Refrigeration and Compressors market to increase at a CAGR of 3% till 2029 

The global sales for air condition compressors witnessed a minor slowdown during pandemic as all the factories were closed and supply of only basic necessity goods was permitted. 

Since the lockdown has been lifted up to improve economic conditions, the manufacturing companies are trying hard to gain traction and attract customers globally through innovative launches, online selling and technological upliftments in 2021.

The global refrigeration and air conditioning compressors market was valued at ~US$ 31 Bn in 2018, and is estimated to increase at a CAGR of ~3 percent during the forecast period of 2019-2029. This growth is majorly driven by the increasing consumption of refrigeration and air conditioning compressors in residential applications, commercial applications, and industrial applications.

The global refrigeration and air conditioning compressors market has been segmented on the basis of cooling capacity, types of compressors, their multiple applications, refrigerant, end use, and regions such as North America, Europe, Latin America, East Asia, South Asia, Oceania, and Middle East and Africa.

• By product, the rotary vane type of the refrigeration and air conditioning compressor segment is estimated to hold significant value shares of the global refrigeration and air conditioning compressors market.
• On the basis of cooling capacity, the less than 5 kW segment is projected to consume majority share of the global automotive lighting market value. However, the 30 to 100 kW segment is estimated to project a rapid growth in the global refrigeration and air conditioning compressor market.
• By application, the residential segment is estimated to hold significant value share of the global refrigeration and air conditioning compressors market. This segment is likely to be prominent in the global refrigeration and air conditioning compressors market across all regions. However, the commercial segment is anticipated to grow at a high CAGR during the forecast period. Transportation and medical & healthcare applications are also growing at a moderate CAGR during the forecast period.

The global refrigeration and air conditioning compressors market is considerably consolidated with some players holding prominent shares of the market. These players are offering refrigeration and air conditioning compressors under their several brands. Prominent manufacturing companies including Panasonic, LG, Embraco, Hitachi, Bristol, Jaguar, Secop, Daikin, Danfoss, Copeland, Carrier and Denso are investing in the establishment of a strong distribution network to remain competitive in the market. Adoption of business strategies like research and developments, new product launches, product approvals, patents and events, joint ventures, product innovations, partnership agreements, collaborations, digital marketing, mergers and acquisitions etc continues to be on the prime attention of leading players to emerge as a recognised and profitable business firm.