Refrigerant Compressors Market by Compressor Type (Centrifugal Compressors, Reciprocating Compressors, Rotary Vane Compressors), Construction Type (Hermetic, Open, Semi-hermetic), Cooling Capacity, Refrigerant Used, Application - Global Forecast 2024-2030
The Refrigerant Compressors Market size was estimated at USD 43.24 billion in 2023 and expected to reach USD 45.89 billion in 2024, at a CAGR 6.21% to reach USD 65.96 billion by 2030.
A refrigerant compressor is a crucial component of a refrigeration or air conditioning system designed to increase the pressure and temperature of the refrigerant gas. This system is an integral part of various industries, such as heating, ventilation, air conditioning (HVAC), automotive, commercial, and industrial refrigeration. In HVAC systems installed in residential and commercial buildings, the efficient operation of refrigerant compressors is essential for energy conservation and optimizing cooling capacities. Innovations in electric vehicle (EV) technology have propelled advancements in compressor systems designed specifically for EVs. However, the high initial cost of energy-efficient compressors may deter potential buyers from adopting these products. The stringent quality standards regarding compressors impact the development phase of the products. Market players are working on understanding the changing quality regulations while introducing cost-efficient models to enable easy utilization of refrigerant compressors. Additionally, manufacturers are exploring the Internet of Things (IoT) enabled HVAC systems as more consumers demand smart appliances with remote monitoring capabilities and predictive maintenance features.
Regional Insights
In the Americas, demand for refrigerant compressors is driven predominantly by the heating, ventilation, air conditioning (HVAC), and refrigeration equipment utilization in residential and commercial sectors. Regulatory measures such as the U.S. Environmental Protection Agency's (EPA) SNAP program have encouraged manufacturers to develop more environmentally friendly refrigerant compressor technologies as energy efficiency becomes increasingly important in North America. Asia represents a rapidly growing market for refrigerant compressors due to ongoing industrialization activities. The Asian market is characterized by intense competition among local manufacturers and international players with established production facilities in countries such as Japan and China. The European refrigerant compressors market is characterized by its focus on energy efficiency, stringent regulatory policies, and demand for technologically advanced compressor solutions. This region strongly emphasizes sustainable practices, with countries including Germany, France, Italy, and the United Kingdom leading the way in adopting green technologies for HVAC systems.
Market Insights
- Market Dynamics
The market dynamics represent an ever-changing landscape of the Refrigerant Compressors Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.- Market Drivers
- Increasing production and sales of gas-based and electric vehicles
- Government initiatives promoting the use of energy-efficient HVAC systems
- Rising use across large-scale oil & gas exploration and production activities
- Market Restraints
- Need for frequent maintenance owing to failure of the system
- Market Opportunities
- Emerging popularity of advanced oil-free and variable-speed compressors
- Introduction of IoT monitoring and predictive maintenance for refrigerant compressors
- Market Challenges
- Stringent quality and performance standards for refrigerant compressors
- Market Segmentation Analysis
- Compressor Type: Centrifugal compressors to face exponential demand from large-scale industrial sectors
- Application: Increasing utilization of eco-friendly refrigerant compressors for energy-efficient operations in industries and commercial activities
- Construction Type: Increasing demand for open compressors for larger-scale cold storage applications
- Cooling Capacity: Growing demand for less than 100 kW cooling capacity compressors
- Refrigerant Used: Growing emphasis on an eco-friendly refrigerant alternative
- Market Disruption Analysis
- Porter’s Five Forces Analysis
- Value Chain & Critical Path Analysis
- Pricing Analysis
- Technology Analysis
- Patent Analysis
- Trade Analysis
- Regulatory Framework Analysis
The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Refrigerant Compressors Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Refrigerant Compressors Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Recent Developments- Baker Hughes to Supply Liquefaction Equipment to Driftwood LNG
Baker Hughes has agreed with Tellurian Inc. to supply eight main refrigerant compression packages, gas turbines, control units, and electric-powered ICL packages for the Driftwood LNG project. The primary objective of the project is to export up to 27.6 million metric tons of liquid natural gas globally by 2027. This agreement further strengthens the collaboration between Baker Hughes and Tellurian, who have previously worked together to provide zero-emissions ICL compressor packages for their first deployment in North America.
DAIKIN ESTABLISHES NEW AC PRODUCTION BASE IN TSUKUBAMIRAI CITY, IBARAKI, JAPAN
Daikin Industries, Ltd. has acquired land in Tsukubamirai City, Ibaraki Prefecture, Japan, to establish a new production base for air conditioners, which optimizes domestic supply and contributes to further expansion. Daikin Industries, Ltd. aims to meet the growing demand for air conditioning systems through this new production location while maintaining its dedication to quality and innovation.
