LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global refrigerant compressors market to grow at a CAGR of close to 5% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global refrigerant compressors market for 2017-2021. The report also lists seven major application segments of refrigerant compressors: hermetic compressors, semi-hermetic reciprocating compressors, domestic compressors, semi-hermetic screw compressors, open screw compressors, open centrifugal compressors, and open reciprocating compressors.
According to Anju Ajaykumar, a lead analyst at Technavio for unit operations research, “The growing industrial refrigeration market is expected to create growth prospects for compressors during the forecast period. This growth is mainly attributed to the increasing demand from end-users such as the food processing and pharmaceutical industries.”
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Technavio heavy industry analysts highlight the following three market drivers that are contributing to the growth of the global refrigerant compressors market:
- Consolidation of market vendors
- Growth of commercial refrigeration market
- Growth of automotive HVAC market
Consolidation of market vendors
In the last decade, the industrial refrigeration market has undergone considerable changes. Mergers have played a big part in this transformation, with several larger companies acquiring refrigeration contracting companies. This has led to the creation of several global refrigeration companies. One of the most prominent examples of such M&A activities is the acquisition of Sabore of Denmark, an emerging competitor, by York International in 1999. This merger led to York International becoming the largest industrial refrigeration company in the world. This transformation has also had an impact on equipment and components manufacturers who are increasingly offering global products and services that are based on international guidelines.
Growth of commercial refrigeration market
The commercial refrigeration market is one of the major demand-generating segments for compressors. Hermetic compressors and semi-hermetic reciprocating compressors are extensively used in the commercial refrigeration market.
Commercial refrigerators are mainly used by retail outlets for displaying and storing fresh and frozen food items and beverages. The global commercial refrigeration market offers a variety of products, and walk-in coolers are expected to drive the market during the forecast period.
Growth of automotive HVAC market
HVAC systems are widely used in four-wheelers to maintain good air quality and to provide thermal comfort through adequate ventilation inside a vehicle. They aid in maintaining a good environment inside the cabin by controlling the temperature. The variations in weather conditions depending on the geography make a country like India, an ideal country for automotive HVAC systems.
There is huge demand for HVAC systems from the automotive sector in APAC. The region has a strong presence in both passenger cars as well as commercial vehicles (CVs), and the growth of these automotive segments augurs well for the growth of the HVAC market. Additionally, light commercial vehicles (LCVs) find extensive use in the US and China. For instance, China is the second-largest market for LCVs after the US, and the adoption of the HVAC in this segment is vital for the growth of the HVAC market in these two countries.
“The growing electrification of vehicles is crucial to the development of HVAC systems for automotive applications,” 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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