Businesses across different industries are striving not only to reopen but also to grow. Business leaders are leveraging the rescue packages from the government to restructure themselves with digital conversions and agile organizational structures. They are taking swift actions to get ready for greater resilience and better productivity in a future where the usual business does not exist. The industry leaders are investing in future technologies to automate facilities and physical processes to comply with social distancing norms.
The industrial sector is transforming towards centralized and automated non-core tasks. The businesses are evaluating and re-aligning service capabilities and network models to adapt with the new normal. To overcome the impact of disrupted supply chain models, the businesses are creating transparent system with help of big data, connected ecosystem and intelligent system. Besides all the organizational level changes, the market players in industrial sector are increasing work safety precautions to fall in line with the social-distancing norms issued by the government.
Refrigeration is one of highest energy consuming entities in various manufacturing and non-manufacturing industries. Various new technologies are introduced in the market, which can minimize energy consumption during the refrigeration process. Refrigeration pump is used to transfer the refrigerant, in order to maintain the cooling cycle effective in place. The mechanism and working of refrigeration pump is similar to centrifugal pump.
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Refrigerants are of two types one is synthetic and other is natural. Ammonia and carbon dioxide are the refrigerant which are generally used in refrigeration pump as they are not flammable and do not affect the ozone layer. These pumps ensure complete safety of refrigeration pump plants. As refrigeration plants operate in sealed proof area, the pumps should be leak proof and environment friendly so as to maintain proper cooling for longer time. In refrigeration pump multiple mechanical seal is used for prevention of leakage in vacuum condition. Revenue generated from the sales of refrigeration pumps, globally is expected to increase at a moderate CAGR over the forecast period.
Global Refrigeration Pumps Market: Market Dynamics
The global retail market has been estimated to grow at annual rate of 4% over the next ten years. This is expected to increase the demand for refrigeration pumps, thus driving the growth of refrigeration pumps market. Refrigeration pumps are used in supermarkets where cooling is required in order to maintain the food quality for longer time span. The increasing commercial sector is also expected to fuel the growth of refrigeration pumps market over the forecast period. Moreover, the changing lifestyle of consumers has led to rapid increase in demand for packed food products such as dairy products, chilled products and confectionery among others. This factor is also expected to boost the global refrigeration pumps market over the forecast period.
Increased maintenance cost and ensuring proper performance aligns are expected to be challenges for the key players in global refrigeration pumps market. Increased product innovation for cost effective refrigeration pumps with more efficiency can create new opportunities for key players in this market.
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Global Refrigeration Pumps Market: Segmentation
The global refrigeration pumps market can be segmented based on product type as
- Open Type Refrigerant pump
- Closed Type Refrigerant Pump
The global refrigeration pumps market can also be segmented based on application as:
- Food & beverages
- Electrical and electronics
Global Refrigeration Pumps Market: Regional Outlook
The global refrigeration pumps market is segmented based on geography as North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan and Middle East and Africa. Asia Pacific is expected to dominate the global refrigeration pumps market over the forecast period. China and India are anticipated to grow at the highest pace over the forecast period. Latin America and Middle East and Africa are also expected to witness high growth over the forecast period.
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Global Refrigeration Pumps Market: Key Players
Some of the key market players identified in the global refrigeration pumps market are as follows:
- HERMETIC Pumps
- CORNELL PUMP COMPANY
- Kirloskar Brothers Limited (India)
- Viking Pump Inc.
- Teikoku USA/Chempump
- Buffalo pumps