Refrigeration and Air Conditioning Compressors Market - Regulatory Standards Pave Way for Innovations

Manufacturers Set Their Focus on Intense R&D Activities to Fulfil the Growing Demand for Efficiency and Energy-savings

  • 2019-09-13
  • REP-GB-7040
  • 48 Tables
  • 207 Figures
  • 328 pages
  • PDF PPT EXCEL
 Refrigeration And Air Conditioning Compressors Market
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Refrigeration and Air Conditioning Compressors - Heading Towards a Greener Future

HVAC systems play a critical role in reducing food degradation and extending the shelf-life of food products. Apart from being an integral aspect of the food transportation industry, HVAC systems are primarily used across the commercial and residential sectors worldwide. In recent times, owing to the evolving landscape of regulations and growing awareness over comfort, ozone depletion, and energy savings, the demand for optimized compressor technologies and systems witnessed a significant growth. Furthermore, rapid adoption of low global warming potential (GWP) refrigerants or natural refrigerants has been noticeable in household as well as commercial refrigeration equipment. In the view of increasing stringency of regulations pertaining to HVAC systems and growing environmental concerns, refrigeration and air conditioning compressor manufacturers are continuously focusing on enhancing efficiency of their products. These manufacturers are further likely to place their bets on the production of highly efficient compressors that not only have lower environmental impact but also comply with the evolving regulations.

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Refrigeration and Air Conditioning Compressors Market - Key Research Findings

global refrigeration and air conditioning compressors market snapshot
  1. The global refrigeration and air conditioning compressors market size in 2019 is estimated to reach ~US$ 32 Bn.
  2. The refrigeration and air conditioning compressors market is expected to grow at a CAGR of ~3% over the forecast period of 2019-2029.
  3. Increasing demand for rotary vane compressors is driving the sales of refrigeration and air conditioning compressors.
  4. North America and Europe, collectively, are likely to account for half of the revenue share in the refrigeration and air conditioning compressors industry by the end of 2029.
    • East Asia, attributing to the rapid growth of the food & beverages industry, will continue to be a rapidly growing market for refrigeration and air conditioning compressors manufacturers.
  5. The residential sector is expected to remain a prominent application area to invest in, for refrigeration and air conditioning compressors market players.
    • Noteworthy application potential of refrigeration and air conditioning compressors has been identified in commercial sectors, especially foodservice industry.

Key Factors Shaping the Refrigeration and Air Conditioning Compressors Market

Increasing Trading of Frozen Food in the Global Refrigeration and Air Conditioning Compressors Market

Growing capital investment for food preservation during transportation, distribution, and production is expected to drive the food shipment industry. Increasing applications of refrigeration and air conditioning compressors in horticulture and seafood processing is expected to boost the demand for refrigeration and air conditioning compressors. Furthermore, to reduce the wastage of food products, the cold supply chain infrastructure is growing at a significant rate across the globe creating demand for refrigeration and air conditioning compresses. Owing to the strong cold supply chain infrastructure and warehouses in emerging economies, the food trade is increasing at a significant rate. This leads to the growing demand for commercial refrigeration systems and products in the industry.

Introduction of Packaged Solutions and Value-added Services for Refrigeration and Air Conditioning Compressors

Manufacturers and distributors of refrigeration and air conditioning compressors are focusing on the development of packaged systems for refrigeration and air conditioning compressors. Packaged systems are all-in-one cooling and heating solutions with various components housed in a single cabinet. Packaged systems are a popular choice for homes with limited space as they take up less room than split systems.

Service providers and distributors are focusing on providing custom packaging solutions and other value-added services, which can help original equipment manufacturers and clients to create a lean supply chain. Value-added services are designed to accommodate customers’ businesses and operational requirements.

Further, manufacturers of refrigeration and air conditioning compressors are involved in the strategic cooperation agreement with consumer appliance manufacturers across the globe.

  • For instance, in November 2017, Bitzer (one of the prominent compressor manufacturers), announced a new 10-year contract with Maersk Container Industry (MCI), a prominent manufacturer of refrigerated transportation equipment.

Governmental Initiatives to Support the Utilization of Eco-friendly Refrigerants

Several government agencies and organizations are focusing on the reduction of HCFC emissions from refrigerants, which is expected to be the prime factor for the growth of the global refrigeration and air conditioning compressors market.

  • For instance, under the Title VI of the Clean Air Act, implemented by the Environment Protection Agency (EPA), the U.S. was mandated to reduce the consumption of HCFCs (R-22) by 90% below the baseline by January 1, 2015.

