Development of Organized Retail Driving Commercial Refrigeration Equipment Market Globally
In 2017, the global commercial refrigeration equipment market generated $41,396.7 million and is expected to register 6.2% CAGR during the forecast period (2018–2023). The market is growing due to the rising demand for ready-to-eat products and beverages and development of organized retail.
There has been a major transformation in the refrigeration technology in the past few years, as manufacturers have shifted from fluorinated gases (F-gases) to natural refrigerants. Geographically, developed countries in Europe and North America are on the verge of completely eliminating the use of F-gases from their commercial refrigeration equipment.
For instance, a key player in the commercial refrigeration equipment market, Carrier Corporation, changed the technology of its MiniCO2OL commercial refrigerator series quite early by replacing F-gases with natural refrigerants, such as carbon dioxide.
The manufacturing cost of MiniCO2OL refrigerators is quite low, compared to similar F-gas-based equipment. The cost-efficiency factor of such natural refrigerant-based equipment is increasing their demand among small and medium-scale food retailers.
On the other side, developing countries in Asia-Pacific (APAC) have not yet phased out F-gases, because manufacturers here are yet to get their hands on advanced technology for F-gas elimination. But, considering the CAGR forecasted in the region (9.3% in terms of revenue), it is being assumed that manufacturers will be able to acquire the technology and do away with F-gases.
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Therefore, due to the demand for such efficient and technologically advanced commercial refrigerators, the growth opportunities for commercial refrigeration equipment market players are predicted to increase.
Revenue Explosion Expected in Global Horticulture Lighting Market during 2020–2030
One of the biggest factors fuelling the growth in the demand for horticulture lighting across the world is the rising need for food items, on account of the surging population level. According to the United Nations, the global population level is set to increase from 7.7 billion in 2019 to 8.5 billion in 2030.
Due to the huge population boom, especially in India, China, Brazil, and the U.S., the demand for food products would rise massively, which will, in turn, result in the wide-scale adoption of indoor and greenhouse farming in order to increase the agricultural yield.
The other key factor responsible for the increasing uptake of horticulture lighting solutions is the rising government support toward energy-efficient solutions that would enhance the agricultural yield. In addition to this, the rapid development of new indoor cultivation techniques is predicted to further boost the adoption of horticulture lighting.
Due to these factors, the global horticulture lighting market is expected to see an increase in its revenue from $3.2 billion in 2019 to $20.3 billion by 2030, with a CAGR of 18.1% during the forecast period (2020–2030).
For horticulture, lighting is provided by light-emitting diodes (LEDs), fluorescent tubes, and high-intensity discharge (HID) lamps. Amongst these, LEDs are expected to record the fastest growth in usage during the forecast period. This is mainly ascribed to the burgeoning usage of LEDs in indoor and greenhouse horticulture, on account of their numerous advantages, such as lower costs and light of appropriate intensity, which helps in high crop yields.
Additionally, LEDs are also 80% more energy-efficient than other lights, says the U.S. Department of Energy.
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The horticulture lighting market is currently witnessing the rising popularity of vertical farming. This is primarily attributed to the decreasing availability of arable land, on account of the growing population levels and rising urbanization rate.
ASEAN Air Compressor Market Projected to Generate $1.1 Billion by 2024
Air compressors are utilized to increase the pressure of air by reducing its volume. In the automotive and construction industries, air compressors are used for tire inflation, engine construction, car painting, and air conditioning systems, and tunnel, port, bridge, subway, and highway construction, respectively.
The automotive and construction industries in Association of Southeast Asian Nations (ASEAN) region are growing rapidly. For example, the total vehicle (car) sales in Malaysia grew from 501,700 in 2017 to 565,000 in 2018. In addition to this, the combined value of megaprojects across the ASEAN region was around $3 trillion, as of 2018.
The global ASEAN air compressor market generated revenue of over $0.9 billion in 2018 and is predicted to reach $1.1 billion, growing with a CAGR of 3.6% in the coming years.
