Commercial Refrigeration Equipment Market Analysis, Size, Share, Growth, Trends and Forecast To 2024
The global commercial refrigeration equipment market is expected to reach USD 52.52 billion by 2024, according to a new report by Grand View Research, Inc. Growing number of hypermarket and supermarket in developing regions has increased the demand of energy efficient equipment in the recent years. Rapid industrialization, rising disposable income and several other demographic shifts has led to significant change in food and beverage consumption over the past few years.
Rising capital investment with the growing emergence of food services in terms of transportation, distribution and production is anticipated to proliferate volume of shipments. Increasing use of these equipment in horticulture, processes, and seafood is also projected to contribute to the industry demand. Furthermore, the increasing international trade of frozen food items in various countries owing to the shift in food consumption trends has led to the considerable rise in demand for refrigeration products across the commercial sector.
Advances in compressor protection controls and introduction of reconfigured kitchen space with modular commercial refrigeration units are anticiapted to drive the demand for advanced technology. Modern products use evenly distributed air temperature units and appropriate humidity levels. Continuous advancements in cooling technologies have been ensuring the need for energy efficient products across the hospitality sector.
Moreover, commercial refrigeration equipment manufacturers invested considerably in R&D activities to develop advanced and innovative products. Further, in order to cater to the requirement of their customers, vendors provide installation along with services such as repairing, and maintaining systems.
Further key findings from the study suggest:
- Transportation refrigeration equipment segment accounted for 19% in 2015, which is expected to grow at a significant CAGR of 7.3% from 2016 to 2024. Globalization in agriculture and trade liberalization is motivating the shift towards increased preference for high nutrition and processed foods. Hence, rise in the international food trade would foster the product segment as most of the activities in the food trade require proper transportation facilities of food articles between countries.
- Food service segment exhibited for over 32% of the revenue share in 2015 and is projected to witness significant growth over the forecast period. Development of cascade refrigeration systems with variable speed compressors are expected to escalate the industry demand across the food and beverage industry.
- Asia Pacific is expected to witness substantial growth with a CAGR of nearly 7.5% over the forecast period. The flourishing retail and food industry in the region has led to increasing demand for innovative equipment. Further, the rising consumption of packaged food and beverages is expected to rise the industry growth.
- Key companies operating in the commercial refrigeration equipment industry include Carrier, Electrolux AB, Daikin, Ingersoll-Rand PLC, Illinois Tool Works Inc., Dover Corporation, and Johnson Controls. Manufacturers in the industry are focusing on expanding their presence across the globe to gain market share. For instance, in 2015, Daikin Industries, Ltd. acquired Solvay S.A., the refrigeration business in Europe of Belgium Chemical Group. This acquisition will allow the company to fully expand the refrigerant business in Europe.