.3. By Application
9.3. Market Attractiveness Analysis
9.3.1. By Product Type
9.3.2. By Refrigerant Type
9.3.3. By Application
9.4. Key Takeaways
10. North Jeolla Industry Analysis and Outlook 2019 to 2023 and Forecast 2024 to 2034
10.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2019 to 2023
10.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2024 to 2034
10.2.1. By Product Type
10.2.2. By Refrigerant Type
10.2.3. By Application
10.3. Market Attractiveness Analysis
10.3.1. By Product Type
10.3.2. By Refrigerant Type
10.3.3. By Application
10.4. Key Takeaways
11. South Jeolla Industry Analysis and Outlook 2019 to 2023 and Forecast 2024 to 2034
11.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2019 to 2023
11.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2024 to 2034
11.2.1. By Product Type
11.2.2. By Refrigerant Type
11.2.3. By Application
11.3. Market Attractiveness Analysis
11.3.1. By Product Type
11.3.2. By Refrigerant Type
11.3.3. By Application
11.4. Key Takeaways
12. Jeju Industry Analysis and Outlook 2019 to 2023 and Forecast 2024 to 2034
12.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2019 to 2023
12.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2024 to 2034
12.2.1. By Product Type
12.2.2. By Refrigerant Type
12.2.3. By Application
12.3. Market Attractiveness Analysis
12.3.1. By Product Type
12.3.2. By Refrigerant Type
12.3.3. By Application
12.4. Key Takeaways
13. Rest of Industry Analysis and Outlook 2019 to 2023 and Forecast 2024 to 2034
13.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2019 to 2023
13.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2024 to 2034
13.2.1. By Product Type
13.2.2. By Refrigerant Type
13.2.3. By Application
13.3. Market Attractiveness Analysis
13.3.1. By Product Type
13.3.2. By Refrigerant Type
13.3.3. By Application
13.4. Key Takeaways
14. Market Structure Analysis
14.1. Competition Dashboard
14.2. Competition Benchmarking
14.3. Market Share Analysis of Top Players
14.3.1. By Regional
14.3.2. By Product Type
14.3.3. By Refrigerant Type
14.3.4. By Application
15. Competition Analysis
15.1. Competition Deep Dive
15.1.1. Changhong Huayi Compressor Co., Ltd.
15.1.1.1. Overview
15.1.1.2. Product Portfolio
15.1.1.3. Profitability by Market Segments
15.1.1.4. Sales Footprint
15.1.1.5. Strategy Overview
15.1.1.5.1. Marketing Strategy
15.1.1.5.2. Product Strategy
15.1.1.5.3. Channel Strategy
15.1.2. Tecumseh Products Company LLC.
15.1.2.1. Overview
15.1.2.2. Product Portfolio
15.1.2.3. Profitability by Market Segments
15.1.2.4. Sales Footprint
15.1.2.5. Strategy Overview
15.1.2.5.1. Marketing Strategy
15.1.2.5.2. Product Strategy
15.1.2.5.3. Channel Strategy
15.1.3. Mitsubishi Electric Corporation
15.1.3.1. Overview
15.1.3.2. Product Portfolio
15.1.3.3. Profitability by Market Segments
15.1.3.4. Sales Footprint
15.1.3.5. Strategy Overview
15.1.3.5.1. Marketing Strategy
15.1.3.5.2. Product Strategy
15.1.3.5.3. Channel Strategy
15.1.4. Midea Group
15.1.4.1. Overview
15.1.4.2. Product Portfolio
15.1.4.3. Profitability by Market Segments
15.1.4.4. Sales Footprint
15.1.4.5. Strategy Overview
15.1.4.5.1. Marketing Strategy
15.1.4.5.2. Product Strategy
15.1.4.5.3. Channel Strategy
15.1.5. Panasonic Corporation
15.1.5.1. Overview
15.1.5.2. Product Portfolio
15.1.5.3. Profitability by Market Segments
15.1.5.4. Sales Footprint
15.1.5.5. Strategy Overview
15.1.5.5.1. Marketing Strategy
15.1.5.5.2. Product Strategy
15.1.5.5.3. Channel Strategy
15.1.6. Frascold S.p.A.
15.1.6.1. Overview
15.1.6.2. Product Portfolio
15.1.6.3. Profitability by Market Segments
15.1.6.4. Sales Footprint
15.1.6.5. Strategy Overview
15.1.6.5.1. Marketing Strategy
15.1.6.5.2. Product Strategy
15.1.6.5.3. Channel Strategy
15.1.7. Johnson Controls–Hitachi Air Conditioning
15.1.7.1. Overview
15.1.7.2. Product Portfolio
15.1.7.3. Profitability by Market Segments
15.1.7.4. Sales Footprint
15.1.7.5. Strategy Overview
15.1.7.5.1. Marketing Strategy
15.1.7.5.2. Product Strategy
15.1.7.5.3. Channel Strategy
15.1.8. Carrier Corporation
15.1.8.1. Overview
15.1.8.2. Product Portfolio
15.1.8.3. Profitability by Market Segments
15.1.8.4. Sales Footprint
15.1.8.5. Strategy Overview
15.1.8.5.1. Marketing Strategy
15.1.8.5.2. Product Strategy
15.1.8.5.3. Channel Strategy
15.1.9. Nidec Corporation
15.1.9.1. Overview
15.1.9.2. Product Portfolio
15.1.9.3. Profitability by Market Segments
15.1.9.4. Sales Footprint
15.1.9.5. Strategy Overview
15.1.9.5.1. Marketing Strategy
15.1.9.5.2. Product Strategy
15.1.9.5.3. Channel Strategy
15.1.10. Emerson Electric Co.
15.1.10.1. Overview
15.1.10.2. Product Portfolio
15.1.10.3. Profitability by Market Segments
15.1.10.4. Sales Footprint
15.1.10.5. Strategy Overview
15.1.10.5.1. Marketing Strategy
15.1.10.5.2. Product Strategy
15.1.10.5.3. Channel Strategy
16. Assumptions & Acronyms Used
17. Research Methodology
Industrial Automation
May 2023
REP-GB-7040
333 pages
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Refrigeration Compressor Industry Analysis in Korea
