The Global Cannabidiol Market: Due to its healing properties, the demand for cannabidiol (CBD) for health and wellness purposes is high, which is the major factor driving the market growth.

A refrigeration compressor is a mechanical device that increases the pressure of a gas which is also called as refrigerant vapour by reducing its volume. The refrigeration compressor is the most vital part of the refrigeration system. Refrigeration can be defined as the process of heat removal from a substance or an enclosed space for the purpose of reducing the temperature. Performance of refrigeration system depends upon the performance of the refrigeration compressor. Refrigeration Compressor is both a motor and pump that move the refrigerant through the system which is mostly used in air conditioner and refrigerator. Proliferating demand for cooling in coexistence with rising economic development across the countries are entirely influencing the demand for air conditioners and refrigerators.

The refrigeration compressors are expected to grow at the highest CAGR during the forecast period owing to the increasing demand for frozen food and expansion of the pharmaceutical industry which requires a large capacity of the cold storage warehouse. Further, retail giants are expanding their business in growing economies through a large number of supermarket and hypermarket and this is driving the growth of refrigeration compressor market globally. Small to medium-sized refrigeration unit owners, direct sellers, small store retailers are positively influencing the market. Refrigeration Compressor market affected by the need to minimise use, and release emissions from refrigerants causing high Global Warming Potential (GWP) and secondly by the need to avoid un-necessary use of energy in the production of refrigeration.

Major key players in the refrigerant compressors market share are Guangdong Meizhi Compressor Co., Ltd. (GMCC), Danfoss, Emerson Daikin, Bitzer, Rechi Precision, LG, GEA, Embraco, Dorin and others. Due to the high number of merger and acquisition, the global market is getting consolidated. On 21st January 2020, Emerson company launched a new line of Copeland fixed speed scroll compressors for commercial applications. This will help customers to meet the Department of Energy (DOE) 2023 regulations as well as the California Air Resources Board (CARB) refrigerant regulations. The consumption of FMCG products has increased rapidly during the past few years, owing to the rise in demand for packaged and processed food and beverages. This led to an increase in demand for refrigeration compressor market.