The global commercial refrigeration compressors market size is set to reach USD 38,687.2 million in 2023. Overall sales of commercial refrigeration compressors are likely to surge at 4.3% CAGR, taking the forecasted market valuation to USD 58,940.03 million by the end of 2033.
Variable-speed compressors are gaining popularity as they offer significant energy savings and more precise temperature control than traditional fixed-speed compressors. These compressors can adjust their speed according to the cooling load, saving energy and reducing operating costs. As businesses look to reduce their energy consumption and carbon footprint, variable-speed compressors are becoming an increasingly popular choice. This trend is expected to continue as technology improves and costs decrease.
The integration of IoT technology is transforming the commercial freezer compressor industry. IoT-enabled refrigeration systems can be remotely monitored and controlled, allowing businesses to optimize operations and reduce energy consumption. This trend is driving the development of smart compressors that can communicate with other components in the system and provide real-time data on performance and energy usage. This presents a significant opportunity for compressor manufacturers to develop new products and services integrating IoT technology and providing greater customer value.
As businesses look to reduce their operating costs and improve their sustainability, there is a trend towards smaller, more efficient compressors that can provide the same level of cooling as huge systems. This trend is driven by advances in compressor technology, such as magnetic bearings and oil-free compressors, which allow compressors to operate more efficiently and with less maintenance. This trend is expected to continue as businesses look for ways to reduce their energy consumption and operating costs.
Manufacturing and maintenance costs continue to be a key restraints in the market. As a result, there is a growing trend toward preventative maintenance and servicing of refrigeration systems. This helps to extend the system's life and reduce the need for costly repairs and replacements. Maintenance and servicing are becoming increasingly important as businesses look to optimize their operations and reduce their overall costs. This presents an opportunity for compressor manufacturers to develop new products and services that provide greater reliability and reduce the total cost of ownership for customers.
| Attributes | Details |
|---|---|
| Commercial Refrigeration Compressors Market CAGR (2023 to 2033) | 4.3% |
| Commercial Refrigeration Compressors Market Size (2023) | USD 38,687.2 million |
| Commercial Refrigeration Compressors Market Size (2033) | USD 58,940.03 million |
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According to recent research by Future Market Insights, the commercial refrigeration compressors market is projected to expand at a rate of 4.3% during the forecast period from 2023 to 2033. This is a significant growth from the historical growth rate of 0.1%.
Factors such as changing lifestyles, increasing disposable income, and rapid urbanization are anticipated to boost the growth of the global retail industry. To meet rising consumer demand, significant investments are being made in updating retail infrastructure, which is boosting the sales of commercial refrigeration compressors.
Food service providers are increasing their investment in refrigeration systems to meet consumer demand for frozen food and cold products. Also, the number of franchise stores of limited-service restaurants like Subway, McDonald's, and KFC, among others, is growing, leading to increased demand for commercial refrigeration compressors, which is expected to increase compressor sales.
To reduce the wastage of food products, cold chain infrastructure is growing significantly across the globe, creating demand for refrigeration compressors. The food trade is increasing significantly due to a strong cold chain infrastructure and warehouses in emerging economies, leading to a growing demand for commercial refrigeration compressors.
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The growth of the FMCG sector is a significant driver of demand for commercial refrigeration compressors, as FMCG products have a limited shelf life and require refrigeration.
With the rise of supermarkets in developing countries, the demand for cold spaces to hold FMCG products is expected to increase significantly, creating a lucrative opportunity for the commercial freezer compressor market.
As the FMCG sector is projected to record a CAGR of 5-6% and reach a valuation of around USD 14 to 16 trillion by 2025, the impact on the growth in demand for compressor units is likely to be significant.
This growth presents a massive opportunity for businesses operating in the commercial refrigeration compressor market to expand their business and increase their revenue. As the FMCG sector continues to grow, the demand for refrigeration solutions is expected to increase, making it a critical market for compressor manufacturers to keep an eye on.
Using inverter-controlled compressors with brushless motors is a significant trend in the global market. This technology maximizes efficiency by modulating rotation speed depending on cooling demand, reducing power consumption, and offering significant environmental and economic benefits. Using self-contained showcases, the compressor can be set to the optimum speed for each operating condition, resulting in a 20%-25% reduction in power consumption.
This trend can potentially revolutionize the refrigeration industry by providing a more sustainable and cost-effective solution for businesses while reducing their environmental impact. As businesses prioritize sustainability and efficiency, the demand for inverter-controlled compressors with brushless motors is expected to grow in the coming years.
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Europe is expected to be a prominent market for commercial refrigeration compressors due to the significant increase in retail stores in the region. With an estimated value share of around 29% in 2022 for the global market, the potential for growth in Europe is vast. One of the significant growth pillars of the Europe commercial refrigeration compressor industry is the rise in quick-service restaurants (QSR) and fast-food centers.
The Irish Food Board's report published in 2021 revealed that the United Kingdom has over 2,380 Subway outlets, 1,247 McDonald's outlets, and 900 KFC franchises, which are expected to increase over the coming years. The increase in QSR and fast-food outlets are driving the demand for commercial refrigeration compressors in Europe, creating a lucrative market for compressor manufacturers.
