Refrigerator Compressor Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 5.00 % |
| Fastest Growing Market | North America |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Refrigerator Compressor Market Analysis
The refrigerator compressor size is estimated at USD 20.57 billion in 2023 and is expected to reach USD 27.11 billion by 2028, registering a CAGR of 5% during the forecast period (2023-2028).
- Over the long term, factors such as increasing exports of fast-moving consumer goods (FMCG) globally, increasing retail outlets, and rising adoption of refrigeration compressors in logistics and supply chains are expected to be major drivers for the market.
- On the other note, high initial costs and limited electricity access in rural areas are majorly restraining the growth of the market studied.
- Nevertheless, the advancement in technology, especially the Internet of Things (IoT) in modern-day refrigerators, which are not just about cooling but have transformed into smart devices, may create great opportunities in the future.
- Asia Pacific is expected to be the prominent geography in the market studied, with the rapid development of FMCG in countries like China, India, and Japan in the near future.
Refrigerator Compressor Market Trends
Rapid Expansion of Fast-Moving Consumer Goods (FMCG) to Drive the Market
- Over the past decade, many countries across the world, such as the United States, Germany, China, and India, have seen an unprecedented rate of urbanization. With urbanization and rapid development, the demand for fast-moving consumer goods (FMCG) has witnessed immense growth, resulting in the usage of refrigerated products.
- Many FMCG goods require cold-temperature storage because of their perishable nature. Similarly, packaged beverages and foods need proper refrigeration systems for storage. During the last few decades, there has been a growth in demand for fast-moving consumer goods items, and the trend is likely to continue during the coming years.
- Also, the manufacturers are expanding their production capacity, building new facilities, and adopting cutting-edge storage technologies such as refrigeration compressors to meet this growing demand. With the growing need for FMCG products across the world, the demand for refrigeration compressors also increases since they circulate the refrigerant throughout the system and add pressure to the warm part of the circuit.
- In 2022, consumer spending in the United Kingdom on food and non-alcoholic drinks accounted for USD 1,56,761 million, which is comparatively higher than GBP 1,51,696 million from the previous year. This, in turn, indicates that the need for refrigerators in FMCG is rapidly growing and further indicates the promotion of refrigerator compressors.
- Moreover, in November 2022, Danfoss announced the extension of the range of its Optyma A2L condensing units. The latest extension of the Optyma Plus condensing units' cooling capacity range, combined with the launch of A2L-compatible DMLE and DCLE hermetic filter driers, will serve the food and beverage industry.
- Owing to the above points and the recent developments, the rapid expansion of the food and beverage industries is expected to drive the demand for refrigerator compressors across the globe.
Asia Pacific Region is Expected to Dominate the Market
- Asia Pacific is witnessing a widespread development of industrial infrastructure. It is one of the leading regions for refrigeration compressors because of its growing population, leading to a surge in demand for refrigeration compressors.
- China is committed to strengthening its pharmaceutical sector. It is one of the leading industries covering synthetic chemicals and drugs, prepared medicines, medical devices, apparatus and instruments, hygiene materials, packing materials, and pharmaceutical machinery. The pharmaceutical industry in the country needs refrigerators to store medicines and drugs, which will, in turn, aid the development of the market.
- Moreover, China's food export industry is expanding rapidly. Refrigerators are placed in distribution centers, manufacturing facilities, and vehicles to provide improved cooling storage facilities for food export. Since the compressor is a crucial part of refrigerators, the growing demand for compressors may aid the growth of the refrigerator compressor market across the region.
- Further, in India, under the Make in India program, the government plans to place the country on the world map as a manufacturing hub. According to the Indian Brand Equity Foundation, the manufacturing sector in the country has the potential to reach USD 1 trillion by 2025. Refrigerators help remove heat from large-scale processes or materials by reducing the temperature. This may increase the demand for refrigerator compressors during the study period.
- Owing to the above points and the recent developments, the Asia-Pacific region is expected to dominate the refrigerator compressor market.
Refrigerator Compressor Industry Overview
The refrigerator compressor market is moderately fragmented. Some of the key players operating in the market (in particular order) include Mitsubishi Electric Corporation, Panasonic Corporation, GEA Group AG, Emerson Electric Co., and Nidec Corporation, among other companies.