According to the EPA guidelines, the consumption of HCFCs is required to drop 99.5% by 2020 and replaced by alternative natural refrigerants. Prominent players in the market have already launched upgraded products to meet these standards while some tier-III category players are striving to achieve compatible technologies through several activities, such as R&D and partnerships.

Various government and non-government organizations offer rebates to refrigeration and air conditioning compressors manufacturers and food service providers for energy-efficient products and services. Energy Star, a U.S. Environmental Protection Agency (EPA) voluntary program, offers business and individual rebates, and also helps in protecting the environment by specifying superior energy-efficient norms.

global refrigeration and air conditioning compressors market

Refrigeration and Air Conditioning Compressors Market Structure Analysis

  • The global refrigeration and air conditioning compressors market represents a fairly consolidated competition landscape, where a majority of key players maintain their strategic focus on the development of solid distribution partnerships and joint ventures, targeting a firmer global footprint.
  • The refrigeration and air conditioning compressors market has been relatively moderate in size, which remains a key factor for its dynamic competitive nature.
  • Prominent manufacturers of refrigeration and air conditioning compressors are currently prioritizing R&D and new product launches in North America, Europe, East Asia, and South Asia.
  • Portfolio extension is also identified to remain one of the key developmental strategies adopted by manufacturers of refrigeration and air conditioning compressors.
  • For a stronger foothold in target markets, manufacturers of refrigeration and air conditioning compressors will continue to rely on inorganic strategies, such as mergers and acquisitions.
  • Deeper understanding of the market trends and preferential shifts of end-use segments across various regions are likely to create a bottleneck for prominent players, looking forward to untapped opportunities in the refrigeration and air conditioning compressors market.

Technology Driven Modern Compressors Aim to Break Efficiency Barriers

From scroll technology to the advent of variable speeds, HVACR compressors have experienced significant advancements in last few decades. Recently developed compressors are pushing efficiency limits more than ever, owing to the adoption of new and advanced technologies. Modern compressors have demonstrated improved efficiency and low footprint on the environment, in addition to fulfilling the customer’s demands. The market players active in the global refrigeration and air conditioning compressor market are focusing on achieving maximum system efficiency by deploying, modulation, vapor compression, oil-free, and magnetic bearing technologies. In addition, the adoption rate of natural refrigerants that have a low global warming potential has increased at a steady pace in the last few years. For instance, the phase-down of R22, especially in the developed countries such as the US to curb environment degradation resulted in a significant growth in the adoption of alternative refrigerants including, R410a, R407c, and R404 among others.  

The food transportation industry is one of the key end-use industry within the refrigeration and air conditioning compressor market. However, the modern refrigeration landscape is rapidly evolving owing to regulations laid down by government agencies. Within the food and beverage industry, industrial refrigeration systems play an imperative role in safeguarding the quality of food products. Thus, the demand for technologically advanced and efficient commercial refrigeration compressors from the food industry witnessed a significant growth in recent years and the trend is expected to continue in the foreseeable future.

Surge in Demand from Supermarkets Propels Growth in North America

The thriving commercial sector in nations including the US and Canada have significantly increased the demand for refrigeration and air conditioning compressors. The growing number of supermarkets in the US has further heightened the demand for advanced refrigeration systems that comply with government regulations. Moreover, the growing consumer awareness over environment safety, climate change, and energy-savings has boosted the demand for efficient compressor technologies: a trend set to continue in the coming years. The surge in number of cold supply facilities coupled with increase in trade of frozen foods have created lucrative opportunities for market players in the region.

* This data is only a representation. Actual data may vary and will be available in report.

Surge in Demand from Supermarkets Propels Growth in North America
Surge in Demand from Supermarkets Propels Growth in North America
Surge in Demand from Supermarkets Propels Growth in North America
Surge in Demand from Supermarkets Propels Growth in North America
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  • 2018
  • 2022
  • 2029
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Evolving Regulations Steer Manufacturers towards Developing Efficient Compressors

Owing to the uncertain nature and rapidly evolving regulatory landscape, manufacturers operating in the refrigeration and air conditioning compressor market are strongly focusing on research and development to enhance the performance of the compressors. For instance, the Department of Energy (DOE) ordered manufacturers to reduce energy consumption by 30-50 % in the upcoming stand-alone equipment. Thus, in their efforts to fulfil the requirement of the DOE, manufacturers turned their attention towards enhancing their compressor technologies. For instance, LG devoted a significant amount of resources towards the development of new compressors and launched a duty rotary compressor and a two-stage scroll compressor in 2018. In addition, the launch of the third generation Copeland Scroll two-stage compressor developed by Emerson was primarily aimed to enhance comfort and increase energy-savings. Thus, key players operating in the refrigeration and air conditioning compressor market are likely to prioritize the production of cost-effective and energy-efficient compressors in the coming years.

