Commercial Refrigeration Market to Revolutionary Scope by 2024
The global commercial refrigeration equipment market is expected to grow at a CAGR of 6.4% during the forecast period with its market size predicted to reach USD 64.0 billion by 2024. The global commercial refrigeration market is anticipated to be driven by factors such as the increasing demand for ready-to-eat food and the mounting number of organized retail shops.
Commercial refrigeration equipment are the freezers and refrigerators used in supermarkets, restaurants, restaurants, commercial kitchens and convenience stores. This refrigeration equipment are of two types, firstly those which can be self-contained, wherein the whole system that includes the refrigeration case and the refrigeration system are combined. Furthermore, there are reach-ins as well that are self-contained equipment and comprises of glass doors that are typically used in food-service establishments. Moreover, these equipment are also utilized as the remote condensing refrigerators that are commonly used in supermarkets thereby enhancing the growth of the global commercial refrigeration equipment market.
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Market Segmentation
Insight by Product
On the basis of product, commercial refrigeration equipment market is segmented into walk-in coolers, beverage refrigeration, transportation refrigeration equipment, display cases, parts, ice making machineries, and others. Among all these segments, walk-in coolers hold the largest share in the market since walk-in coolers help the users in reducing operating costs, convenience and flexibility. Furthermore, these coolers are considered to be most efficient alternative for reducing electricity cost and helps in keeping food fresh for longer time span.
Insight by Application
The commercial refrigeration equipment market on the basis of application is segmented into food and beverage distribution, food service, food and beverage retail and others. Among all these segments, food service refrigeration is expected to witness highest demand for this refrigerator equipment during the forecast period. The growth of the market for this application is attributed towards increasing utilization of food service refrigeration equipment in ensuring quality of food from the supplier to the consumer.
Insight by End User
On the basis of end-user, the commercial refrigeration equipment market is segmented into hotels/restaurants & catering, convenience stores, supermarkets, hypermarkets, e-commerce, and others. Among these segments, supermarkets are the largest end-user of refrigeration equipment in commercial application since this system helps in gaining expertise in order to meet efficiencies in energy requirement and helps in reducing carbon footprints without comprising the performance of an organization.
Industry Dynamics
Industry Trends
Increasing utilization and demand for refrigeration systems in various grocery stores, supermarkets, convenience stores and specialty food stores are the key trends observed in the commercial refrigeration equipment market across the globe. Furthermore, growth in the food service industry has also led to increasing acceptance of refrigeration system in restaurants, commercial kitchens and cafeteria. Customization of the refrigeration system according to consumer demand is another trend witnessed in the commercial refrigeration equipment industry.
Growth Drivers
The key factors pertaining towards the growth of the commercial refrigeration equipment market are adoption of natural refrigerants, improved efficiency, growth in food industry, increasing demand of ready to eat food, egg, meat and other animal derived food. Natural refrigerants are those which serve as refrigerants in the refrigerator and do not contain synthetic chemicals. thus, they are extensively being utilized for environmental sustainability worldwide.
Additionally, it has been observed that the commercial refrigeration equipment was not as efficient as they are in the present scenario. Since the use of LED lighting systems, high-performance glass doors and high-efficiency motors is expanding, thereby making these equipment more efficient and saves a lot of energy which is considered to be a crucial factor for driving the growth of the commercial refrigeration equipment market across the globe.
The growth in the food industry has led to incorporation of many restaurant chains and development of dining restaurants globally thereby enhancing the demand for commercial refrigeration equipment. On the other hand, increasing disposable income of population in various developed and developing economies, increasing demand for ready to eat food and other food like egg, milk and meat are other factors driving the growth demand of the commercial refrigeration market exponentially worldwide.
Challenges
There have been certain alternative cooling systems launched in the market that is hampering the growth of commercial refrigeration equipment market. Moreover, it has been observed that small enterprises across the globe are unable to adopt this system due to high utilization of energy that is further expected to restrict the growth of commercial refrigeration equipment market worldwide.
Industry Ecosystem
Globally industry players are leveraging market growth through the development of innovative solutions in commercial refrigeration equipment market. The vendors of these equipment are providing various solutions to the users such as energy efficiency, natural refrigerants and customization according to the customer’s demand at rapid pace.
Geographic Overview
Geographically, Asia-Pacific is the largest commercial refrigeration equipment market due to the increasing industrialization, in countries such as India and China. Increasing population in the region is also one of the reason behind the growth of the market. Growing food and beverages industry in China and India is supporting the growth of the market in the region.
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Competitive Insight
Key players in the commercial refrigeration equipment market are investing heavily in improving the quality of these equipment and developing the latest technologies that are strengthening their position in the market. However, it has been observed that local players are depending upon new technology to develop cost efficiencies, thus increasing the rivalry in the market to some extent.
Some of the major players operating in the commercial refrigeration equipment market are United Technologies Corporation, Johnson Controls International PLC, Daikin Industries Ltd., Dover Corporation, AB Electrolux, Illinois Tool Works Inc., Hussmann Corporation, Frigoglass S.A.I.C., AHT Cooling Systems GmbH, and Ali Group S.p.A
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