Refrigerant Charging Machine Market
Refrigerant Charging Machine Market Forecasts to 2030 - Global Analysis By Refrigerant Type (Hydrofluorocarbons, Natural Refrigerants, Hydrofluoroolefins and Other Refrigerant Types), Type, Distribution Channel, Technology, Application, End User and By Geography
|
Years Covered |
2021-2030 |
|
Estimated Year Value (2023) |
US $58.8 MN |
|
Projected Year Value (2030) |
US $82.7 MN |
|
CAGR (2023 - 2030) |
5% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Highest Growing Market |
North America |
According to Stratistics MRC, the Global Refrigerant Charging Machine Market is accounted for $58.8 million in 2023 and is expected to reach $82.7 million by 2030 growing at a CAGR of 5.0% during the forecast period. The refrigerant charging machine market pertains to the industry involved in the design, manufacturing, and distribution of equipment essential for the precise and controlled injection of refrigerants into heating, ventilation, air conditioning (HVAC), and refrigeration systems. These machines play a crucial role in ensuring the optimal functioning and efficiency of refrigeration systems by accurately measuring and charging refrigerants during installation, maintenance, and servicing processes.
According to the Air Conditioning and Refrigeration European Association (AREA), the European association of refrigeration, air conditioning and heat pump (RACHP) contractors, the annual turnover has approached $26.27 (€23) billion in 2020. According to the data published by Air-Conditioning, Heating, & Refrigeration Institute (AHRI), approximately 615,860 air conditioners shipped in the U.S. during July 2020, and 675,373 units are shipped in July 2019.
Market Dynamics:
Driver:
Rising demand for HVACR systems
As global urbanization intensifies and climatic conditions become more unpredictable, the need for efficient climate control solutions in residential, commercial, and industrial settings is on the rise. HVACR systems, serving as the backbone for maintaining comfortable indoor environments and preserving perishable goods, are witnessing increased adoption. Moreover, the surge in construction activities, coupled with a growing awareness of energy-efficient and environmentally sustainable solutions, amplifies the demand for HVACR systems.
Restraint:
Complexity of HVACR Systems
The evolution of HVACR technology has introduced intricate systems, such as variable refrigerant flow (VRF) and those employing alternative refrigerants, each with unique requirements. The diverse array of refrigeration systems demands specialized charging machines capable of adapting to various complexities. However, integrating and calibrating refrigerant charging machines with these advanced systems becomes challenging, requiring technicians to navigate intricate interfaces and ensure compatibility.
Opportunity:
Technological advancements
Continuous innovation in HVACR systems and the broader refrigeration industry has led to the development of cutting-edge technologies incorporated into refrigerant charging machines. The integration of digital controls, smart sensors, and automation features enhances the precision, efficiency, and user-friendliness of these machines. Advanced technologies enable real-time monitoring, data analytics, and remote control capabilities, empowering technicians to perform precise refrigerant charging with greater accuracy. Additionally, the evolution of environmentally friendly refrigerants, necessitated by global environmental regulations, prompts the development of sophisticated charging machines capable of handling these alternatives.
Threat:
Slow adoption of new technologies
Established practices and traditional methodologies in the HVACR (Heating, Ventilation, Air Conditioning, and Refrigeration) industry may lead to a resistance to embrace innovative refrigerant charging technologies. Technicians and businesses may exhibit hesitancy in transitioning from conventional methods to advanced, digitally integrated charging machines. Reluctance to change, coupled with concerns about the learning curve and potential disruptions during the adoption process, contributes to a slower pace of technology uptake. However, overcoming this restraint requires focused efforts on education, training, and awareness campaigns to emphasize the benefits of new technologies, showcasing how advanced refrigerant charging machines enhance efficiency, accuracy, and compliance with evolving environmental standards.
Covid-19 Impact:
The pandemic disrupted global supply chains, leading to delays in manufacturing, shortages of key components, and logistical challenges. With construction projects and industrial activities slowed down, the demand for new HVACR systems, and consequently for refrigerant charging machines, faced a temporary decline. The economic uncertainties and financial constraints during the pandemic also influenced capital expenditure decisions, affecting investments in HVACR infrastructure. Additionally, lockdowns and restrictions on movement hampered installation and maintenance activities, impacting the demand for these machines.
The hydrofluorocarbons segment is expected to be the largest during the forecast period
Hydrofluorocarbons segment dominated the largest share of the market over the projection period. HFCs, which are commonly used as refrigerants in HVACR systems, gained prominence as alternatives to ozone-depleting substances. The global transition toward environmentally friendly refrigerants, driven by stringent environmental regulations has accelerated the demand for HFCs. Moreover, as industries and manufacturers increasingly adopt HFCs to comply with regulatory standards, the need for precise and efficient refrigerant charging becomes imperative.
