In 2024, the total sales of refrigeration compressor in Korea is likely to garner a revenue of USD 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 USD 2,676.7 million.
Key Insights on the Refrigeration Compressor Sector of Korea
| Attributes | Details |
|---|---|
| Industry Size of Korea in 2024 | USD 2,195.8 million |
| Expected Industry Size of Korea by 2034 | USD 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.
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 | USD 2,195.8 million |
| Projected Industry Size by 2034 | USD 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 USD 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.
| Market Size (2025E) | USD 37.3 billion |
| Market Value (2035F) | USD 49.6 billion |
| CAGR (2025 to 2035) | 2.9% |
| Estimated Size, 2025 | USD 41,806.3 million |
|---|---|
| Projected Size, 2035 | USD 59,544.2 million |
| Value-based CAGR (2025 to 2035) | 3.6% |
| Market Size (2023) | USD 38,687.2 million |
|---|---|
| Market Size (2033) | USD 58,940.03 million |
| Market CAGR (2023 to 2033) | 4.3% |
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Refrigeration Compressor Industry Analysis in Korea
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