The global refrigeration compressor market size is expected to grow from USD 37,597.8 Million in 2022 to USD 53,732.1 Million by 2032, with overall sales exhibiting a CAGR of 3.6% throughout the forecast period (2022 to 2032).
The strengthening cold chain capabilities, expanding FMCG packaging industry, and increasing retail outlets are anticipated to boost demand for refrigerators and refrigeration compressors during the forecast period. Refrigeration is the process of removing heat from a substance or an enclosed space to lower the temperature and provide a cooling effect.
The fundamental component of refrigeration, the refrigerant compressor pumps the refrigerant throughout the system and dissipates heat into the environment. It regulates the refrigerant's flow and applies pressure, which makes the refrigerant heat up.
Refrigeration compressors are being increasingly used in a multitude of applications such as residential, transportation, healthcare, food & beverages, chemical, and retail food outlets.
They provide a suitable temperature that protects sensitive/perishable products from spoilage. Hence, increasing adoption across various industries will generate high demand for refrigeration compressors.
Similarly, increasing export of food products and rising food insecurity are creating lucrative growth prospects for the global commercialrefrigeration compressor industry. Most of the food produced globally gets wasted due to a lack of adequate storage and transportation facilities.
For instance, as per the Food and Agriculture Organization of the United Nations, an estimated 1.6 billion tonnes of food produced globally is lost or goes to waste. This growing food insecurity is prompting people to use cooling systems like refrigeration compressors for storing and transporting food products.
To carry perishable food goods from one location to another, refrigeration systems are frequently employed in the transportation sector. The market for refrigeration compressors is expanding significantly in the transportation sector as a result of the sharp rise in demand for frozen goods, packaged foods, etc.
The development of bacteria and harmful pathogens is slowed down by refrigeration, hence reducing the risk of foodborne illnesses. Because of this development, the market for refrigeration compressors is anticipated to expand quickly. The global market for refrigeration compressors represents around 55-60% of the overall refrigeration and air conditioning compressors market.
| Attribute | Key Insights |
|---|---|
| Global Refrigeration Compressor Market Base Value (2021A) | USD 36,513.5 Million |
| Estimated Market Value (2022E) | USD 37,597.8 Million |
| Projected Market Value (2032F) | USD 53,732.1 Million |
| Value-based CAGR (2022 to 2032) | 3.6% |
| Collective Value Share: Top 3 Countries (2022E) | 47.8% |
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According to Future Market Insights, the global refrigeration compressor market witnessed a CAGR of 2.3% during the historical period from 2017 to 2021 and reached a valuation of USD 36,513.5 Millionat the end of 2022.
However, with a rising focus on protecting perishable food and pharmaceutical products from spoilage during storage and transportation, the overall demand for refrigeration compressors is expected to grow at 3.6% CAGR between 2022 and 2032.
Refrigerator compressors are widely used in various applications, such as food and beverage, transportation, chemicals, health care, and grocery stores. They provide the right temperature that protects sensitive/perishable food and other chemical products from decay.
Due to the widening application of refrigeration compressors across industries like food & beverage, transportation, and healthcare, the overall refrigeration compressor industry is set to grow at a steady pace over the next ten years.
Similarly, increasing adoption of new cooling appliances, rising demand from food service providers, and an increase in retail stores are expected to boost sales of refrigeration compressors through 2032.
Growing Demand for Fast-Moving Consumer Goods Boosting Market
As per FMI, factors such as rising demand for FMCG goods worldwide, increasing consumption of processed foods, and expansion of cold chain infrastructure will continue to boost the sales of refrigeration compressors during the forecast period.
Many FMCG goods require cold-temperature storage because of their perishable nature. Similarly, packaged beverages and foods need proper refrigeration systems for storage. During the last few decades, there has been a growth in demand for fast-moving consumer goods items and the trend is likely to continue during the coming years.
Manufacturers are expanding their production capacity, building new facilities, and adopting cutting-edge storage technologies such as refrigeration compressors to meet this growing demand. With demand for FMCG goods continuing to rise, the worldwide market for refrigeration compressors will thrive steadily over the next ten years.
Similarly, the need for refrigeration systems is predicted to rise as a result of the expansion of current facilities and the opening of retail stores in new locations. The market for retail stores is growing with the rising population and rising consumer preference for retail stores in developing countries.
This is estimated to create the demand for commercial refrigerators which in turn will positively influence the refrigeration compressors industry.
Expansion of Cold-Chain Infrastructure to Elevate Demand Through 2032
The rapid expansion of the cold chain infrastructure across the world is fuelling the demand for refrigeration compressors and the trend is expected to continue during the projected period. Food trade is rising rapidly in emerging nations thanks to a robust cold chain infrastructure and warehouses, which is driving up demand for refrigeration compressors.
The demand for small cold storage systems for frozen and perishable food delivery services is growing, which will open up new business prospects for the refrigeration compressor industry.
Similarly, with increasing consumer preference for eco-friendly refrigerant compressors, more energy-efficient appliances are expected to generate new market opportunities for compressor manufacturers.
