Commercial Refrigeration Compressor Market is Likely to Reach 221.7 Million units by 2026; Expansion of Automotive HVAC Market to Boost Growth

The global commercial refrigeration compressor market is projected to reach 221.7 Million units by 2026. The market is likely to gain impetus from the expansion of automotive HVAC market. This information is published in a study by Fortune Business Insights, titled, “Commercial Refrigeration Compressor 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 study further states that the market stood at around 161.4 Million units annually in 2018. It would exhibit a CAGR of 4.1% during the forecast period from 2019 to 2026.

The study divides the commercial refrigeration compressor market on the bases of type, cooling capacity, application, and geography. In terms of type, the market is fragmented into reciprocating, rotary, screw, and others (scroll, centrifugal). By cooling capacity, the market is grouped into up to 1 kW, 1 – 15 kW, 15 – 100 kW, and above 100 kW. In terms of application, the market is categorized into refrigerator and freezer, refrigerated display cases, transport refrigeration, beverage coolers and freezers, and other (vending & ice machines). By region, the market is segmented into Latin America, Asia Pacific, the Middle East and Africa, Europe, and North America.

Increasing Investment for Developing Novel Technologies to Fuel Market Growth

Numerous companies across the world are focusing on cutting off the manufacturing cost of refrigeration compressors. Several other companies are mainly focusing on acquiring high efficiency levels. Hence, they are investing huge sums in research and development activities to create new technologies in the field of refrigeration compressor. All these factors will contribute to the commercial refrigeration compressors market growth during the forthcoming years. Additionally, various innovative technologies are unveiled nowadays. They include highly efficient compressors, fan motors, communication modules, controls, sensors, and advanced thermal insulation. It would also impact the commercial refrigeration compressor market share positively.

Rising Number of Prominent Industries and Commercial Spaces to Favor Growth in North America

The commercial refrigeration compressor market in North America will grow substantially during the forecast period. It is likely to happen due to the existence of commercial spaces and renowned industries requiring refrigeration compressors and refrigeration. Besides, expansion of cold storage warehouses in the region will contribute to growth. The food and chemical sector is also demanding for the presence of cold chain industry with chilling facility for commercial transport systems. Moreover, the retail companies have established robust channels which in turn, is increasing the growth opportunities in the U.S. retail market.

Increasing Demand for Canned and Packaged Food Items to Drive Market in Asia Pacific

Asia Pacific is anticipated to acquire the highest CAGR in the coming years due to the large number of new companies, growth of developing economies, and rapid industrialization. In emerging countries, namely, China and India, are housing numerous retail stores and outlets. It is further increasing the market size in this region. Furthermore, purchasing canned products and packaged food items is one of the vital commercial refrigeration compressor market trends that is likely to boost growth in this region.

Fortune Business Insights profiles some of the prominent key players operating in the market. They are Carrier Corporation, Daikin Industries Ltd., Johnson Controls Pvt. Ltd., Mitsubishi Electric, Bitzer, Emerson Climate Technologies, Ingersoll Rand Inc., Rechi Precision Co., Ltd., Hitachi Ltd., Huayi Compressor, and other key market players.

Browse Complet Report Details: https://www.fortunebusinessinsights.com/industry-reports/commercial-refrigeration-compressor-market-101651

The commercial refrigeration compressor market can be segmented into: