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The global refrigerant compressor market size was USD 38000 million in 2022 and is expected to reach USD 54085.85 million in 2032, register a revenue CAGR of 4%

NEW YORK CITY, NEW YORK, UNITED STATES, May 8, 2023 /EINPresswire.com/ -- Refrigerant Compressor Market Overview:

According to market research, the size of the global refrigerant compressor market was USD 38000 million in 2022 and is expected to grow to USD 54085.85 million by 2032, with a projected revenue CAGR of 4% during the forecast period. One of the key factors driving the growth of the market is the increasing demand for refrigeration and air conditioning systems across a variety of industries, including food and beverage, pharmaceuticals, and chemicals. Additionally, the growing urbanization and the rising demand for frozen and chilled food products are also contributing to the market's revenue growth.
The market's revenue growth is also being driven by the adoption of energy-efficient cooling and refrigeration equipment. Governments worldwide are imposing strict regulations on the use of refrigerants with high Global Warming Potential (GWP) due to concerns about environmental degradation. As a result, manufacturers are focusing on producing natural refrigerants with lower GWP, such as ammonia, carbon dioxide, and hydrocarbons, which are cost-effective and environmentally friendly. As a result, the refrigerant compressor market revenue growth has increased significantly.

Refrigerant Compressor Market Segments:

The report covers various aspects of the refrigerant compressor market, including revenue forecast, company ranking, competitive landscape, growth factors, and trends. The market is segmented by type outlook, application outlook, and regional outlook to provide a comprehensive analysis of the market.
The rising demand for refrigeration and air conditioning systems across various industries, including food and beverage, pharmaceuticals, and chemicals, is expected to be a major factor driving the market growth. Additionally, the growing urbanization and increasing demand for frozen and chilled food products are also expected to contribute to the market's revenue growth.
To meet the strict regulations imposed by governments worldwide on the use of refrigerants with high Global Warming Potential (GWP), manufacturers are focusing on producing natural refrigerants with lower GWP, such as ammonia, carbon dioxide, and hydrocarbons. The adoption of energy-efficient cooling and refrigeration equipment is expected to be another major factor driving the market revenue growth.
In conclusion, the global refrigerant compressor market is expected to experience significant growth during the forecast period, driven by various factors such as rising demand for refrigeration and air conditioning systems, increasing urbanization, and adoption of energy-efficient equipment. The market segmentation by type outlook, application outlook, and regional outlook provides a comprehensive analysis of the market.

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Refrigerant Compressor Market: Strategic Developments

Emerson Electric Co. announced its acquisition of Open Systems International, Inc. (OSI) in 2021. OSI is a leading provider of open, enterprise-wide software solutions for the utility industry. The acquisition is part of Emerson's efforts to digitize the power industry and strengthen its grid automation business.
In 2021, Daikin Industries, Ltd. acquired Zanotti S.p.A., a specialized Italian company that provides commercial refrigeration systems. The acquisition was aimed at expanding Daikin's product offerings in the commercial refrigeration market.
Bitzer SE announced the acquisition of Alfa Laval's refrigeration compressor division in 2020. The acquisition was aimed at expanding Bitzer's product portfolio and strengthening its position in the refrigeration compressor market.
In 2020, GEA Group AG acquired the refrigeration compressor business of Bock Kältemaschinen GmbH. The acquisition was aimed at expanding GEA's product portfolio and strengthening its position in the refrigeration compressor market.
Mayekawa Mfg. Co., Ltd. announced its acquisition of Ingersoll-Rand plc's industrial refrigeration business in 2019. The acquisition was aimed at expanding Mayekawa's product portfolio and strengthening its position in the industrial refrigeration market.

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Refrigerant Compressor Market: Competitive landscape

The global refrigerant compressor market is highly competitive and consists of a large number of major players who dominate the market. These companies are employing various strategies, such as mergers and acquisitions, strategic agreements and contracts, and developing and introducing more effective products to gain a competitive edge in the market.
Some of the major companies that are included in the global refrigerant compressor market report are Emerson Electric Co., Daikin Industries, Ltd., Bitzer SE, GEA Group AG, Mayekawa Mfg. Co., Ltd., BOGE Compressors GmbH & Co. KG, Mitsubishi Heavy Industries, Ltd., Kirloskar Pneumatic Company Limited, Carrier Corporation, Copeland Corporation, and Atlas Copco AB.
These companies are continuously investing in research and development activities to develop innovative and energy-efficient refrigerant compressors that can cater to the diverse needs of various industries such as food and beverage, pharmaceuticals, and chemicals.
The global refrigerant compressor market is expected to witness significant growth during the forecast period due to the rising demand for refrigeration and air conditioning systems, increasing urbanization, and the growing demand for frozen and chilled food products. The adoption of energy-efficient cooling and refrigeration equipment is also a major factor driving the market revenue growth, with governments across the globe enforcing strict controls on the use of refrigerants with high Global Warming Potential (GWP) due to environmental concerns.
In conclusion, the global refrigerant compressor market is highly competitive, with major players implementing various strategies to gain a competitive edge in the market. The growing demand for refrigeration and air conditioning systems, increasing urbanization, and the adoption of energy-efficient cooling and refrigeration equipment are some of the factors expected to drive the market growth during the forecast period.

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