The global market for home appliances is changing at an accelerating rate due to several factors including expanding middle-class population, increased consumer purchasing power, sustainability, and digitalization. Hence, growth in the demand for consumer appliances across the globe will continue to create significant opportunities for refrigeration compressor manufacturers.
Principal Consultant
Growing Number of Restaurants Propelling Refrigeration Compressors’ Sales in Germany
Between 2022 and 2032, the overall demand for refrigeration compressors in Germany is estimated to grow at a CAGR of 2.4%. The rise of quick-service restaurants (QSR) and fast-food outlets is one of the key factors driving the refrigeration compressor industry forward in Germany.
Germany is the prominent market for food and beverages in Europe. According to Germany Trade and Invest (GTAI), total food retail sales in Germany increased significantly by 8.2%, reaching EUR 227 billion in 2020. This is positively influencing refrigeration compressor sales in the country and the trend is expected to continue during the forecast period.
Furthermore, the market for refrigerator compressors in Germany will expand due to factors such as rising consumer purchasing power, changing lifestyles, growing demand for packaged and frozen foods, and an increase in the number of retail establishments.
Rising Adoption of HVAC Systems in Residential and Commercial Sectors Booting China Market
In terms of volume, China's refrigeration compressor market is anticipated to grow at 2.8% CAGR between 2022 and 2032. Growth in the market is driven by the rapid expansion of residential and commercial sectors and the subsequent usage of refrigeration compressors in these sectors.
A significant reason driving up sales of refrigeration compressors in China is the country's enormous growth in the residential and commercial sectors. Urbanization and rising disposable income will fuel demand for HVAC systems, which in turn will create prospects for refrigeration compressors.
Similarly, the rising export of food products is playing a key role in fostering sales of refrigeration compressors. Due to the robust development of the agriculture sector and the increasing adoption of modern technologies,
China's food export industry is expanding rapidly. Refrigeration compressors are being placed in distribution centres, manufacturing facilities, and transportation vehicles in order to provide improved cooling storage facilities for exporting food items. This will continue to fuel the growth of the refrigeration compressors industry in China during the forecast period. FMI predicts the China market to surpass revenues worth USD 10,321.6 Million by the end of 2032.
Increasing Export of Food Products to Push Refrigeration Compressor Demand in the USA
The USA refrigeration compressor market is expected to rise at nearly 3.0% CAGR over the forecast period, reaching a market valuation of USD 10,313.4 Million by the end of 2032. This can be attributed to increasing food exports, improving consumer awareness, and growing adoption of cooling technologies in industrial and commercial settings.
The USA has become one of the top exporters of food products during the past few years and the trend is expected to continue during the upcoming decade. According to the WorldAtlas report, the country exported food products worth USD 72,682,349.79 in 2016.
Refrigeration compressors are used by logistical companies and transporters in the nation to preserve these food items. Hence, demand for refrigeration compressors is set to grow at a steady pace over the projected period.
Reciprocating Compressors Remain the Most Sought-After Product Type
Based on product type, the global market is segmented into reciprocating compressors, scroll compressors, rotary compressors, centrifugal compressors, and screw compressors. Among these, the reciprocating compressors segment holds the largest market share and it is projected to create an absolute USD opportunity of more than USD 7,280.1 Million during the forecast period.
This can be ascribed to the widespread usage of reciprocating compressors in numerous refrigeration applications.
Reciprocating compressors have several benefits, including greater efficiency, minimal maintenance costs, high-pressure generation, and flexibility in application. Sales of refrigeration compressors will rise throughout the projection period with its rapidly increasing application sector. Reciprocating type compressor is
R-134a to Remain the Most Preferred Refrigerant Type
In terms of refrigerant, R-134a is the refrigerant that records more demand from consumers. The reason R134a is used so extensively is due to its excellent thermal stability, critical temperature, and non-toxic, non-flammable, and non-corrosive qualities.
R-134a is used in a variety of solutions. This refrigerant type is very safe to use, and easy to change. As a result, it is commonly used in residential, commercial, and industrial applications. FMI has predicted the R-134a refrigerant segment to grow at 2.2% CAGR during the forecast period.
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There is significant competition in the market for refrigeration compressors. Leading market players frequently upgrade their product portfolios to stay ahead of their competitors. Furthermore, they are pursuing a competitive advantage using a range of organic and inorganic strategies, such as new product launches, mergers, partnerships, collaborations, and acquisitions.
For instance:
| Attribute | Details |
|---|---|
| Estimated Market Size (2022) | USD 37,597.8 Million |
| Projected Market Size (2032) | USD 53,732.1 Million |
| Anticipated Growth Rate (2022 to 2032) | 3.6% CAGR |
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2017 to 2021 |
| Market Analysis | USD Million for Value and 000’ Units for Volume |
| Key Regions Covered | North America; Latin America; Europe; South Asia; East Asia; the Middle East; and Africa |
| Key Countries Covered | USA, Canada, Brazil, Mexico, Germany, Italy, France, United Kingdom, Spain, NORDICS, Russia, Turkey, South Africa, GCC Countries, Northern Africa, Japan, China, South Korea, ASEAN, and India. |
| Key Segments Covered | Product Type, Refrigerant Type, Application, Region |
| Key Companies Profiled | Nidec Corporation; Emerson Electric Co.; GEA Group AG; The Danfoss Group; Midea Group; Tecumseh Products Company LLC.; Mitsubishi Electric Corporation; LG Electronics, Inc.; Changhong Huayi Compressor Co., Ltd.; Panasonic Corporation; Frascold S.p.A.; Johnson Controls–Hitachi Air Conditioning; Carrier Corporation |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunities and Threats Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The global market for refrigeration compressors is expected to total USD 37,597.8 Million in 2022.