Apart from construction and automotive industries, air compressors are also used in power, food & beverage, oil & gas, textile, chemical & cement, and industrial manufacturing sectors and heating, ventilation, air conditioning, and refrigeration (HVAC-R) systems.
Among these, the largest demand for air compressors was created by the industrial manufacturing sector during 2014–2018. Various manufacturing industries, such as shipbuilding, steel, cosmetics, electronics, pulp & paper, glass, toy, nuclear, machinery, tobacco, and arms & ammunition, utilize air compressors in plant air and instrument air systems. In the coming years, the requirement for air compressors from the food & beverage industry is expected to grow at the fastest pace.
The industry makes use of air compressors for processing, manufacturing, and preserving food and beverages, including edible oils, bakery products, sugar, drinks, dairy products, meat products, packaged food, and confectionery products.
The process of producing compressed air via oil-flooded air compressors results in condensation and contamination, due to which the preference toward oil-free air compressors is growing.
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At the present time, food & beverage companies in the ASEAN region are utilizing oil-free air compressors for product handling, packaging, cutting and peeling food products to prevent their contamination, and in cleaning and manufacturing.
Furthermore, the need for condensate treatment is eliminated by the use of oil-free compressors, resulting in the reduction of the hidden cost of testing, monitoring, and disposing of the condensate. These compressors use about 6% less energy than conventional compressors.
Easy Access to E-Cigarettes to Augment South African E-Cigarette Market Growth
The South African e-cigarette market can take advantage of the shifting consumer preference toward alternatives from conventional cigarettes. This can be attributed to the rising number of people suffering from serious illnesses caused by tobacco consumption.
In the country, e-cigarettes are being sold as consumer products, resulting in their easy availability at retail outlets, kiosks, and shopping malls. Therefore, tobacco companies are investing in the development of next-generation vaping devices to lure the youth into buying these.
The e-cigarette market in South Africa is segmented by distribution channel, product, age group, and gender. Based on product, the categories of the market are t-vapor, cig-a-like, vape mod, and vaporizer.
Among these, the largest revenue share in the market was held by the vaporizer category due to the ability of such devices to produce dense aerosols, provide multiple flavors at a time, and low cost. In the forecast period, the highest CAGR is projected to be registered by the vape mod category.
The age group segment of the South African e-cigarette market is classified into 16–24, 25–34, 35–44, 45–54, 55–65, and 65+. In 2018, more than 55.0% of the value share was accounted for by the 16–24 and 25–34 age groups together. This can be credited to the immense popularity of e-cigarettes among the youth. In the forecast period, the highest consumption of these cigarettes is expected to be witnessed by the 25–34 age group.
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Therefore, the market for e-cigarettes in South Africa is awaiting a period of prosperity due to the increasing inclination of consumers toward these over traditional, tobacco-containing cigarettes.
Increasing Infrastructure Development to Drive Chiller Market
The chiller market is witnessing swift growth due to the heavy requirement for cooling equipment in industrial settings, increasing global temperature, and surging construction activities. From valuing $7.1 billion in 2018, the market is expected to reach $9.5 billion by 2024, advancing at a 4.9% CAGR during the forecast period (2019–2024).
A compressor-based machine that takes away heat from liquids through an absorption–refrigeration cycle or vapor compression is referred to as a chiller. It generates chilled water, which is then mainly used to cool large facilities.
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The key trend in the chiller market is the growing popularity of R32 models. R32 is a type of refrigerant, which offers enhanced operational efficiency as compared to the R22 refrigerant. R32 chillers consume about 10.0% less energy and also help in reducing greenhouse gas emissions due to their extremely low global warming potential as compared to R410A and R22 chillers.
It is caused due to the increased absorption of infrared energy by the atmosphere, resulting in high temperatures. The National Aeronautics and Space Administration reported that in 2017, the average global temperature was 0.90O C higher than the average temperature during 1951–1980.
One of the major drivers for the growth of the chiller market is the increasing temperatures across the globe. The excessive use of chlorofluorocarbons and burning of fossil fuels lead to the accumulation of greenhouse gases, such as methane and carbon dioxide, in the environment, which leads to the phenomenon of global warming.