High adoption of R410A expected

Demand for R407C picks pace

High applicability in residential sector

Commercial usage on the rise

Refrigeration at the forefront

Air conditioning gathers momentum

How Growth will Unfold

Manufacturers operating within the global refrigeration and air conditioning compressor market are likely to tune their product development strategies based on the evolving regulations. Further, in their efforts to develop ‘smart compressors’, market players will lean towards the adoption of novel technologies and mechanical innovations. In addition, the overall growth of the commercial sector and increasing trade volume of frozen food are some of factors that are tipped to propel the growth of the global refrigeration and air conditioning compressors market in the coming years.

Refrigeration and Air Conditioning Compressors Application Assessment (2019-20129)

* This data is only a representation. Actual data may vary and will be available in report.

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Overview

Refrigeration and Air Conditioning Compressors Market Analysis 2019 - 2029

A recent market study published by FMI on the refrigeration and air conditioning compressors market includes the global industry analysis 2014-2018 & opportunity assessment 2019-2029, and delivers a comprehensive assessment of the most important market dynamics. After conducting a thorough research on the historic as well as current growth parameters of the refrigeration and air conditioning compressors market, the growth prospects of the market are obtained with maximum precision.

Refrigeration And Air Conditioning Compressors Market Taxonomy

The global refrigeration and air conditioning compressors market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.

By Cooling Capacity

  • Less than 5 kW
  • 5 to 30 kW
  • 30 to 100 kW
  • 100 to 300 kW
  • 300 to 500 kW
  • 500 to 1000 kW
  • Above 1000 kW

By Product Type

  • Rotary Vane
  • Scroll
  • Reciprocating
  • Screw
  • Centrifugal

By Refrigerant Type

  • R410A
  • R407C
  • R404A
  • R134A
  • R290
  • R744
  • Others

By Application 

  • Residential
  • Commercial
  • Medical & Healthcare
  • Industrial
  • Transportation

By End Use 

  • Refrigeration
  • Air Conditioning

By Region 

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle East and Africa

What's Included

The report initiates with the executive summary of the refrigeration and air conditioning compressors market, which includes a summary of the key findings and statistics of the market. It also includes the demand & supply-side trends pertaining to the refrigeration and air conditioning compressors market.

In this chapter, readers can find the definition and a detailed taxonomy of the refrigeration and air conditioning compressors market, which will help them understand the basic information about the refrigeration and air conditioning compressors market. Along with this, comprehensive information about the refrigeration and air conditioning compressors and its properties are provided in this section. This section also highlights the inclusions and exclusions, which help readers understand the scope of the refrigeration and air conditioning compressors market report.

The refrigeration and air conditioning compressors market report provides key market trends that are expected to significantly impact the market growth during the forecast period. Detailed industry trends are provided in this section.

This section includes the factors that have emerged as key successful factors and strategies adopted by key market participants.

This section explains the global market value analysis and forecast for the refrigeration and air conditioning compressors market between the forecast periods of 2019-2029. This chapter includes a detailed analysis of the historical refrigeration and air conditioning compressors market, along with an opportunity analysis of the future. Readers can also find the absolute $ opportunity for the current year (2019), and an incremental $ opportunity for the forecast period (2019–2029). Along with this, pricing analysis of the refrigeration and air conditioning compressors market at the regional level has been provided in this section. This section also explains the global market volume analysis and forecast for the refrigeration and air conditioning compressors market between the forecast periods of 2019-2029.

This chapter explains the key macro-economic factors that are expected to influence the growth of the refrigeration and air conditioning compressors market during the forecast period. Along with the macroeconomic factors, this section also highlights the value chain, supply chain, forecast factors, and value chain analysis for the refrigeration and air conditioning compressors market. Moreover, in-depth information about the market dynamics and their impact analysis on the market have been provided in the successive section.

Based on the cooling capacity, the refrigeration and air conditioning compressors market is segmented into less than 5 kW, 5 to 30 kW, 30 to 100 kW, 100 to 300 kW, 300 to 500 kW, 500 to 1000 kW, and above 1000 kW. In this chapter, readers can find information about the key trends and developments in the refrigeration and air conditioning compressors market and market attractiveness analysis based on the cooling capacity.

Based on the product type, the refrigeration and air conditioning compressors market is segmented into rotary vane, scroll, reciprocating, screw, and centrifugal. In this chapter, readers can find information about the key trends and developments in the refrigeration and air conditioning compressors market and market attractiveness analysis based on the product type.

