Refrigerator Compressor Market Size (2024 - 2029)

The refrigerator compressor market is projected to experience growth driven by factors such as the increasing global exports of fast-moving consumer goods, the expansion of retail outlets, and the rising use of refrigeration compressors in logistics and supply chains. Despite challenges like high initial costs and limited electricity access in rural areas, technological advancements, particularly in IoT, present significant opportunities for market expansion. The Asia Pacific region is anticipated to lead the market, fueled by the rapid development of the FMCG sector in countries such as China, India, and Japan.

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Market Size of Refrigerator Compressor Industry

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Refrigerator Compressor Market Summary
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

Refrigerator Compressor Market 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 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
North America
United States
Canada
Mexico
Rest of North America
Asia Pacific
China
India
Japan
Rest of Asia-Pacific
Europe
United Kingdom
Germany
France
Rest of Europe
South America
Brazil
Argentina
Chile
Rest of South America
Middle East and Africa
United Arab Emirates
Saudi Arabia
South Africa
Qatar
Rest of Middle East and Africa
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Refrigerator Compressor Market Size Summary

The refrigerator compressor market is poised for significant growth, driven by the increasing demand for fast-moving consumer goods (FMCG) and the expansion of retail outlets globally. The adoption of refrigeration compressors in logistics and supply chains further propels market expansion. However, challenges such as high initial costs and limited electricity access in rural areas pose constraints. Technological advancements, particularly the integration of the Internet of Things (IoT) in refrigerators, present new opportunities for market growth. The Asia Pacific region is expected to lead the market, fueled by rapid FMCG development in countries like China, India, and Japan.

Urbanization and the burgeoning FMCG sector have spurred the demand for refrigeration compressors, essential for storing perishable goods and packaged beverages. Manufacturers are responding by expanding production capacities and adopting advanced storage technologies. The food and beverage industry's expansion, alongside developments in the pharmaceutical sector in China and India's manufacturing ambitions, are key drivers of market demand. The refrigerator compressor market is moderately fragmented, with major players like Mitsubishi Electric Corporation, Panasonic Corporation, and others actively investing in new facilities to meet growing demand.

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Refrigerator Compressor Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD million, till 2028

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

        1. 1.5.1.1 Increasing Exports of Fast Moving Consumer Goods

        2. 1.5.1.2 Rising Adoption of Refrigeration Compressors in Logistics and Supply Chains

      2. 1.5.2 Restraints

        1. 1.5.2.1 High Initial Costs and Limited Electricity Access in Rural Areas

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitutes Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Product Type

      1. 2.1.1 Centrifugal

      2. 2.1.2 Reciprocating

      3. 2.1.3 Rotary Screw

      4. 2.1.4 Others

    2. 2.2 By Application

      1. 2.2.1 Residential

      2. 2.2.2 Commercial

      3. 2.2.3 Healthcare

      4. 2.2.4 Industrial

      5. 2.2.5 Transportation

    3. 2.3 Geography

      1. 2.3.1 North America

        1. 2.3.1.1 United States

        2. 2.3.1.2 Canada

        3. 2.3.1.3 Mexico

        4. 2.3.1.4 Rest of North America

      2. 2.3.2 Asia Pacific

        1. 2.3.2.1 China

        2. 2.3.2.2 India

        3. 2.3.2.3 Japan

        4. 2.3.2.4 Rest of Asia-Pacific

      3. 2.3.3 Europe

        1. 2.3.3.1 United Kingdom

        2. 2.3.3.2 Germany

        3. 2.3.3.3 France

        4. 2.3.3.4 Rest of Europe

      4. 2.3.4 South America

        1. 2.3.4.1 Brazil

        2. 2.3.4.2 Argentina

        3. 2.3.4.3 Chile

        4. 2.3.4.4 Rest of South America

      5. 2.3.5 Middle East and Africa

        1. 2.3.5.1 United Arab Emirates

        2. 2.3.5.2 Saudi Arabia

        3. 2.3.5.3 South Africa

        4. 2.3.5.4 Qatar

        5. 2.3.5.5 Rest of Middle East and Africa

Refrigerator Compressor Market Size FAQs

The Refrigerator Compressor Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)

Mitsubishi Electric Corporation, Panasonic Corporation, GEA Group AG, Emerson Electric Co and Nidec Corporation are the major companies operating in the Refrigerator Compressor Market.

Refrigerator Compressor Market Report Snapshots

Refrigerator Compressor Market - Growth Trends & Forecasts (2024-2029)