Food and Beverage Sector to Bolster Growth of Refrigerant Compressors Market
Commercial refrigeration systems are widely used in food retail and food storage applications. Consumption of frozen food and processed food products is also witnessing an upswell since past couple of years, giving an impetus to the food and beverage industry. This has created an opportunistic marketplace for growth of supermarkets and hypermarkets, consequently providing impetus to cold storage systems. Furthermore, rising demand for packed food, ready-to-eat food and convenience food is expected to fuel adoption of energy efficient refrigerant compressors, in turn complementing the growth of their market worldwide. That said, the food and beverage sector is expected to remain influential in driving sales of refrigerant compressors that are applied during transportation, storage and maintenance of food products throughout the entire cold chain.
CO2 Refrigerant Compressors to Witness Significant Demand in the Coming Future
Demand for refrigerant compressors with CO2 as refrigerant is expected to witness a significant spike in the coming years. On the back of negative impact of Chlorofluoro Carbons (CFC) on atmosphere and environment, research on refrigerants to replace CFC has increased. To address the concern, various international communities have taken efforts, for instance, the Glasgow Climate Change Conference in 2021, to stabilize emissions. Research on environment protection and substitutes of refrigerants shows that natural refrigerants including ammonia, water, CO2 and hydrocarbons are apt substitutes that can control damage done to environment and atmosphere. Off these, CO2 is expected to gain higher traction n the back of its perceived benefits such as low kinematic viscosity, small volume, low dynamic viscosity, higher thermal conductivity, small pressure ratio, large per unit volume refrigerating capacity, less surface tension, physical stability, high heat capacity and high safety. Several companies are focusing their research towards CO2 refrigerant compressors. Companies such as Dorin, Danfoss, Emerson and Bitzer have launched CO2 refrigerant compressors and are providing CO2 solutions for commercial sectors. Given its preferable performance in cooling and heating, CO2 as refrigerant is the main focus and considered as an irreplaceable component in refrigeration. Currently, the CO2 refrigerant compressors are primarily used in heat pumps, multi-stage refrigeration and automobile air conditioning. From a natural refrigerant standpoint, CO2 refrigerant compressors are expected to have a promising future which is expected to influence the refrigerant compressors market growth as voices of environment protection rise.
Asia Pacific to Remain an Optimistic Market for Refrigerant Compressors
Emerging economies in Asia Pacific are expected to showcase lucrative growth opportunities for refrigerant compressors market. This can be attributed towards growth in end use industries such as pharmaceutical, food and beverages, chemicals and automotive. This has translated into rising demand for ACs, cold storage facilities and biomedical refrigerators. Moreover the air conditioning demand is also on the rise paving a wide scope of growth for sales of refrigerant compressors. For instance, according to Bitzer, China is reflecting significant demand for ACs. On the other hand, decarbonization of heating is also prevalent, which is fuelling demand for large and small capacity compressors. Lucrativeness of Asia Pacific apropos to adoption of refrigerant compressors across industry verticals continues to influence growth of the refrigerant compressors market reflecting an optimistic pathway in the coming years.
Refrigerant Compressors Market Competitive Landscape
Key players in the refrigerant compressors market are focusing on developing innovative products that feature energy efficiency and low environmental impact. Manufacturers of refrigerant compressors are adopting strategies such as new launches and acquisitions to enhance their market position. In 2021, Bitzer launched new CSW compact screw refrigerant compressors – the CSW85/95. This range of refrigerant compressors from Bitzer feature enhanced efficiency in high-performance water cooled liquid chillers. On the other hand, in December 2021, Vert Technologies raised 1.9 million euro to develop CRC (Conical Rotary Compressor) technology in refrigeration and the heat pump space and expand its presence in the sector. In 2021, Johnson Controls announced partnership with Johnson Controls-Hitachi Air Conditioning. This partnership aims to carry out large scale distribution of horizontal scroll refrigerant compressors in North America. Same year, Turboalgor, an Italian startup, introduced new solution for the automotive industry. The new refrigerant compressor system by the startup ensures energy savings up to 23% alongside increasing the cooling capacity by 56% and extending service life of refrigeration systems.
Few of the key players in the refrigerant compressors market are Emerson Electric, Embraco, Bitzer, GMCC Company, Danfoss, Dorin S.p.A and Daikin Industries Ltd.
The global refrigerant compressors market is segmented as below:
By Cooling Capacity
Key Elements Included In The Study: Global Refrigerant Compressors Market
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