South Korea Refrigerant Compressors Market was valued at USD 0.9 Billion in 2022 and is projected to reach USD 1.3 Billion by 2030, growing at a CAGR of 4.5% from 2024 to 2030.
South Korea's Refrigerant Compressors Market: Industry Applications and Evolving Requirements
South Korea's refrigerant compressors market is experiencing significant growth, driven by diverse industrial applications and evolving requirements. This article delves into the key sectors utilizing these compressors and the emerging trends shaping their development.
Industrial Applications of Refrigerant Compressors in South Korea
Refrigerant compressors are integral to various industries in South Korea, serving critical functions in:
Food and Beverage Industry: Ensuring the preservation and storage of perishable goods through effective refrigeration systems.
HVAC Systems: Providing climate control in residential, commercial, and industrial settings, enhancing comfort and operational efficiency.
Manufacturing Sector: Supporting processes that require precise temperature regulation, such as chemical production and pharmaceutical manufacturing.
Automotive Industry: Facilitating air conditioning in vehicles, contributing to passenger comfort and safety.
Market Trends and Industry Requirements
The South Korean refrigerant compressors market is influenced by several emerging trends and industry demands:
Energy Efficiency and Environmental Compliance: With stringent government regulations promoting energy-efficient technologies, there is a growing emphasis on compressors that consume less power and utilize eco-friendly refrigerants. The adoption of R134A refrigerant, known for its lower environmental impact, is expected to account for 31.8% of total refrigeration compressor sales in Korea by 2024.
Technological Advancements: The integration of advanced technologies, such as IoT-enabled monitoring and control systems, is enhancing the performance and reliability of refrigerant compressors. These innovations allow for predictive maintenance and real-time optimization, aligning with the industry's move towards smart manufacturing.
Strategic Partnerships and Global Expansion: Korean companies are forming alliances with international HVAC and appliance manufacturers to access global markets. For instance, Beijer Ref's acquisition of DS Maref Company in July 2023 aims to leverage local sales expertise and expand product offerings in South Korea.
Focus on Electric Vehicles (EVs): The rise of EVs is driving demand for specialized compressors. Hanon Systems, a leading supplier, commenced construction of its fifth plant in Gyeongju-si in March 2021 to produce components for electric vehicles, anticipating support for over 300,000 EVs by 2024.
Key Players in the South Korean Market
Several prominent companies are contributing to the growth and innovation in South Korea's refrigerant compressors market, including:
Hanon Systems
LG Electronics Inc.
Samsung Electronics Co., Ltd.
Doosan Hana Co., Ltd.
Kumkang Machinery Co., Ltd.
Myungseong Precision Co., Ltd.
Dongwon Machinery Co., Ltd.
Daewong Precision Machinery Co., Ltd.
Daelim Industrial Co., Ltd.
Samhwa Machinery Co., Ltd.
Youngsung Machinery Co., Ltd.
KCC-Tech Co., Ltd.
Hankook Machinery Co., Ltd.
Dongyang Machinery Co., Ltd.
Daehan Machinery Co., Ltd.
These companies are recognized for their technological advancements, durable compressors, and customer-centric strategies, catering to the diverse refrigeration needs of various industries.
Future Outlook
The South Korean refrigerant compressors market is poised for continued growth, driven by:
Increased Demand for Energy-Efficient Solutions: Ongoing government initiatives and subsidies are encouraging the development and adoption of green technologies in refrigeration compressors, aligning with global sustainability goals.
Expansion of the HVAC Market: The HVAC market in South Korea is projected to grow at a CAGR of 6.79% from 2025 to 2030, reaching USD 14.89 billion by 2030. This growth is expected to boost the demand for refrigerant compressors.
Advancements in Industrial Refrigeration Systems: The industrial refrigeration systems market in South Korea is anticipated to grow at a CAGR of 6.6% from 2025 to 2030, reaching USD 1,200.3 million by 2030. This expansion underscores the increasing need for efficient refrigerant compressors across various industrial applications.
In summary, the South Korean refrigerant compressors market is evolving rapidly, with industries seeking energy-efficient, technologically advanced, and environmentally friendly solutions. The collaborative efforts of key market players and supportive government policies are expected to drive innovation and growth in this sector.
Get an In-Depth Research Analysis of the South Korea Refrigerant Compressors Market Size And Forecast [2025-2032]
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GMCC
Landa
HUAYI
Donper
Highly
Embraco
Panasonic
LG
RECHI Group
Samsung
Johnson Controls-Hitachi
Emerson
Secop
Tecumseh
FISCHER
Carlyle Compressors
FRASCOLD
Bitzer
Hanbell
Fusheng Industrial
GEA Bock
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By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the South Korea Refrigerant Compressors Market
Centrifugal Compressors
Reciprocating Compressors
Screw Compressors
Scroll Compressors
Rotary Compressors
Refrigeration Systems
Air Conditioning Systems
Heat Pump Systems
Chillers
Industrial Cooling Systems
Residential
Commercial
Industrial
Automotive
Aerospace
Hydrochlorofluorocarbons (HCFCs)
Hydrofluorocarbons (HFCs)
Natural Refrigerants
Hydrocarbons (HCs)
Ammonia (NH3)
Fixed Speed Compressors
Variable Speed Compressors
Digital Scroll Compressors
Microchannel Compressors
Maglev Compressors
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
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1. Introduction of the South Korea Refrigerant Compressors Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. South Korea Refrigerant Compressors Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. South Korea Refrigerant Compressors Market, By Type
6. South Korea Refrigerant Compressors Market, By Application
7. South Korea Refrigerant Compressors Market, By Geography
Asia-Pacific
China
Japan
Korea
India
Australia
Indonesia
Thailand
Philippines
Malaysia and Vietnam
8. South Korea Refrigerant Compressors Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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