Commercial Refrigeration Equipment Market – Size, Share, Key Trends, Demand and Growth Factors Forecast to 2022

20/apr/2018 09:08:00 Nasir Jones Contatta l'autore

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The global  commercial refrigeration equipment market  is projected to reach $ 55,688.6 million by 2022, growing at a CAGR of 6.1% forecast to 2022. the rapid urbanization along with the expansion of supermarkets, hypermarkets, and food retail chains in the developing countries, such as India , China, and Brazil, is expected to increase the demand for refrigeration equipment during the forecast period.

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The market in Europe is heading towards maturity; However, the short product life cycle of refrigeration equipment is expected to occur in the coming years.

The commercial refrigeration equipment market is highly fragmented and most often, the end-users need Major manufacturers of commercial refrigeration equipment sell their product as package solutions directly to bulk buyers, such as supermarkets and hypermarket retailers. This consists of about 65% to 75% of the commercial refrigeration equipment market. Approximately 20% to 25% of the commercial refrigeration equipment market is covered through independent wholesalers, and remaining 5% to 10% is distributed through the food service equipment providers, such as catering equipment distributors.

Walk-in coolers has been leading the commercial refrigeration equipment. The ice-making machinery is expected to be the highest rate among all the equipment types during the forecast period, owing to the expansion of the restaurant chains in urban and semi-urban areas of developing countries. Among the various applications of commercial refrigeration, food service continues to be the largest segment. Supermarkets leads the commercial refrigeration end-user revenues, owing to its large capacity and requirement for intensive cooling.

Geographically, Asia-Pacific has been the largest as well as the fastest growing commercial refrigeration equipment market. Unlike its western countries, the HFCs refrigerant regulation is not limited to developing countries of Asia-Pacific. In the 6th BRICS summit of 2014, all the five members agreed upon are not accepting the Montreal Protocol for HFCs, unless other cost-effective alternatives are provided by the developed countries to them. Until that, the HFCs regulation would be regulated with existing Kyoto Protocol. However, the effort to reduce the dependency on HFCs is in process in China.

US remains the major market among the countries, globally, while the market in China is expected to grow at the highest rate during the forecast period. US capital has improved after the economic slowdown. The increased purchasing power of the consumers has also boosted the foodservice industry and restaurants in recent years. Technical improvements, such as the use of proximity sensors, LED lighting systems, and increased adoption of refrigerated equipment, is expected to accelerate the demand for new commercial refrigeration equipment.

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The major strategic development in the market during the recent years includes product launch, client win, and mergers and acquisitions. Some of the major players in the market include United Technologies Corporation, Johnson Controls, Daikin Industries, Dover Corporation, Hussmann Corporation, AB Electrolux, Frigoglass SAIC, AHT Cooling Systems GmbH, Ali Group SpA, and Illinois Tool Works Inc.

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