FMI Study Examines Expected Growth of Global Refrigeration Compressor Demand
Reciprocating commercial refrigeration compressors account for over 1/3 of sales
LONDON — The global demand for commercial refrigeration compressors is expected to show promising growth, with a value compound annual growth rate (CAGR) of higher then 4 percent over 2019-2029. An increase in food and beverage production, along with the expansion of cold chain capacities to ensure minimize wastage and efficient storage of food, is expected to increase the demand for commercial refrigeration compressors, worldwide, over the forecast period.
Furthermore, positive change in living standards and an improving macroeconomic scenario have led to a significant surge in the number of organized retail stores, worldwide. The rapid growth of the organized retail sector characterized by the rising number of supermarkets, hypermarkets, etc., is projected to drive the growth of the overall food chain, which, in turn, is estimated to boost the sales of commercial refrigeration compressors for refrigerated display cases and other refrigeration equipment. The commercial refrigeration compressors market is expected to grow at a promising rate during the forecast period, supported by the increasing number of retail stores across the globe.
Market Analysis by Region
From a regional perspective, East Asia is projected to be a prominent market, owing to significant growth of retail stores in the region. Europe is projected to hold a value share of around 19 percent in the global commercial refrigeration compressors market. The market in Asia Pacific is anticipated to expand at a relatively high growth rate, owing to the increasing demand for refrigerated display cases, beverage vending refrigeration systems, etc., which, in turn, is projected to drive the demand for commercial refrigeration compressors in the market. The commercial refrigeration compressors market in China is expected to be a lucrative market, and is projected to grow at a value CAGR of nearly 6 percent during the forecast period.
Market Analysis by Cooling Capacity
By cooling capacity, the commercial refrigeration compressors market has been categorized into 0-1 kW, 2-6 kW, 7-10 kW, 11-15 kW, 16-20 kW, 21-30 kW, 31-40 kW, and above 40 kW. The 0-1 kW segment is projected to be a prominent segment, and hold a significant market share in the global commercial refrigeration compressors market. However, the 2-6 kW segment is expected to have a higher CAGR growth as compared to the other segments.
Market Analysis by Type
By type, the commercial refrigeration compressors market is segmented into reciprocating, rotary, scroll, screw, and centrifugal compressors. The reciprocating segment accounts for nearly 34 percent value share, owing to the wide use in various commercial refrigeration equipment in the global commercial refrigeration compressors market.
Market Analysis by Refrigeration
By refrigeration, the commercial refrigeration compressors market has been categorized into R290, R404A, R134A, R744, R410A, R407C, and others (R600A, etc.). Among these, the R290 segment is expected to grow at a high pace, owing to its various advantages such as extended cooling capacity, better efficiency, and size reduction of the compressor.
Market Analysis by End Use
By end use, the commercial refrigeration compressors market is segmented into transport-based refrigeration systems, walk-in refrigerators and freezers, reach-in refrigerators and freezers, beverage vending refrigeration systems, refrigerated display cases, ice machines, and refrigerated vending machines. The transport-based refrigeration systems segment can be further divided into shipping-based and truck and trailer-based. Also, the beverage vending refrigeration systems segment is further divided into drinking and soda fountains, beverage cooling and dispensing equipment, and beer dispensing equipment.
Publication date: 5/21/2019
These insights are based on a report Commercial Refrigeration Compressors Market by Future Market Insights