Refrigerant compressors market is estimated to reach USD 85 billion by 2027, according to a new research report by GMi Inc. A staggering increase in the construction of new buildings, such as lodgings, offices, commercials, healthcare, public safety, and educational institutes, across the globe is expected to enhance the refrigerant compressors industry growth. Lodging construction is anticipated to witness significant demand in 2021 owing to persistent economic is further propelling the market.

The overall growth of the refrigerant compressors market is being positively impacted by rising demand for modern air conditioners and refrigerators as well as rising usage of cooling appliances.

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It may be possible, especially in hot weather, to seek out modern conveniences and comfortable surroundings due to the high consumer spending power. The majority of the population is concentrated in cities, which increases cooling demand, and supports heat-trapping activities. However, a number of emissions from the HVAC systems that are currently in use have a significant impact on the environment and climate change. Issues with global warming are being brought on by an increase in the emissions of greenhouse gases caused by the leakage of HFC or HCFC refrigerants.

Growth in the construction sector to flourish the market growth

Dynamic displacement compressors segment is expected to observe considerable gains of over 5% from 2021 to 2027. Dynamic displacement compressors offer heat transfer under limited load conditions with higher efficiency. Moreover, they offer around 85% weight reduction on account of the compact structure of these compressors and lightweight per unit capacity. Lower maintenance cost and high reliability further provides significant opportunities for the usage in large capacity applications.

In 2020, open-type compressors dominate the refrigerant compressors market with about 30% revenue share led by the several benefits including better compressor cooling, higher efficiency, operational flexibility, and enhanced serviceability. Increasing investments from various government and private authorities toward the advancement of cold storage facilities coupled with renovation of existing facilities are augmenting the market statistics. Open-type compressors are majorly utilized in medium to large capacity refrigeration systems owing to their operational flexibility and convenient adjustment of operating mode.

North America refrigerant compressors market is predicted to generate over USD 30 billion revenue by 2027. Growth of cold chain logistics to transport marine and meat products, confectionaries, dairy products, and ice cream is significantly propel the regional growth. Moreover, regional government bodies offer funding opportunities to reduce carbon footprints.

The rising growth of food & beverage industry is likely to significantly drive the refrigerant compressors demand in industrial sector. Food & beverage manufacturers or processors utilize refrigeration appliances during the process of manufacturing and for the storage of products in warehouses. Refrigerated warehouses enable the efficient storage of various seasonal foods at production facilities and storage based in strategic locations to meet the distribution demand.

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The domestic application is estimated to register growth rate of nearly 4.5% till 2027 impelled by growing demand for climate-friendly homes and cooling systems. Several government organizations across various countries are investing and promoting energy-efficient green buildings. The surging number of households in urban areas, size of residences, and requirement of cooling appliances is boosting the market revenue.

Key companies operating in the refrigerant compressors 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 many more. Manufacturers are involved in intense research & development activities to meet the growing demand for innovative, durable & cost-effective products, which increase efficiency and reduce friction loss.

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