May 19, 2020
As per the report titled ‘Refrigerant Compressors Market Size By Type , By Construction, By Cooling Capacity, By, Industrial, Mobile, Transport), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026’, available with Market Study Report LLC, global refrigerant compressors market is predicted to record substantial growth over 2020-2026.
Refrigerant compressor is positioned at the center of the overall refrigeration cycle. The equipment functions as a pump that can control the refrigerant circulation while simultaneously adding pressure to the circulating refrigerant, thereby heating it. Surging deployment across domestic, commercial, industrial and mobile sectors is propelling the growth of refrigerant compressors market.
Based on type, the market is bifurcated into positive displacement and dynamic displacement. In dynamic displacement compressors, the refrigerant is compressed to high temperature and pressure by addition of kinetic energy through a rotating component to. Whereas, positive displacement compresses refrigerant to high pressure and temperature through a chamber whose volume can change. Dynamic displacement segment is further split into axial and centrifugal, wherein the axial segment held 2% market share in 2018 and is estimated to expand with a CAGR of over 4% during the forecast period.
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As per the construction principle, semi-hermetic segment accounted for 8% revenue share in 2019 and is expected to gain decent traction in the coming years. Growing application of semi-hermetic compressors in chiller systems and supermarkets are expected to boost the segment growth. However, these compressors are expensive as compared to hermetic compressor due to the use of o-rings and bolts in the former.
In terms of cooling capacity, above 400 kW segment is predicted to exhibit a CAGR of 3.9% through 2026. Rising installation of multiple and parallel rack systems across pharmaceutical and food & beverage sectors is driving the segment growth.
Speaking of the application spectrum, refrigerant compressor market share from mobile segment is estimated to register 3.4% CAGR during the projection period. Increasing production of electric vehicles across the globe is boosting the demand for refrigerant compressor.
As per the regional analysis, the market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Middle East refrigerant compressor market is anticipated to grow with a CAGR of 4.7% through 2026, owing to growing presence of major industry players in the region.
Key contenders in global refrigerant compressors market are GMCC, Emerson, Bitzer, Gree Electric Appliances Inc., Tecumseh, Shanghai Highly Group Co., Ltd., Secop GmbH, Huayi Compressor Barcelona, S.L., Italia Wanbao-ACC S.r.l., Rechi Precision Co. Ltd, Frascold, Johnson Controls, LG, Kirloskar, GEA, Dorin S.p.A., Danfoss, Daikin, Embraco, Hitachi, and Mitsubishi Electric Corporation.