SELBYVILLE, Del., Dec. 8, 2021 /PRNewswire/ -- The refrigerant compressors market size is anticipated to record a valuation of USD 85 billion by 2027, according to the most recent study by Global Market Insights Inc. Robust demand for cooling appliances from the food & beverage sector for food storage and to provide a proper environment for food processing across the globe is anticipated to drive the overall market revenue throughout the assessment period.
The COVID-19 outbreak has impacted various industrial sectors with construction being one of the highest impacted. Lockdowns across countries along with restrictions on the manufacturing and industrial activities have affected various sectors.
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Furthermore, the ongoing COVID-19 pandemic has affected sales and production of air-conditioners, refrigerators, and other products due to strict social distancing norms & lockdowns by various governments across the globe and lowered spending power of consumers owing to the surge in COVID-19 cases that has led to location-specific lockdowns. The COVID-19 crisis has negatively impacted several players operating in the industry. Moreover, lockdowns and restrictions have led to production cuts in the refrigerant compressors market.
The hermetic compressor segment generated around USD 35 billion in 2020. Hermetic compressors are widely used in refrigeration and air conditioning applications. In all household refrigerators, deep freezers, window air conditioners, split air conditioners & most of the packaged air conditioners, a hermetically sealed reciprocating compressor is used. Hermetically sealed reciprocating compressors are easy to handle and require low maintenance. They are used with motor power requirements from 1/20 to 71/2 hp.
The 100 - 400 kW cooling capacity refrigerant compressors market will witness 4.5% CAGR during the forecast period. The 100 - 400 kW cooling capacity refrigerant compressors are used for freezing & refrigeration of food at food processing plants and warehouses where a cooling capacity between 100 - 400 kW and a COP of 1.63 is required. Rising imports and exports of food are rapidly driving food processing and warehouse demand. For instance, Japan's Fisheries Agency forecasts that the world trade in marine products will soar from 20 million tons in 2000 to 33 million tons by 2020, which is likely to drive the demand for 100 - 400 kW cooling capacity refrigerant compressors worldwide.
The commercial segment in the refrigerant compressors market is anticipated to witness significant growth during the forecast period owing to an increase in demand for new fixed wing aircraft. The segment is expected to account for around 15% share by 2027. The commercial segment is estimated to observe a significant growth rate during the forecast period. Increasing commercial space and office construction across the globe have augmented the demand for smart commercial air conditioners with new inverter technology and environmental-friendly solutions. The commercial segment trend includes shifting manufacturer focus and stringent government regulations on the production of energy-efficient & eco-friendly products by completely phasing out CFCs and replacing it with HFCs & other refrigerants.
Key companies operating in the market are Emerson, Gree Electric Appliances, Inc., Huayi Compressor Barcelona S.L., Secop GmbH, Italia Wanbao-ACC S.r.l, LG Electronics, Johnson Controls, Kirloskar Pneumatic Company Limited, Embraco, Daikin Industries, Ltd., Hitachi Ltd., Mitsubishi Electric Corporation, and others.
Some major findings of the refrigerant compressors market report include :
- The market growth can be attributed to increasing demand for AC and refrigeration appliances across the globe
- Innovations and technology advancements coupled with growth in the HVAC sector across Asia Pacific will enhance market growth
- The COVID-19 crisis has impacted the construction, commercial, and industrial sectors across the globe and disrupted the normal functioning of the global refrigerant compressors industry
- Based on the type segment, positive displacement dominated the refrigerant compressors market in 2020 and is projected to generate huge revenue gains throughout the forecast period
- Based on application, product demand from the domestic segment held a major market share in 2020
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Partial chapters of report table of contents (TOC):
Chapter 3 Global Refrigerant Compressors Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2017 - 2027
3.2.1 COVID-19 impact on industry landscape
3.3 Industry ecosystem analysis
3.3.1 Raw material supplier
3.3.3 Profit margin analysis
3.3.4 Distribution channel analysis
3.3.5 COVID-19 impact on supply chain
3.3.6 Vendor matrix
3.4 Technology landscape
3.4.1 Variable speed drive technology
3.5 Regulatory landscape
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.2 Industry pitfalls & challenges
3.7 Innovation and sustainability
3.8 Growth potential analysis
3.9 Porter's analysis
3.10 Pricing analysis
3.10.1 Cost structure analysis
3.10.2 COVID-19 impact on pricing
3.11 Competitive landscape, 2020
3.12 PESTLE analysis
Browse Complete Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/refrigerant-compressors-market
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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SOURCE Global Market Insights Inc.