New York, NY -- (SBWIRE) -- 11/28/2016 -- 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. 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.
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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.
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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