June 04, 2020 07:35 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, June 04, 2020 (GLOBE NEWSWIRE) -- The global commercial refrigeration compressor market is projected to gain momentum from a rise in the adoption of HVAC systems by the pharmaceutical industry to preserve raw materials and medicines. According to a published report by Fortune Business Insights, titled, “Commercial Refrigeration Compressor Market Size, Share & Industry Analysis, By Type (Reciprocating, Rotary, Screw, Others), By Cooling Capacity (Up to 1 kW, 1 – 15 kW, 15 – 100 kW, Above 100 kW) By Application (Refrigerator and freezer, Refrigerated Display Cases, Transport Refrigeration, Beverage Coolers and Freezers, Others) and Regional Forecast, 2019-2026,” the market is projected to reach 221.7 Million units by 2026, thereby exhibiting a CAGR of 4.1% during the forecast period. However, the commercial refrigeration compressor market size stood at around 161.4 Million units annually in 2018. The increasing number of hypermarkets and supermarkets requiring HVAC systems is another crucial driving factor.
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The report provides elaborate analysis of the emerging as well as current commercial refrigeration compressor market trends and dynamics. Extensive analysis of the market is done by monitoring the key players and following product positioning within the market framework. Detailed analysis of all the regions are presented. They determine the untapped areas and prevailing opportunities in these regions.
Increasing Usage of Packaged Food & Beverages to Drive Market Growth
There is a rise in the demand for industrial refrigeration systems in the FMCG industry. It is due to the increasing usage of packaged and processed food & beverages in the emerging countries across the world. Additionally, there is an urgent need to prevent spoilage of semi-processed food and drinks. Numerous innovative technologies, such as IoT-enabled refrigeration monitoring solutions further lead to the commercial refrigeration compressor market growth. Also, at present, the developing economies are either refurbishing or upgrading their traditional cold storage infrastructure. It, in turn, is affecting the market growth positively. However, expensive nature of maintenance and high energy consumption may hinder market growth in the coming years.
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Transport Refrigeration Segment to Lead Owing to Rising Demand for Frozen Food
In terms of application, the commercial refrigeration compressor market is segregated into refrigerator and freezer, refrigerated display cases, transport refrigeration, beverage coolers and freezers, and others (vending & ice machines). Amongst these, the transport refrigeration segment had acquired 11% commercial refrigeration compressor market share and it is projected to reach the highest CAGR during the forecast period. It would occur due to a rise in the per capita income and increasing demand for frozen food. Furthermore, growing cross-continent and highways networks for quick road freight transportation as well as expansion of the pharmaceutical industry would contribute to the growth of this segment. Transport refrigeration aids in minimizing wastage of food. Therefore, the rate of penetration of it is extremely high in emerging nations.
GEA Group Introduces StarCO2mpressor to Expand its Portfolio of Natural Refrigerant Compressors
GEA Group, a prominent technology supplier for the food processing industry, headquartered in Germany, unveils StarCO2mpressor, its latest range of mobile compressors for air conditioning and heating in October 2019. The company presented its new breakthrough product at Busworld that was held in Brussels from October 18 to 23. The product is equipped with a novel drive gear design that is based on a reciprocating technology. GEA is expanding its natural refrigerant compressors portfolio with economically and ecologically efficient technology. The special oil management and welded steel housing with an advanced oil pump would ensure minimized leakage potential and high robustness.
Fortune Business Insights profiles few of the most renowned companies operating in the commercial refrigeration compressor market. They are as follows:
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