USD 19.56 billion
Report ID: SQSG20I2008 | Region: Global | Published Date: July, 2023 | Pages: 157 | Tables: 68 | Figures: 75
Commercial Refrigeration Compressor Market size was valued at USD 19.56 billion in 2021 and is poised to grow from USD 20.63 billion in 2022 to USD 29.48 billion by 2030, growing at a CAGR of 5.37% in the forecast period (2023-2030).
Commercial refrigeration uses the compressor to complete the circuit. The compressor function is a vital component of the cooling system. The system's fixed electric motor provides the potential energy. The system pressure on the refrigerant is reduced. Centrifugal compressors are used in refrigeration compressor. These compressors work similar to that of a jet engine.
The market for compressors is expected to expand at a rapid rate. Due to the rising demand for HVAC systems in supermarkets and hypermarkets as well as the increased adoption of HVAC systems by the pharmaceutical industry for the preservation of medicines and vegetables at low temperatures, the global market for commercial refrigeration compressors is predicted to expand significantly in the coming years. There are several uses for refrigeration comprising household refrigeration, commercial refrigeration, and transportation sector refrigeration systems.
US Commercial Refrigeration Compressor Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 19.56 billion
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Commercial Refrigeration Compressor Market is segmented based on the type, application, and region. Based on type, the commercial refrigeration compressor market is segmented as reciprocating, scroll, rotary, centrifugal, and screw. Based on application, the commercial refrigeration compressor market is segmented as refrigerator and freezer, refrigerated display cases, transport refrigeration, beverage coolers and freezers others. Based on region, the global commercial refrigeration compressor market segmentation spans North America, Europe, Asia-Pacific, Latin America, and MEA.
Commercial Refrigeration Compressor Market Analysis by Type
Due to its widespread use in numerous commercial refrigeration applications, reciprocating-type compressors have a significant market share. Reciprocating compressors have a number of benefits, including greater efficiency, minimal maintenance costs, high-pressure generation, and flexibility of usage. Commercial refrigeration compressor sales will rise during the projection period as reciprocating commercial compressors are increasingly used for commercial applications. During the forecast period, it is expected that reciprocating type compressors will generate an absolute dollar opportunity of over USD 1259.80 Mn.
Commercial Refrigeration Compressor Market Analysis by Application
Commercial refrigeration compressor market has been segmented on the basis of application as domestic, commercial, industrial. Due to the increasing demand for refrigerators and air conditioners in residential buildings, the domestic segment is anticipated to have quicker revenue growth over the forecast period. In order to keep food fresh for a long time, refrigerators provide cooling.
Over the forecast period, commercial segment revenue is anticipated to expand at a quicker CAGR. The use of HVAC systems for temperature control and air quality control would increase with an increase in the number of supermarkets and hypermarkets, which would also boost demand for HVAC systems.
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Owing to its substantial and expanding population, Asia-Pacific is one of the top markets for refrigeration compressors. The consumption of refrigeration compressors will be driven by the increasing urbanisation and development in disposable income in order to meet its cooling requirements. North America is a significant market with impressive demand growth. This is due to the transportation and cold storage of goods like dairy, meat, and fresh foods as retail businesses are booming worldwide.
The US is anticipated to have the largest market share and the highest CAGR throughout the projection period. The market here is being driven by the increased demand for medications, fresh food goods, and beverages as well as government attempts to phase out HCFCs and use natural refrigerants in a variety of refrigeration applications.
India is anticipated to develop at a CAGR of 6.3% between 2022 and 2032. The demand for packaged and frozen foods is driven by population increase, rising consumer purchasing power, and changing lifestyles. By 2030, it is anticipated that the Indian retail market will surpass USD two trillion. The need for commercial refrigeration compressors in India is anticipated to increase as a result. There is huge potential in the Indian market for refrigerator compressors as a result of the expansion of retail outlets. The retail industry, including grocery stores, supermarkets, and hypermarkets are using a lot of commercial refrigerators and freezers.
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Commercial Refrigeration Compressor Market Driver
Increase in demand and technological advances to influence the market growth
Commercial Refrigeration Compressor Market Restraint
Growing concern over air pollution and global warming to limit the adoption
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The commercial refrigeration compressor market is relatively fragmented, with a high level of competition. The market's top corporations frequently change their product portfolios. Additionally, businesses are putting a lot of effort into offering compressors that are both energy-efficient and compliant with low GWP refrigerants.
Top Players in the Global Commercial Refrigeration Compressor Market
Commercial Refrigeration Compressor Market Recent Developments
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According to the global commercial refrigeration compressor market report analysis, the transport refrigeration compressor application is anticipated to grow at the highest CAGR during the forecast period because of the rising demand for frozen foods, the expansion of the pharmaceutical industry. Region-wise, Asia Pacific is expected to grow significantly owing to the favorable market environment and a high technological inclination.
|Market size value in 2021||USD 19.56 billion|
|Market size value in 2030||USD 20.63 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
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For the Global Commercial Refrigeration Compressor Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Commercial Refrigeration Compressor Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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