Latin America is expected to be a major regional ground for growth of refrigerant compressors market owing to growing purchase of cooling appliances for commercial and residential buildings across developing countries. The new appliances in the market also offer lower power consumption and higher energy efficiency, increasing product adoption. Latin America refrigerant compressors industry size is forecast to showcase growth rate of 3.1% over 2019-2026.
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Shifting preference of building management teams towards retrofitting existing building structures by incorporating innovative designs and energy efficient technologies in the buildings may bolster product proliferation. Furthermore, expanding hospitality sector, including new restaurants, food & drink chains and hotels will also contribute towards fostering commercial refrigerant compressors market forecast.
Growing product demand for cold storage applications will significantly influence refrigerant compressors market expansion. Currently, construction of new cold storage warehouses are under way across the world and they are utilizing modern technologies as well as cascade refrigeration systems, which is resulting in reduced operating costs. Installation of new refrigeration equipment in cold storage warehouses at large may fuel the demand for multiple rack compressor systems.
Rapid urbanization rate influencing the demand for modern air conditioners and refrigerators is likely to drive global refrigerant compressors market trends. Cool environments offer various benefits including prevention from heat strokes, improved employee productivity, curbs systematic food loss and eliminates denaturing of vaccines and medication due to high temperature of the surroundings.
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Lower interest rates for financing, higher profit margins and supportive financial aids are some of the key factors providing potential opportunities for refrigerant compressors market expansion. Due to flourishing commercial real estate and hospitality sector across the globe, commercial segment is poised to have expansive growth opportunities in the refrigerant compressors industry landscape. Air conditioners are extensively utilized in service sector buildings and offices for ensuring the comfort of users as well as productivity of the employees.
The annual global temperature is gradually increasing and is augmenting the space cooling demand in residential buildings and offices. With growing environmental concerns and consumer inclination towards sustainable utilization of resources, builders are massively deploying energy efficient cooling appliances in line with green building initiatives.
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Key industry participants in the global refrigerant compressors market are focused on expanding their portfolio with new products to hold an edge over other participants. For instance, Emerson Electric launched new product line of Copeland fixed speed scroll compressors for commercial use in 2020. The newly launched product enabled the availability of commercial compressors that are compliant with U.S. DOE (Department of Energy) 2023 regulations and CARB (California Air Resources Board) refrigerant regulations.
Prominent manufacturers in the industry are increasingly investing in ramping up the production of inverter compressors. Moreover, surging demand for industrial and commercial refrigeration will supplement the sales of related components and materials in the coming years. Worldwide, the refrigerant compressors market size is set to exceed USD 90.4 billion by 2026.
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