This chapter provides details about the refrigeration and air conditioning compressors market based on the refrigerant type and has been classified into R410A, R407C, R404A, R134A, R290, R744, and others. In this chapter, readers can understand the market attractiveness analysis based on the refrigerant type.

This chapter provides details about the refrigeration and air conditioning compressors market based on the application and has been classified into commercial, residential, medical & healthcare, industrial, and transportation. In this chapter, readers can understand the market attractiveness analysis based on the application.

Based on the end use, the refrigeration and air conditioning compressors market is segmented into refrigeration and air conditioning. In this chapter, readers can find information about the key trends and developments in the refrigeration and air conditioning compressors market and market attractiveness analysis based on the end use.

This chapter explains how the refrigeration and air conditioning compressors market will grow across various geographic regions, such as North America, Latin America, Europe, South Asia, East Asia, Oceania, and Middle East & Africa (MEA).

This chapter includes a detailed analysis of the growth of the North America refrigeration and air conditioning compressors market, along with a country-wise assessment that includes the U.S. and Canada. Readers can also find the pricing analysis and market growth based on the application and countries in North America.

This chapter provides the growth scenario of the refrigeration and air conditioning compressors market in Latin American countries such as Brazil, Mexico, and the Rest of Latin America. Along with this, an assessment of the market across target segments has been provided.

Important growth prospects of the refrigeration and air conditioning compressors market based on its end users in several countries such as Germany, Italy, U.K., France, Spain, Russia, and the Rest of Europe are included in this chapter.

In this chapter China, Japan, and South Korea are the prominent countries in the East Asia region that are the prime subjects of assessment to obtain the growth prospects of the East Asia refrigeration and air conditioning compressors market. Readers can find detailed information about the growth parameters of the East Asia refrigeration and air conditioning compressors market during the forecast period of 2019-2029.

This chapter highlights the growth of the refrigeration and air conditioning compressors market in South Asia by focusing on India, ASEAN, and the Rest of South Asia. This section also help readers understand the key factors that are responsible for the growth of the refrigeration and air conditioning compressors market in South Asia.

This chapter highlights the growth of the refrigeration and air conditioning compressors market in Oceania by focusing on Australia and New Zealand. This chapter help readers understand the key factors that are responsible for the growth of the refrigeration and air conditioning compressors market in Oceania.

This chapter provides information about how the refrigeration and air conditioning compressors market will grow in major countries in the MEA region, such as GCC, Turkey, North Africa, South Africa, and the Rest of MEA, during the forecast period of 2019-2029.

In this chapter, readers can find detailed information about the tier analysis and market concentration of key players in the refrigeration and air conditioning compressors market, along with their market presence analysis by region and product portfolio.

In this chapter, readers can find a comprehensive list of all the prominent stakeholders in the refrigeration and air conditioning compressors market, along with a detailed information about each company, which includes the company overview, revenue shares, strategic overview, and recent company developments. Some of the market players featured in the report are Danfoss Group, Huayi Compressor Co., Ltd., Emerson Electric Co., Midea Group, Nidec Corporation, Mitsubishi Electric Corporation, Panasonic Corporation, United Technologies Corporation, GEA Group AG, MAYEKAWA MFG. CO., LTD., LG Electronics, Inc., Daikin Industries Ltd., and CAREL Industries S.p.A., among others.

This chapter includes a list of acronyms and assumptions that provides a base to the information and statistics included in the refrigeration and air conditioning compressors market report.

This chapter help readers understand the research methodology followed to obtain various conclusions as well as important qualitative and quantitative information about the refrigeration and air conditioning compressors market.

How the research was conducted?

Primary Research

  • C - Level Executives
  • Marketing Directors
  • Product Managers 
  • Business Development Officers 
  • Production Managers
  • Procurement Heads
  • Sales Executives
  • Distributors
  • Traders 
  • Raw Material Suppliers
  • Industry Experts
  • End Users
  • Current market dynamics and challenges
  • Yesteryear trends 
  • Market characteristics
  • Market performance and growth quadrants
  • Competition structure and market structure
  • Strategic growth initiatives
  • Near-term and long-term market growth prospects
  • Market segment splits and authenticity
  • Opinions on market projections and validity of assumptions

Secondary Research

  • Industry Publications
  • Industry Associations
    • OICA
    • International Trade Association
  • Factiva
  • Company Press Releases
  • Annual Reports and Investor Presentations
  • Research Papers
  • Government Websites and Publications
  • Trade Websites

Primary Interview Splits

Primary Interview Splits global refrigeration and air conditioning compressors market designations

Primary Interview Splits global refrigeration and air conditioning compressors market stakeholders

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