Beijer Ref enters the South Korean market through the acquisition of DS Maref
Beijer Ref has signed an agreement to acquire the operations of DS Maref, a reputable distributor of refrigeration compressors and components. This strategic acquisition aligns perfectly with Beijer Ref's overall strategy, allowing the business to expand its product portfolio and boost its presence in the South Korean market.
The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Refrigerant Compressors Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
Key Company Profiles
The report delves into recent significant developments in the Refrigerant Compressors Market, highlighting leading vendors and their innovative profiles. These include Atlas Copco AB, Baker Hughes Company, BITZER Kühlmaschinenbau GmbH, Burckhardt Compression AG, Carrier Global Corporation, Daikin Industries, Ltd., Danfoss A/S, Dunham-Bush Holding Bhd, Emerson Electric Co., GEA Group AG, Hanbell Precise Machinery Co. Ltd., Hangzhou Qianjiang Refrigeration Group Co.Ltd., Hitachi, Ltd., Huayi Compressor Co.,Ltd., Hubei Donper Electromechanical Group Co., Ltd, Ingersoll Rand Inc., Jiaxipera Compressor Co.Ltd., Johnson Controls International PLC, Kirloskar Pneumatic Company Limited, Kulthorn Kirby Company Limited, LG Corporation, Midea Group Co., Ltd., Mitsubishi Heavy Industries, Ltd., Mueller Industries, Nidec Corporation, Officine Mario Dorin S.p.A., Panasonic Holdings Corporation, Robert Bosch GmbH, Samsung Electronics Co., Ltd., Siemens AG, and Tecogen, Inc..
Market Segmentation & Coverage
This research report categorizes the Refrigerant Compressors Market to forecast the revenues and analyze trends in each of the following sub-markets:- Compressor Type
- Centrifugal Compressors
- Reciprocating Compressors
- Rotary Vane Compressors
- Screw Compressors
- Scroll Compressors
- Construction Type
- Hermetic
- Open
- Semi-hermetic
- Cooling Capacity
- 100 - 400 kw
- Above 400 kw
- Less than 100 kW
- Refrigerant Used
- CO2
- R290
- R410A
- Application
- Commercial
- Industrial
- Chemical
- Food & Beverages
- Logistics & Transportation
- Pharmaceuticals
- Residential
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
Please Note: PDF & Excel + Online Access - 1 Year
- Americas
- Market Drivers
- 1. Preface
- 1.1. Objectives of the Study
- 1.2. Market Segmentation & Coverage
- 1.3. Years Considered for the Study
- 1.4. Currency & Pricing
- 1.5. Language
- 1.6. Stakeholders
- 2. Research Methodology
- 2.1. Define: Research Objective
- 2.2. Determine: Research Design
- 2.3. Prepare: Research Instrument
- 2.4. Collect: Data Source
- 2.5. Analyze: Data Interpretation
- 2.6. Formulate: Data Verification
- 2.7. Publish: Research Report
- 2.8. Repeat: Report Update
- 3. Executive Summary
- 4. Market Overview
- 5. Market Insights
- 5.1. Market Dynamics
- 5.1.1. Drivers
- 5.1.1.1. Increasing production and sales of gas-based and electric vehicles
- 5.1.1.2. Government initiatives promoting the use of energy-efficient HVAC systems
- 5.1.1.3. Rising use across large-scale oil & gas exploration and production activities
- 5.1.2. Restraints
- 5.1.2.1. Need for frequent maintenance owing to failure of the system
- 5.1.3. Opportunities
- 5.1.3.1. Emerging popularity of advanced oil-free and variable-speed compressors
- 5.1.3.2. Introduction of IoT monitoring and predictive maintenance for refrigerant compressors
- 5.1.4. Challenges
- 5.1.4.1. Stringent quality and performance standards for refrigerant compressors
- 5.2. Market Segmentation Analysis
- 5.2.1. Compressor Type: Centrifugal compressors to face exponential demand from large-scale industrial sectors
