Refrigerant Compressors Market Analysis

Refrigerant Compressors Market Analysis

The positive displacement compressor segment is poised to generate over USD 65 billion revenue by 2027. A positive displacement type of compressor compresses air by the use of mechanical linkage to displace, thus reducing the volume. A positive displacement compressor is further subdivided into reciprocating and rotary. Reciprocating compressors are used in various applications including commercial refrigerators and freezers. Moreover, during the past few years, the use of reciprocating compressors in food & beverage application has substantially increased on account of the discharge of a large pressure.

Open construction refrigerant compressors market is expected to witness demand of around 135 million units by 2027. In an open-type compressor, energy is mainly received from an external power source along with one end of the crank shaft ranging through the crank case to either a direct motor drive or a V-belt, gear, or chain drive. With such a design, it is necessary to seal the crank case. Open-type compressors are suitable for low-temperature and industrial refrigeration applications. They are designed to operate with halocarbons ammonia, and other refrigerants and are ideally fit for continuous duty and process refrigeration.

The below 100 kW capacity refrigerant compressors market is projected to grow at more than 4.5% CAGR through 2027. Below 100 kW cooling capacity refrigerant compressors are used in low-temperature applications such as mobile freezers. There is an increasing requirement for medium-temperature applications, ranging from 15 to 50 kW, to cool power products in the commercial & retail sectors. The simplified architecture, reduced footprint, and energy efficiency of below 100 kW will further improve industry statistics globally.

The domestic application is predicted to dominate the market with around 35% of the revenue share by 2027. The adoption of domestic refrigerators has been witnessing considerable growth in recent years owing to rapid economic growth, increasing need for consumer good and refrigerated food products, easy consumer finance, growth in urbanization, and import & export activities in the food & beverage sector. The other additional factors contributing to the growth is the emerging commercialization and changing lifestyles in line with the adoption of smart technologies.
 

Asia Pacific is anticipated to account for above USD 20 billion in refrigerant compressors market by 2027. A substantial need for ACs, refrigerators, biomedical refrigerators, and cold storage facilities, especially in essential goods, fueled by the rising disposable income and standard of living will essentially contribute to the high revenue generation. APAC has seen substantial growth in the AC & refrigerator industry impelled by increasing consumer inclination toward a comfortable lifestyle, which results in growing demand for refrigerant compressors.
 

However, due to the ongoing COVID-19 pandemic, AC and refrigerators have observed a significant drop in production and sales by failing consumer requirement, government lockdown measures, and disruptions in raw material imports that are necessary for AC & refrigerator production.