In 2022, the China Commercial Refrigeration Compressor market is projected to register 3.4% year-on-year growth by volume, in East Asia. The China market is anticipated to witness steady growth during the forecast period. Rapid development in the agricultural sector along with rising penetration of modern technologies owing to which food export business in china is increasing at a significant pace.
Because China remains a major food producer, cold storage warehousing has seen tremendous growth in recent years and is expected to continue in the forecast period. Furthermore, increasing cold storage warehousing and cold chain logistics are expected to grow in lockstep, impacting the commercial refrigeration compressor market significantly.
The commercial refrigeration compressor market was estimated by Future Market Insights (FMI) to be worth US$ 8,567.6 Mn in 2022 and to grow at a CAGR of 4.3% to US$ 13,090.8 Mn by 2032. Over the projected period, it is expected that use of natural and energy-efficient refrigerants will continue to rise.
During the forecast period, the market for commercial refrigeration compressors is anticipated to expand at a promising rate, helped by the rising number of retail stores around the world. Furthermore, positive change in living standards and improving macroeconomic scenario have led to a significant surge in the number of organized retail stores, worldwide.
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The rapid growth of the organized retail sector characterized by the rising number of supermarkets, hypermarkets, etc., is projected to drive the growth of the overall food chain, which, in turn, is estimated to boost the sales of commercial refrigeration compressors for refrigerated display cases and other refrigeration equipment.
Commercial Refrigeration Compressors Market Analysis by Region
From a regional perspective, East Asia is a projected to be a prominent market, owing to significant growth of retail stores in the region. Europe is projected to hold a value share of around 19% in the global commercial refrigeration compressors market.
The market in Asia Pacific is anticipated to expand at a relatively high growth rate, owing to the increasing demand for refrigerated display cases, beverage vending refrigeration systems, etc., which, in turn, is projected to drive the demand for commercial refrigeration compressors in the market.
The commercial refrigeration compressors market in China is expected to be a lucrative market, and is projected to grow at a value CAGR of nearly 6% during the forecast period.
Commercial Refrigeration Compressors Market: Vendor Insights
The report highlights some of the main companies that are operating in the global commercial refrigeration compressors market, such as Emerson Electric Co., HUAYI COMPRESSOR CO., LTD., Mitsubishi Electric Corporation, LG Electronics, Inc., The Danfoss Group, Panasonic Corporation, BITZER SE, GEA Group AG, Frascold S.p.A., Fusheng Co., Ltd., Nidec Corporation, Midea Group, Officine Mario Dorin S.p.A., Johnson Controls – Hitachi Air Conditioning, and Tecumseh Products Company LLC.