Commercial Refrigeration Compressor Market to Surpass 29.48 Billion by 2030 Drives Due to Increasing Demand for HVAC Systems
SkyQuest projects that the commercial refrigeration compressor market will attain a value of USD 29.48 billion by 2030, with a CAGR of 5.37% over the forecast period (2023-2030). The global commercial refrigeration compressor market for commercial refrigeration compressors is poised for rapid expansion in the coming years. This growth can be attributed to various factors driving the demand for HVAC systems, particularly in the supermarket and hypermarket sectors.
Westford USA, Aug. 11, 2023 (GLOBE NEWSWIRE) — According to SkyQuest, the commercial refrigeration compressor market is set to experience significant growth in the coming years, fueled by several key factors. The rapid expansion of the hospitality and tourism sector is crucial, as the increasing number of hotels, restaurants, and other establishments necessitates reliable refrigeration systems to preserve and store food and beverages.
Browse in-depth TOC on “Commercial Refrigeration Compressor Market”
- Pages – 157
- Tables – 68
- Figures – 75
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Commercial refrigerators play a crucial role in storing and displaying food products, making them essential for various industries such as retail, hospitality, and food service. These refrigerators have remote condensing units, ensuring efficient cooling and temperature control. The global consumption of frozen and processed food products has been steadily increasing, driven by changing consumer preferences and lifestyles in the commercial refrigeration compressor market.
Prominent Players in 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.
- Kulthorn Kirby Public Company Limited
- Embraco AS
- Fusheng Co., Ltd.
- Huayi Compressor Barcelona, S.L.
- REFCO Manufacturing Ltd.
- Shanghai Highly (Group) Co., Ltd.
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Commercial is Expected to Dominate the Market Due to the Increasing Adoption of HVAC
The commercial segment is expected to experience significant revenue growth, driven by a higher CAGR in the commercial refrigeration compressor market. This growth can be attributed to the increasing adoption of HVAC (Heating, Ventilation, and Air Conditioning) systems in commercial spaces such as supermarkets and hypermarkets. These establishments require efficient temperature control and air quality management to provide a comfortable shopping experience for customers.
The markets in the United States are expected to hold the largest market share and exhibit the highest CAGR in the commercial refrigeration compressor market. This growth can be attributed to several factors such as increasingly used for commercial applications.
Remotely Operated Refrigerators Segment is Expected to Grow the Market Due to the Rising Adoption of Remotely Operated Refrigerators
The remotely operated refrigerators segment is anticipated to witness a prominent growth rate in the commercial refrigeration compressor market, with a projected CAGR of nearly 4% by 2030. This growth is primarily attributed to the rising adoption of remotely operated refrigerators by restaurants with limited kitchen space. In addition, by locating the compressor unit outside the kitchen, these refrigerators help reduce the heat generated within the kitchen area, creating a more comfortable working environment for the staff.
Regional markets in the Asia Pacific are expected to witness a highest CAGR of over 6% in the commercial refrigeration compressor market by the end of 2030. This growth can be attributed to several factors contributing to the region’s increasing demand for refrigeration products.
A comprehensive analysis of the major players in the commercial refrigeration compressor market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in Commercial Refrigeration Compressor Market
- Recently, Carrier Transicold, a leading refrigeration solutions provider, introduced enhanced features to its digital platform, now known as Lynx Fleet. This upgrade offers North American refrigerated trucking operations advanced monitoring capabilities for their trucks and trailers. With Lynx Fleet, operators gain access to comprehensive real-time monitoring, allowing them to track and manage their fleet’s temperature, performance, and maintenance more effectively.
- Johnson Controls, a global leader in smart and sustainable buildings, made an acquisition that would strengthen its cybersecurity offerings in 2022. The company acquired tempered networks, a leading provider of zero-trust networking solutions.
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Key Questions Answered in Commercial Refrigeration Compressor Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
Related Reports in SkyQuest’s Library:
Global Depth Filtration Market
Global Filling equipment market
Global Microchannel Heat Exchanger Market
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