The variable speed compressors segment is expected to have the highest CAGR during the forecast period
Owing to enhanced energy efficiency and precise temperature control in HVACR systems, variable speed compressors segment is expected to hold profitable growth over the forecast period. As industries increasingly prioritize sustainability and energy conservation, the demand for VSCs has surged. The adoption of these compressors, capable of adjusting their speed based on real-time cooling requirements, necessitates advanced refrigerant charging machines for accurate calibration and maintenance. Moreover, refrigerant charging machines play a vital role in optimizing VSC-equipped systems by ensuring precise refrigerant levels, contributing to energy savings and overall system efficiency.
Region with largest share:
Due to rapid industrialization, urbanization, and a burgeoning middle-class population in countries such as China, India, and Southeast Asian nations have led to increased demand for HVACR systems across residential, commercial, and industrial sectors, Asia Pacific region commanded the largest share over the extrapolated period. The region's focus on infrastructure development, coupled with rising awareness of energy efficiency and environmental sustainability, drives the adoption of advanced HVACR technologies, consequently fueling the demand for refrigerant charging machines.
Region with highest CAGR:
Owing to the increasing emphasis on energy efficiency, environmental regulations, and a strong focus on sustainable HVACR solutions propel the demand for advanced refrigerant charging machines. North America region is projected to witness profitable growth throughout the extrapolated period. This region is witnessing a surge in retrofitting activities and the replacement of outdated HVACR systems with more eco-friendly alternatives, stimulating the need for precise refrigerant charging equipment. Moreover, the region's commitment to phasing out ozone-depleting substances and reducing greenhouse gas emissions aligns with the market's evolution toward environmentally responsible technologies.
Key players in the market
Some of the key players in Refrigerant Charging Machine market include Bosch Automotive Service Solutions Inc , Danfoss A/S, Emerson Electric Co, Honeywell International Inc, Huaheng Automation Pvt. Ltd, HuBei Iceage Refrigeration Equipment Co., Ltd, JB Industries Inc, Ming Chiang Precision Co., Ltd., National Refrigeration Products, Navitas Equipment Solutions, LLC, Parker-Hannifin Corporation, RefTec International Systems, LLC, RIEDEL Technologie GmbH, SPX Corporation and Wuhan Keao Electric Co., Ltd.
Key Developments:
In December 2023, Honeywell International Inc. HON has inked a deal to acquire Carrier Global Corporation’s CARR Global Access Solutions business for an all-cash deal of $4.95 billion. The deal value is equivalent to 13x 2023E EBITDA (inclusive of tax benefits and run-rate cost synergies). This acquisition will boost HON’s building technologies business.
In July 2023, Bosch announced plans to acquire Paladin Technologies, Inc., one of the largest security systems integrators in North America and a highly regarded security and life safety solutions companies. The deal complements Bosch’s 2015 acquisition of Climatec, LLC, with more than 1,000 associates in the U.S., according to the joint announcement, which comes one day after the companies signed corresponding agreements to make the deal official.
Refrigerant Types Covered:
• Hydrofluorocarbons
• Natural Refrigerants
• Hydrofluoroolefins
• Other Refrigerant Types
Types Covered:
• Automatic Refrigerant Charging Machines
• Manual Refrigerant Charging Machines
• Other Types
Distribution Channels Covered:
• Distributors/Resellers
• Direct Sales
Technologies Covered:
• Pressure and Temperature Sensors
• Variable Speed Compressors
• Other Technologies
Applications Covered:
• Commercial
• Industrial
• Residential
• Other Applications
End Users Covered:
• Chemical and Petrochemical Industry
• Food and Beverage Industry
• Healthcare Facilities
• Pharmaceutical Industry
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Technology Analysis
3.7 Application Analysis
3.8 End User Analysis
3.9 Emerging Markets
3.10 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Refrigerant Charging Machine Market, By Refrigerant Type
