USD 196.4 million
Commercial Refrigeration Compressor Market Size, Share, Growth Analysis, By Type (Refrigerator And Freezer, Refrigerated Display Cases), By Cooling Capacity (Up To 1 Kw, 2 – 15 Kw), By Application (Refrigerator and freezer, Refrigerated Display Cases), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20I2205 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
68
|Figures:
75
Commercial Refrigeration Compressor Market Insights
Global Commercial Refrigeration Compressor Market size was valued at USD 196.4 million in 2022 and is poised to grow from USD 204.85 million in 2023 to USD 286.88 million by 2031, growing at a CAGR of 4.3% during the forecast period (2024-2031).
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.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Food & Beverage
Fastest Growth
Food & Beverage
Growth Rate
4.3% CAGR
Global Commercial Refrigeration Equipment Market ($ Bn)
Country Share for NA and AP Region (%)
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Commercial Refrigeration Compressor Market Segmental Analysis
Global Commercial Refrigeration Compressor Market is segmented by type, cooling capacity, application and region. Based on type, the market is segmented into refrigerator and freezer, refrigerated display cases, transport refrigeration, beverage coolers and freezers and others. Based on cooling capacity, the market is segmented into Up To 1 Kw, 2 – 15 Kw, 16 – 100 Kw, and Above 100 Kw. Based on application, the market is segmented into Refrigerator and freezer, Refrigerated Display Cases, Transport Refrigeration, Beverage Coolers and Freezers, and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
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.
Global Commercial Refrigeration Equipment Market By Application
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Commercial Refrigeration Compressor Market Regional Insights
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.
Global Commercial Refrigeration Equipment Market By Region
- Largest
- Fastest
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Commercial Refrigeration Compressor Market Dynamics
Commercial Refrigeration Compressor Market Driver
Increase in demand and technological advances to influence the market growth
- The commercial refrigeration compressors market is projected to develop at a substantial income as a result of factors such as the growing global population, rising disposable income of the average consumer worldwide, and fast urbanization. More than 54% of the world's population, as reported by the United Nations (UN), resides in urban areas which creates employment opportunities.
- Commercial refrigerators are frequently used for food distribution and storage. The global consumption of packaged food and processed food is rising. Furthermore, it is predicted that the global commercial refrigeration compressor market would expand in the future due to the increasing need for sterile and contaminant-free air in healthcare facilities and other sectors like the medical and pharmaceutical industries. For cooling pharmaceutical items as well as other crucial purposes like blood bank refrigerators, the pharmaceutical sector needs highly advanced refrigeration equipment. Consequently, it is anticipated that the commercial refrigeration compressor market would expand in the future
Commercial Refrigeration Compressor Market Restraint
Growing concern over air pollution and global warming to limit the adoption
- Despite the enormous technological advancements refrigeration compressors still need regular maintenance because failure could result in significant losses. This is a significant factor restricting the demand for refrigerant compressors globally. Additionally, the fact that many dangerous gases are released into the atmosphere by refrigeration systems presents a significant barrier for producers in the refrigeration compressor market.
- More than 17% of the world's electricity is used by the refrigeration system, so the demand for energy-efficient refrigerant compressors is anticipated to grow in the coming years. Fluorocarbon leakage accounts for about 20% of the global warming impact of refrigeration systems with indirect emissions from the energy needed to operate and operate refrigeration systems accounting for the other 80%. Therefore, strict laws prohibiting the discharge of contaminated effluents from refrigerant compressors could slow the growth of the market during the forecast period.
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Commercial Refrigeration Compressor Market Competitive Landscape
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
- Emerson Electric Co.
- Danfoss A/S
- Bitzer SE
- GEA Group AG
- Johnson Controls International plc
- Mayekawa Mfg. Co., Ltd.
- Mitsubishi Electric Corporation
- Tecumseh Products Company LLC
- Frascold SpA
- Dorin S.p.A.
- Hanbell Precise Machinery Co. Ltd.
- LG Electronics Inc.
- Panasonic Corporation
- The Manitowoc Company, Inc.
Commercial Refrigeration Compressor Market Recent Developments
- In July 2022, Carrier Transicold rolled out new capabilities for its digital platform, now rebranded as Lynx® Fleet, giving North American refrigerated trucking operations more comprehensive monitoring capabilities for their refrigerated trucks and trailers.
- In June 2022, Johnson Controls, the global leader for smart, healthy, and sustainable buildings acquired Tempered Networks to bring zero trust cybersecurity to connected buildings worldwide.
Commercial Refrigeration Compressor Key Market Trends
- Growing popularity of energy-efficient refrigerators: With the growing demand for energy cost-cutting and need for efficient refrigeration systems, commercial refrigeration compressors are becoming more energy-efficient that not only saves bills but helps in reducing the carbon footprint.
- Technological advancements in compressor design: The technological advancements in the compressor design have relayed more efficiency and reliability in compressor systems. This is inclusive of variable speed that adjusts their speed to match the cooling load and lowers energy consumption.
Commercial Refrigeration Compressor Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
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.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 196.4 million |
| Market size value in 2031 | USD 286.88 million |
| Growth Rate | 4.3% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| 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) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Commercial Refrigeration Compressor Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Commercial Refrigeration Compressor Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the 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 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.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Commercial Refrigeration Compressor Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Commercial Refrigeration Compressor Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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