Refrigerator Compressor Market Leaders
Mitsubishi Electric Corporation
Panasonic Corporation
GEA Group AG
Emerson Electric Co
Nidec Corporation
*Disclaimer: Major Players sorted in no particular order
Refrigerator Compressor Market News
- February 2023: Danfoss announced the construction of a new sensor and compressor manufacturing facility in Apodaca, Mexico. The new expansion is expected to produce medium and large scroll compressors, pressure sensors for heating, ventilation, and air conditioning (HVACR), and A2L leak detection sensors for commercial and residential and air conditioning and refrigeration. The facility is expected to be built by the end of 2024, starting with a capacity for 100,000 compressor units, 1.6 million pressure sensors, and 1 million A2L leak detection sensors.
- March 2022: South Korean major Samsung announced an investment of USD 201.67 million to set up a new plant in Tamilnadu, India, to manufacture compressors for refrigerators. The new facility, in an area of 22 acres, will have the capacity to produce 8 million compressor units, which will be expanded in the future.
Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD million, till 2028
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.1.1 Increasing Exports of Fast Moving Consumer Goods
4.5.1.2 Rising Adoption of Refrigeration Compressors in Logistics and Supply Chains
4.5.2 Restraints
4.5.2.1 High Initial Costs and Limited Electricity Access in Rural Areas
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitutes Products and Services
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Product Type
5.1.1 Centrifugal
5.1.2 Reciprocating
5.1.3 Rotary Screw
5.1.4 Others
5.2 By Application
5.2.1 Residential
5.2.2 Commercial
5.2.3 Healthcare
5.2.4 Industrial
5.2.5 Transportation
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.1.4 Rest of North America
5.3.2 Asia Pacific
5.3.2.1 China
5.3.2.2 India
5.3.2.3 Japan
5.3.2.4 Rest of Asia-Pacific
5.3.3 Europe
5.3.3.1 United Kingdom
5.3.3.2 Germany
5.3.3.3 France
5.3.3.4 Rest of Europe
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Chile
5.3.4.4 Rest of South America
5.3.5 Middle East and Africa
5.3.5.1 United Arab Emirates
5.3.5.2 Saudi Arabia
5.3.5.3 South Africa
5.3.5.4 Qatar
5.3.5.5 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Mitsubishi Electric Corporation
6.3.2 Panasonic Corporation
6.3.3 GEA Group AG
6.3.4 Emerson Electric Co
6.3.5 Nidec Corporation
6.3.6 Carrier Corporation
6.3.7 LG Electronics Inc.
6.3.8 Midea Group
6.3.9 Frascold SpA
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Technology Advancement like Integrating Internet of Things (IoT) in Refrigerators
Refrigerator Compressor Industry Segmentation
Refrigeration compressors are an important part of every refrigeration system that employs a subcritical vapor-compression refrigeration cycle. They range in size from those utilized in refrigerated display cabinets in supermarkets and shops to those utilized in large industrial refrigeration systems in breweries.
The refrigerator compressor market is segmented by product type, application, and geography. By product type, the market is segmented by centrifugal, reciprocating, rotary screw, and others. By application, the market is segmented into residential, commercial, healthcare, industrial, and transportation. The report also covers the market size and forecasts for the refrigerator compressor market across the major regions. For each segment, the market size and forecasts have been done based on revenue (USD).
| Product Type | |
| Centrifugal | |
| Reciprocating | |
| Rotary Screw | |
| Others |
| By Application | |
| Residential | |
| Commercial | |
| Healthcare | |
| Industrial | |
| Transportation |
| Geography | |||||||
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Frequently Asked Questions
What is the current Refrigerator Compressor Market size?
The Refrigerator Compressor Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)
Who are the key players in Refrigerator Compressor Market?
Mitsubishi Electric Corporation, Panasonic Corporation, GEA Group AG, Emerson Electric Co and Nidec Corporation are the major companies operating in the Refrigerator Compressor Market.
Which is the fastest growing region in Refrigerator Compressor Market?
North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Refrigerator Compressor Market?
In 2024, the Asia Pacific accounts for the largest market share in Refrigerator Compressor Market.
What years does this Refrigerator Compressor Market cover?
The report covers the Refrigerator Compressor Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Refrigerator Compressor Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Refrigerator Compressor Industry Report
Statistics for the 2024 Refrigerator Compressor market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Refrigerator Compressor analysis includes a market forecast outlook to for 2024 to (2024to2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