As this trend continues to grow, the demand for commercial freezer compressors in Europe is expected to increase, making it a critical market for businesses.
The China commercial refrigeration compressor market is poised for significant growth, with a projected 3% growth rate during the forecast period. Rapid development in the agricultural sector, coupled with the rising penetration of modern technologies, has led to an increase in the food export business in China.
As one of the prominent food producers, China has seen tremendous growth in cold storage warehousing in the last few years, and this trend is expected to continue during the forecast period. The growth of cold storage warehousing and cold chain logistics is expected to grow synchronously, likely impacting China's demand significantly.
As the demand for cold storage and logistics continues to rise, the need for efficient and reliable commercial refrigeration compressors is expected to increase. This presents a massive opportunity for compressor manufacturers to expand their business in China and tap into this rapidly growing market. As the country continues to invest in modern technologies and infrastructure, the China commercial refrigeration compressor market is expected to grow, making it an important market for businesses.
The United States commercial refrigeration compressor market is expected to experience significant growth during the forecast period. With a projected 19.9% market share, the market is poised to expand rapidly in the coming years. The growth of the market can be attributed to several factors, including the well-established retail sector, advancements in compressor technology, and increasing demand for proper refrigeration in commercial spaces.
One of the primary drivers of the United States commercial refrigeration compressor market is the retail sector. With a robust retail industry, there is an increasing demand for commercial refrigeration compressors to maintain the freshness and quality of products. Additionally, the advancements in compressor technology have made them more energy-efficient, reliable, and cost-effective. This has resulted in increased adoption of commercial refrigeration compressors by various industries.
Between 2023 and 2033, India is estimated to register a CAGR of 5.2%. Population growth, rising consumer purchasing power, and changing lifestyles create the need for packaged and frozen foods. The Indian Retail Industry is expected to cross USD 2.0 trillion by 2030. This is expected to boost the growth of industrial fridge compressors in India. Growth in retail stores is creating significant opportunities in the refrigerator compressors market in India.
Many commercial refrigerators and freezers are being deployed across the retail sector, including grocery stores, supermarkets, and hypermarkets. In addition, the growing popularity of refrigerated solutions and refrigeration equipment in the HoReCa (Hotel Restaurant and Canteen) sector is expected to yield market growth over the forecast period further.
Based on type, the global commercial refrigeration compressors market is classified into reciprocating, scroll, rotary, centrifugal, and screw, where reciprocating type compressor has a dominant market share because of their wide usage in various commercial refrigeration.
Reciprocating compressors offer several advantages, such as flexibility of use, low maintenance cost, high-pressure generation, and superior efficiency.
By cooling capacity, the Upto 1Kw segment is anticipated to dominate the market by the end of the forecast period. In the industrial fridge compressors market, end users show strong interest in compressors with lower cooling capacities owing to their reasonable pricing and easy availability. Furthermore, the cooling capacity category of 2 to 6 kW is expected to lead in terms of CAGR more than the other segments.
Up to 1 kW of cooling capacity is projected to create an absolute dollar opportunity of more than USD 970.6 million during the forecast period.
The leading companies are constantly racing to update and improve their product portfolios, vying for an edge in a market that demands nothing less than excellence. But it's not just about staying ahead of the pack - these companies are also keenly aware of their environmental impact.
With energy efficiency and low GWP refrigerants at the forefront of their focus, these companies are not just competing for market share. They are leading the charge toward a sustainable future.
For Instance:
The commercial refrigeration compressors market is estimated to be worth USD 38,687.2 million in 2023.
The commercial refrigeration compressors market is expected to be valued at USD 58,940.03 million by 2033.
The market is expected to grow at a rate of 4.3% during the forecast period.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type 5.1. Reciprocating 5.2. Rotary 5.3. Scroll 5.4. Screw 5.5. Centrifugal 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Cooling Capacity 6.1. Up to 1 kW 6.2. 2-6 kW 6.3. 7-10 kW 6.4. 11-15 kW 6.5. 16-20 kW 6.6. 21-30 kW 6.7. 31-40 kW 6.8. Above 40 kW 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Refrigerant Type 7.1. R290 7.2. R404A 7.3. R410A 7.4. R744 7.5. R134A 7.6. R407C 7.7. Others 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End Use 8.1. Beverage Coolers and Freezers 8.2. Refrigerated Display Cases 8.3. Transport Refrigeration 8.4. Other End Uses 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 9.1. North America 9.2. Latin America 9.3. Europe 9.4. Asia Pacific 9.5. MEA 10. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Nidec Corporation 17.2. Emerson Electric Co. 17.3. HUAYI COMPRESSOR CO., LTD 17.4. The Danfoss Group 17.5. Midea Group 17.6. Tecumseh Products Company LLC 17.7. Mitsubishi Electric Corporation 17.8. LG Electronics, Inc. 17.9. Changhong Huayi Compressor Co., Ltd. 17.10. Panasonic Corporation 17.11. GEA Group AG 17.12. Johnson Controls–Hitachi Air Conditioning 17.13. BITZER SE 17.14. Carrier Corporation 17.15. Mitsubishi Electric Corporation 18. Assumptions & Acronyms Used 19. Research Methodology
Industrial Automation
February 2024
REP-US-1305
333 pages
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Commercial Refrigeration Compressor Market