Johnson Controls International PLC, Samsung Electronics Co. Ltd., Ingersoll-Rand plc, United Technologies Corporation, Daikin Industries Ltd., Gree Electric Appliances, Inc. of Zhuhai, Zamil Air Conditioners, Thermax Limited, Mitsubishi Electric Corporation, Petra Engineering Industries Co, S.K.M Air Conditioning LLC, and Danfoss A/S are some the key players in the global chiller market.
Chiller Market Segmentation
Market Segmentation by Product
Frequency Synthesizers - The Key to Enhanced Communication
High sales of smartphones and wearable devices, rising government spending on military equipment, and increasing use of wireless technology are driving the frequency synthesizer market growth across the globe. Having generated revenue of $837.8 million in 2017, the market is now expected to advance at a CAGR of 6.8% during the forecast period 2018–2023.
In this regard, two of the largest manufacturers of smartphone chips in the world, Samsung and Intel, are already working toward increasing their acquisition of frequency synthesizers for integration in their devices. The domain’s growth will further be complemented by the rising sales of wearable connected devices, such as fitness bands.
Frequency synthesizers create a range of frequencies by dividing or multiplying the base frequency and are widely used in communication devices for providing a stable radio frequency source for enhanced communication.
Increased focus on enhancing military communication is also driving the frequency synthesizer market. Of the two frequency synthesizer types — analog and digital — analog frequency synthesizers dominated the market in 2017 with 74% revenue share. Guided missiles, navigation systems, and radars depend on frequency synthesizers for communication.
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Hence, it can be said that the need for enhanced communication in smartphones and military equipment, especially in the APAC region, will help take the global frequency synthesizer industry forward.
Global Frequency Synthesizer Market Segmentation
Market Segmentation by Type
- Analog
- Digital
Market Segmentation by Component
- Phase detectors
- Loop filters
- Oscillators
- Mixers
- Dividers
APAC Compressor Market Projected to Have a Stable Growth for the Next Few Years
The APAC compressor market to reach $23.3 billion by 2023. The industry has been witnessing considerable growth, buoyed by growing automotive industry, predominantly passenger vehicle category, along with overall growth in demand for electric vehicle.
Based on compressor type, APAC compressor market is categorized into positive displacement and dynamic compressors. Out of these, positive displacement compressor category accounted for larger revenue share in 2017, and is also expected to lead throughout the forecast period, owing to growing demand for rotary type of compressors.
Based on the dynamic compressor, APAC compressor market is classified into centrifugal and axial flow compressors. Centrifugal compressor category accounted for a larger market share in 2017. Centrifugal compressors are majorly used for compression of gas due to which they are largely deployed in oil and gas industry.
Growing automotive industry supported by rising disposable income of populace in developing countries like India and China, and technological innovations are the key factors driving the automotive industry in APAC.
Some of the major players in the Asia Pacific compressor market include RECHI Precision Co. Ltd, Elgi Equipments Limited, Kaeser Kompressoren SE, Ingersoll-Rand plc, Atlas Copco AB, Kobe Steel Ltd, ANESI IWATA Corporation, Hitachi Ltd, Zhe Jiang Hongwuhuan Machinery Co. Ltd, MAHLE GmbH, Hanon Systems, and Toyota Industries Corporation.
India compressor market is expected to register fastest growth during the forecast period, both in terms of volume and value, owing to robust growth of small businesses and construction industry in the country. India’s construction industry is projected to reach about one trillion by 2025, and would generate high demand for compressors in the coming years.
APAC Compressor Market Segmentation
Market Segmentation by Type
- Positive Displacement
- Reciprocating
- In-line
- “V” shaped
- Tandem piston
- Single-acting
- Double-acting
- Diaphragm
- Rotary
- Screw
- Vane
- Lobe and scroll
- Reciprocating
- Dynamic
- Centrifugal
- Axial flow
Market Segmentation by Portability
- Portable
- Stationary
Market Segmentation by Lubrication Type
- Oil-Free
- Oil-Flooded