5.1 Introduction
5.2 Hydrofluorocarbons
5.3 Natural Refrigerants
5.4 Hydrofluoroolefins
5.5 Other Refrigerant Types
6 Global Refrigerant Charging Machine Market, By Type
6.1 Introduction
6.2 Automatic Refrigerant Charging Machines
6.3 Manual Refrigerant Charging Machines
6.4 Other Types
7 Global Refrigerant Charging Machine Market, By Distribution Channel
7.1 Introduction
7.2 Distributors/Resellers
7.3 Direct Sales
8 Global Refrigerant Charging Machine Market, By Technology
8.1 Introduction
8.2 Pressure and Temperature Sensors
8.3 Variable Speed Compressors
8.4 Other Technologies
9 Global Refrigerant Charging Machine Market, By Application
9.1 Introduction
9.2 Commercial
9.3 Industrial
9.4 Residential
9.5 Other Applications
10 Global Refrigerant Charging Machine Market, By End User
10.1 Introduction
10.2 Chemical and Petrochemical Industry
10.3 Food and Beverage Industry
10.4 Healthcare Facilities
10.5 Pharmaceutical Industry
10.6 Other End Users
11 Global Refrigerant Charging Machine Market, By Geography
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 Italy
11.3.4 France
11.3.5 Spain
11.3.6 Rest of Europe
11.4 Asia Pacific
11.4.1 Japan
11.4.2 China
11.4.3 India
11.4.4 Australia
11.4.5 New Zealand
11.4.6 South Korea
11.4.7 Rest of Asia Pacific
11.5 South America
11.5.1 Argentina
11.5.2 Brazil
11.5.3 Chile
11.5.4 Rest of South America
11.6 Middle East & Africa
11.6.1 Saudi Arabia
11.6.2 UAE
11.6.3 Qatar
11.6.4 South Africa
11.6.5 Rest of Middle East & Africa
12 Key Developments
12.1 Agreements, Partnerships, Collaborations and Joint Ventures
12.2 Acquisitions & Mergers
12.3 New Product Launch
12.4 Expansions
12.5 Other Key Strategies
13 Company Profiling
13.1 Bosch Automotive Service Solutions Inc
13.2 Danfoss A/S
13.3 Emerson Electric Co
13.4 Honeywell International Inc
13.5 Huaheng Automation Pvt. Ltd
13.6 HuBei Iceage Refrigeration Equipment Co., Ltd
13.7 JB Industries Inc
13.8 Ming Chiang Precision Co., Ltd.
13.9 National Refrigeration Products
13.10 Navitas Equipment Solutions, LLC
13.11 Parker-Hannifin Corporation
13.12 RefTec International Systems, LLC
13.13 RIEDEL Technologie GmbH
13.14 SPX Corporation
13.15 Wuhan Keao Electric Co., Ltd
List of Tables
1 Global Refrigerant Charging Machine Market Outlook, By Region (2021-2030) ($MN)
2 Global Refrigerant Charging Machine Market Outlook, By Refrigerant Type (2021-2030) ($MN)
3 Global Refrigerant Charging Machine Market Outlook, By Hydrofluorocarbons (2021-2030) ($MN)
4 Global Refrigerant Charging Machine Market Outlook, By Natural Refrigerants (2021-2030) ($MN)
5 Global Refrigerant Charging Machine Market Outlook, By Hydrofluoroolefins (2021-2030) ($MN)
6 Global Refrigerant Charging Machine Market Outlook, By Other Refrigerant Types (2021-2030) ($MN)
7 Global Refrigerant Charging Machine Market Outlook, By Type (2021-2030) ($MN)
8 Global Refrigerant Charging Machine Market Outlook, By Automatic Refrigerant Charging Machines (2021-2030) ($MN)
9 Global Refrigerant Charging Machine Market Outlook, By Manual Refrigerant Charging Machines (2021-2030) ($MN)
10 Global Refrigerant Charging Machine Market Outlook, By Other Types (2021-2030) ($MN)
11 Global Refrigerant Charging Machine Market Outlook, By Distribution Channel (2021-2030) ($MN)
12 Global Refrigerant Charging Machine Market Outlook, By Distributors/Resellers (2021-2030) ($MN)
13 Global Refrigerant Charging Machine Market Outlook, By Direct Sales (2021-2030) ($MN)
14 Global Refrigerant Charging Machine Market Outlook, By Technology (2021-2030) ($MN)
15 Global Refrigerant Charging Machine Market Outlook, By Pressure and Temperature Sensors (2021-2030) ($MN)
16 Global Refrigerant Charging Machine Market Outlook, By Variable Speed Compressors (2021-2030) ($MN)
17 Global Refrigerant Charging Machine Market Outlook, By Other Technologies (2021-2030) ($MN)
18 Global Refrigerant Charging Machine Market Outlook, By Application (2021-2030) ($MN)
19 Global Refrigerant Charging Machine Market Outlook, By Commercial (2021-2030) ($MN)
20 Global Refrigerant Charging Machine Market Outlook, By Industrial (2021-2030) ($MN)
21 Global Refrigerant Charging Machine Market Outlook, By Residential (2021-2030) ($MN)
22 Global Refrigerant Charging Machine Market Outlook, By Other Applications (2021-2030) ($MN)
23 Global Refrigerant Charging Machine Market Outlook, By End User (2021-2030) ($MN)
24 Global Refrigerant Charging Machine Market Outlook, By Chemical and Petrochemical Industry (2021-2030) ($MN)
25 Global Refrigerant Charging Machine Market Outlook, By Food and Beverage Industry (2021-2030) ($MN)
26 Global Refrigerant Charging Machine Market Outlook, By Healthcare Facilities (2021-2030) ($MN)
27 Global Refrigerant Charging Machine Market Outlook, By Pharmaceutical Industry (2021-2030) ($MN)
28 Global Refrigerant Charging Machine Market Outlook, By Other End Users (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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