- 5.2.2. Application: Increasing utilization of eco-friendly refrigerant compressors for energy-efficient operations in industries and commercial activities
- 5.2.3. Construction Type: Increasing demand for open compressors for larger-scale cold storage applications
- 5.2.4. Cooling Capacity: Growing demand for less than 100 kW cooling capacity compressors
- 5.2.5. Refrigerant Used: Growing emphasis on an eco-friendly refrigerant alternative
- 5.3. Market Disruption Analysis
- 5.4. Porter’s Five Forces Analysis
- 5.4.1. Threat of New Entrants
- 5.4.2. Threat of Substitutes
- 5.4.3. Bargaining Power of Customers
- 5.4.4. Bargaining Power of Suppliers
- 5.4.5. Industry Rivalry
- 5.5. Value Chain & Critical Path Analysis
- 5.6. Pricing Analysis
- 5.7. Technology Analysis
- 5.8. Patent Analysis
- 5.9. Regulatory Framework Analysis
- 6. Refrigerant Compressors Market, by Compressor Type
- 6.1. Introduction
- 6.2. Centrifugal Compressors
- 6.3. Reciprocating Compressors
- 6.4. Rotary Vane Compressors
- 6.5. Screw Compressors
- 6.6. Scroll Compressors
- 7. Refrigerant Compressors Market, by Construction Type
- 7.1. Introduction
- 7.2. Hermetic
- 7.3. Open
- 7.4. Semi-hermetic
- 8. Refrigerant Compressors Market, by Cooling Capacity
- 8.1. Introduction
- 8.2. 100 - 400 kw
- 8.3. Above 400 kw
- 8.4. Less than 100 kW
- 9. Refrigerant Compressors Market, by Refrigerant Used
- 9.1. Introduction
- 9.2. CO2
- 9.3. R290
- 9.4. R410A
- 10. Refrigerant Compressors Market, by Application
- 10.1. Introduction
- 10.2. Commercial
- 10.3. Industrial
- 10.4. Residential
- 11. Americas Refrigerant Compressors Market
- 11.1. Introduction
- 11.2. Argentina
- 11.3. Brazil
- 11.4. Canada
- 11.5. Mexico
- 11.6. United States
- 12. Asia-Pacific Refrigerant Compressors Market
- 12.1. Introduction
- 12.2. Australia
- 12.3. China
- 12.4. India
- 12.5. Indonesia
- 12.6. Japan
- 12.7. Malaysia
- 12.8. Philippines
- 12.9. Singapore
- 12.10. South Korea
- 12.11. Taiwan
- 12.12. Thailand
- 12.13. Vietnam
- 13. Europe, Middle East & Africa Refrigerant Compressors Market
- 13.1. Introduction
- 13.2. Denmark
- 13.3. Egypt
- 13.4. Finland
- 13.5. France
- 13.6. Germany
- 13.7. Israel
- 13.8. Italy
- 13.9. Netherlands
- 13.10. Nigeria
- 13.11. Norway
- 13.12. Poland
- 13.13. Qatar
- 13.14. Russia
- 13.15. Saudi Arabia
- 13.16. South Africa
- 13.17. Spain
- 13.18. Sweden
- 13.19. Switzerland
- 13.20. Turkey
- 13.21. United Arab Emirates
- 13.22. United Kingdom
- 14. Competitive Landscape
- 14.1. Market Share Analysis, 2023
- 14.2. FPNV Positioning Matrix, 2023
- 14.3. Competitive Scenario Analysis
- 14.3.1. Baker Hughes to Supply Liquefaction Equipment to Driftwood LNG
- 14.3.2. DAIKIN ESTABLISHES NEW AC PRODUCTION BASE IN TSUKUBAMIRAI CITY, IBARAKI, JAPAN
- 14.3.3. Beijer Ref enters the South Korean market through the acquisition of DS Maref
- 14.3.4. Dorin Launches New Range of Industrial Transcritical CO2 Compressors
- 14.3.5. Baker Hughes Announces Major LNG Order from QatarEnergy for the North Field South (NFS) Project
- 14.3.6. LG Electronics India starts local manufacturing of Dual Inverter Air Conditioner Compressors
- Invests approximately INR 100 crores
- 14.3.7. Emerson Electric Co. Launches ‘Industry-First’ Transcritical CO2 Screw Compressor for Industrial Applications at IIAR Show
- 14.3.8. Danfoss Completes Acquisition of Compressor Manufacturer
- 14.3.9. The new Secop BD Nano compressor is now available for R1234yf and R134a
- 14.3.10. Mitsubishi Electric to Build Plant in India for Room Air Conditioners and A/C Equipment Compressors
- 14.4. Strategy Analysis & Recommendation
- 15. Competitive Portfolio
- 15.1. Key Company Profiles
- 15.2. Key Product Portfolio
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