LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global refrigeration condenser market to grow at a CAGR of close to 6% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global refrigeration condenser market for 2017-2021. The market is segmented into commercial and industrial refrigeration. The commercial refrigeration segment dominated the market with more than 64% of the market share in 2016.
“Innovation in refrigeration condensers will increase the demand for industrial and commercial refrigeration units as they provide higher efficiency and better output. Factory packaged systems are gaining momentum as they provide substantial cost, space, and time advantages. Packaged industrial refrigeration systems are manufactured in a controlled environment, which helps to ensure higher standards of quality control,” says Anju Ajaykumar, a lead analyst at Technavio for unit operations research.
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Technavio heavy industry analysts highlight the following three market drivers that are contributing to the growth of the global refrigeration condenser market:
- Demand for replacements in developed countries
- Growing food and beverage industry
- Growth of frozen fruits and vegetables market
Demand for replacements in developed countries
The need to reduce operating costs, increase energy efficiency, and take advantage of favorable government incentives has spurred the demand for replacement of industrial refrigeration systems equipment in the US, the UK, Germany, and Japan. In the US, the steady economic growth has also influenced the replacement demand. It is predicted that 50% of the growth of the global refrigeration condenser market will be due to replacements during the forecast period.
Technavio predicts that regulations pertaining to the use of refrigerants and energy efficiency will increase investments made toward the replacement of old industrial refrigeration systems. For instance, the phase-out of R-22 units will be completed by 2020, encouraging industrial refrigeration systems owners to replace their existing units before the phase-out.
Growing food and beverage industry
The rise in demand for refrigeration condensers is mainly attributed to the growing demand from end-users such as the food processing industry. The growth of the food and beverage industry and the expansion of refrigerated warehouses in developing economies is expected to boost the demand for refrigeration condensers.
APAC has some of the fastest growing economies in the world. The rise in population, disposable income, and global temperature is expected to contribute to the growth of the refrigeration condensers market for the food and beverage sector in APAC.
Growth of frozen fruits and vegetables market
The frozen fruits and vegetables market is growing rapidly as it ensures that the products are available all through the year and not limited by seasonal availability. Moreover, in today's fast-paced world, the time available for cooking is limited, thus consumers prefer to buy frozen and processed fruits and vegetables.
“The retail sector in many countries is growing rapidly owing to the changing consumer spending behavior, rapid urbanization, increasing disposable income, and preference for convenient food. These factors have driven the growth of the global frozen fruits and vegetables market, which in turn, is driving the demand for refrigeration units and the global refrigeration condenser market,” says Anju.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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