Demand for refrigeration compressors is expected to increase at 3.6% CAGR during the forecast period from 2022 to 2032.
By 2032, the worldwide market for refrigeration compressors is expected to surpass a valuation of USD 53,732.1 Million.
Nidec Corporation, Emerson Electric Co., GEA Group AG, The Danfoss Group, Midea Group, Tecumseh Products Company LLC., Mitsubishi Electric Corporation LG Electronics, Inc., Changhong Huayi Compressor Co., Ltd., Panasonic Corporation, Frascold S.p.A., Johnson Controls–Hitachi Air Conditioning, Carrier Corporation are the leading players operating in the global refrigeration compressor industry.
Demand for refrigeration in China is expected to increase at 3.0% CAGR between 2022 and 2032 on a value basis.
The USA, China, Germany, India, and Japan are the key consumers of refrigeration compressors.
1. Executive Summary | Refrigeration Compressor Market 2. Market Overview 3. Key Market Trends 4. Key Success Factors 5. Global Market Demand Analysis 2017 to 2021 and Forecast, 2022 to 2032 6. Global Market - Pricing Analysis 7. Global Market Demand (in Value or Size in USD Million) Analysis 2017 to 2021 and Forecast, 2022 to 2032 8. Market Background 9. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, by Product Type 9.1. Rotary 9.1.1. Less than 5 KW 9.1.2. 5 to 30 kW 9.1.3. 30 to 100 kW 9.1.4. 100 to 300 kW 9.1.5. 300 to 500 kW 9.1.6. 500 to 1000 kW 9.1.7. Above 1000 kW 9.2. Scroll 9.2.1. Less than 5 KW 9.2.2. 5 to 30 kW 9.2.3. 30 to 100 kW 9.2.4. 100 to 300 kW 9.2.5. 300 to 500 kW 9.2.6. 500 to 1000 kW 9.2.7. Above 1000 kW 9.3. Reciprocating 9.3.1. Less than 5 KW 9.3.2. 5 to 30 kW 9.3.3. 30 to 100 kW 9.3.4. 100 to 300 kW 9.3.5. 300 to 500 kW 9.3.6. 500 to 1000 kW 9.3.7. Above 1000 kW 9.4. Screw 9.4.1. Less than 5 KW 9.4.2. 5 to 30 kW 9.4.3. 30 to 100 kW 9.4.4. 100 to 300 kW 9.4.5. 300 to 500 kW 9.4.6. 500 to 1000 kW 9.4.7. Above 1000 kW 9.5. Centrifugal 9.5.1. Less than 5 KW 9.5.2. 5 to 30 kW 9.5.3. 30 to 100 kW 9.5.4. 100 to 300 kW 9.5.5. 300 to 500 kW 9.5.6. 500 to 1000 kW 9.5.7. Above 1000 kW 10. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, by Refrigerant Type 10.1. R410A 10.2. R407C 10.3. R404A 10.4. R134A 10.5. R290 10.6. R600a 10.7. Others 11. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, by Application 11.1. Residential 11.2. Commercial 11.3. Medical & Healthcare 11.4. Industrial 11.5. Transportation 12. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, by Region 12.1. North America 12.2. Latin America 12.3. Europe 12.4. East Asia 12.5. South Asia & Pacific 12.6. Middle East & Africa 13. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032 14. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032 15. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032 16. East Asia Market Analysis 2017 to 2021 and Forecast 2022 to 2032 17. South Asia Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032 18. Middle East Market Analysis 2017 to 2021 and Forecast 2022 to 2032 19. Country-Wise Market Analysis 20. Market Structure Analysis 21. Competition Analysis 21.1. Emerson Electric Co. 21.2. Midea Group (GMCC) 21.3. Daikin Industries 21.4. Nidec Corporation 21.5. Mitsubishi Electric Corporation 21.6. Panasonic Corporation 21.7. LG Electronics 21.8. The Danfoss Group 21.9. Changhong Huayi Compressor Co. Ltd. 21.10. Carel Industries 21.11. Frascold S.p.A. 21.12. Tecumseh Products Company LLC 21.13. GEA Group AG 21.14. Johnson Controls- Hitachi 21.15. BITZER SE 21.16. Carrier Corporation 21.17. Fusheng Co., 21.18. Officine Mario Dorin S.p.A. 21.19. MAYEKAWA MFG. CO., LTD. 22. Assumptions and Acronyms Used 23. Research Methodology
Industrial Automation
May 2023
REP-GB-7040
333 pages
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Refrigeration Compressor Market
