GlobalCommercial Refrigeration Equipment Market size was valued at US$35.50 Bn in 2019 and the total revenue is expected to grow at 7.3 % through2020 to 2026, reaching nearly US$ 50.45 Bn.
The global CommercialRefrigeration Equipment market report is a comprehensive analysis of theindustry, market, and key players. The report has covered the market by demandand supply-side by segments. The global Commercial Refrigeration Equipmentreport also provides trends by market segments, technology, and investment witha competitive landscape.
Global Commercial RefrigerationEquipment Market Overview:
Increasing usage of advancedtechnologies such as magnetic refrigeration is the major factor for driving thegrowth of the commercial refrigeration equipment market in the forecast periodof 2020-2026.
Global Commercial RefrigerationEquipment Market Dynamics:
Improving consumer lifestyle alongwith thriving food and healthcare industries accelerate the demand for thecommercial refrigeration equipment market. Rising cold chain, increasingshelf-life of products, increase in the number of quick-service restaurants,rising demand for frozen and & chilled products, and rapid urbanization isalso expected to drive the market. On the other hand, development in theeffectiveness of refrigeration systems with the exercise of naturalrefrigerants and rising demand for bakery products, frozen food, and packagedfood products further create new opportunities for the commercial refrigerationequipment market in the forecast period of 2020-2026.
Another key driver for thecommercial refrigeration equipment market growth is the expansion of theorganized food retail sector, which includes supermarkets, organized restaurantchains, and hypermarkets. The growth in this sector is especially fast inChina, India, and Brazil, owing to the rapid urbanization here. For instance,the urban population in China is expected to grow from 782 million in 2016 toaround 1.4 billion by 2025. Similarly, the Indian urban population, which was438 million in 2016, is expected to reach around 1.4 billion by 2023-end. Thiswould drive the procurement of refrigeration equipment in food processingplants, hypermarkets, tier-I and tier-II restaurants, and mid-sized grocerystores.
High installation costs coupledwith commercial refrigerators restrict the growth of the commercialrefrigeration equipment market in the above-mentioned forecast period.
Global Commercial RefrigerationEquipment Market Segment Analysis:
By Product, the commercialrefrigeration equipment market is bifurcated into walk-in coolers, beveragerefrigeration equipment, display showcases, and ice merchandisers & icevending equipment. The walk-in coolers product segment is held the largestshare of the commercial refrigeration equipment market in 2019 and is expectedto grow at a rapid pace during the forecast period 2020-2026. Increasing demandfor personalized walk-in coolers by consumers is further driving the commercialrefrigeration equipment market growth. In addition, market players are focusingon research and development to come up with low-global-warming-potential (GWP)refrigerants, to enhance such systems efficiency and also save energy.
Global Commercial RefrigerationEquipment Market
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By Distribution Channel, themarket is bifurcated into specialty stores, hypermarkets/supermarkets, andonline. The online distribution channel segment is expected to witnesssignificant growth during the forecast period thanks to the increasing penetrationof the internet and rising sales of smartphones and the fact that e-commercechannels offer customers the chance to see the specifications of a range ofproducts, avail of numerous discounts and offers, and have the refrigerationequipment delivered at their doorstep. These factors help to boost the marketduring the forecast period.
By Application, the commercialrefrigeration equipment market is bifurcated into foodservice, hotels andrestaurants, food & beverage production, and food & beverage retail.
Global Commercial RefrigerationEquipment Market 1
By End User, the market isbifurcated into hospitality, hypermarkets/supermarkets, departmental stores,healthcare, offices & buildings, convenience stores, and government.
Global Commercial RefrigerationEquipment Market Regional Insights:
Asia Pacific is Dominate theCommercial Refrigeration Equipment Market
The growing populations in theregion, improving economic conditions, like increasing GDP & disposableincomes, and a booming consumer appliances sector have led to an increase inthe commercial refrigeration equipment in the region. Also, the expansion ofthe commercial refrigeration equipment market in this region is propelled bygrowth in the manufacturing sector and a surge in spending on private &public infrastructure development, and rapid urbanization. Increasing demandfor frozen food products in India, China, and Japan is driving the marketdemand in this region.
North America is expected to bethe second-dominating region of the Commercial Refrigeration Equipment Market
Increasing investments in the food& beverage industries drive the market growth in this region. Consumers arewitnessing a healthy & hygienic food demand and pay for extra quality food,which in turn, drives the commercial refrigeration equipment market.Furthermore, the increasing numbers of food joints and quick servicerestaurants with the proliferating restaurant industry in the U.S and Canadapropel the commercial refrigeration equipment market demand during the forecastperiod.
Global Commercial RefrigerationEquipment Market 2
The objective of the report is topresent a comprehensive analysis of the Global Commercial RefrigerationEquipment market to the stakeholders in the industry. The past and currentstatus of the industry with the forecasted market size and trends are presentedin the report with the analysis of complicated data in simple language. Thereport covers all the aspects of the industry with a dedicated study of keyplayers that include market leaders, followers, and new entrants.
PORTER, SVOR, PESTEL analysis withthe potential impact of micro-economic factors of the market have beenpresented in the report. External as well as internal factors that are supposedto affect the business positively or negatively have been analysed, which willgive a clear futuristic view of the industry to the decision-makers.
The report also helps inunderstanding the Global Commercial Refrigeration Equipment market dynamics,structure by analyzing the market segments and project the Global CommercialRefrigeration Equipment market size. Clear representation of competitiveanalysis of key players by product, price, financial position, productportfolio, growth strategies, and regional presence in the Global CommercialRefrigeration Equipment market make the report investor’s guide.
Recent Development
In February 2020, the CarrierGlobal Corporation subsidiary of United Technologies Corporation introduced tworefrigerated chiller islands — the EasyCube Chiller Island and Areor totaltransparency unit — for convenience stores, grocery stores, and hypermarkets inEurope.
In September 2019, Dover FoodRetail, owned by Dover Corporation, introduced the Ecoblade shelf-edgetechnology in North America. The Hillphoenix open refrigerated display casesdriven by this technology are designed to decrease the consumption ofelectricity by up to 33% and improve the temperature of the products. Thistwo-blade system manages the airflow in front of the shelves, within openmulti-deck cases.
Global Commercial RefrigerationEquipment Market Scope: Inquire before buying
Global Commercial RefrigerationEquipment Market 3
Global Commercial RefrigerationEquipment Market, by Region
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America
Global Commercial RefrigerationEquipment Market Key Players
• Standex InternationalCorporation
• Lennox International Inc.
• Daikin Industries, Ltd.
• Illinois Tool Works Inc.
• AHT Cooling Systems GmbH
• Whirlpool Corporation
• United Technologies Corporation
• Manitowoc Company, Inc.
• Panasonic Corporation
• Qingdao Haier Co. Ltd.
• Fujimak Corporation
• Hoshizaki Corporation
• Electrolux AB
• Dover Corporation
• Ingersoll-Rand PLC
• A Dover Company
• Carnot Refrigeration
• Rockwell Industries Limited
• Beijer Ref AB
• Green & Cool
• Hussman Corporation
• Henry Group Industries
• Evapco, Inc.
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