Market Summary -
According to Market Research Future (MRFR), the Global Commercial Refrigeration Equipment Market industry share is expected to drive at a CAGR of 7.2% with a value of USD 17.2 billion during the forecasted year of 2022-2030, registering an impressive CAGR during the forecast period (2020 -2027). Additionally, the rapidly growing food industry, including bakery & confectionaries, fosters the market's growth.
The global commercial refrigeration equipment market witnesses rising revenues. The burgeoning hospitality industry and the rising number of hotels and restaurants worldwide predominantly drive the market growth. Moreover, increasing application areas across the food & beverage industry escalate the market growth to furthered height. Augmented uptake and demand for commercial refrigeration equipment worldwide encourage market growth.
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Manufacturers and global suppliers continue their innovations and invest substantially to develop certified commercial refrigeration equipment and advance environmentally friendly refrigerants, which furthers the market sales. Increasing demand for energy-efficient products from quick-service restaurants and the quadrupling chain restaurants provide impetus to the market growth.
Furthermore, factors bolstering the market size include the availability of advanced refrigeration technologies that facilitate natural refrigerants use, the global objective of reducing CO2 emissions, and the changing standards for commercial refrigeration. Low noise, low heat rejection, the optimum capacity range of plug-in freezers, and the move to natural refrigeration are some of the key market trends.
Besides, the demand for reducing energy usage, achieving sustainability targets, reducing labor routines, maintaining food integrity, achieving agile store design, and minimizing maintenance costs increase the adoption of commercial refrigeration equipment.
On the other hand, the lack of large CO2 components carbon dioxide and ammonia (R717) in the industrial refrigeration market impedes the market growth. Nevertheless, the emergence of large CO2 transcritical compressors would support the market growth throughout the review period, leading to CO2 systems consistent cost reduction.
Commercial Refrigeration Equipment Market - Competitive Analysis
Highly competitive, the commercial refrigeration equipment market appears fragmented due to the presence of several well-established players. Some of them even have an excellent international presence. Mergers & acquisitions, collaboration, expansion, and product/technology launch are key trends observed among the market players. Commercial refrigeration equipment manufacturers strive to create products with precision.
Players leading the commercial refrigeration equipment market include EPTA (Italy), Williams Refrigeration (India), Kysor Warren (US), United Technologies Corporation (US), Voltas, Inc. (India), A Dover Company (US), AHT Cooling Systems GmbH (Austria), Hillphoenix, Hussmann Corporation(US), and Rockwell Industries Limited (India), among others.
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Industry/ Innovation/ Related News:
APR.08, 2021 ---- Frigomeccanica Srl (Italy), a leading commercial refrigeration equipment manufacturer, announced selling 75% of its equity to two Italian private investment companies Fondo Agroalimentare Italiano and Fondo Cresci al Sud (Invitalia), for growth. The investment will fund organic growth with the expansion of the sales network into Northern Italy, exports into specific countries and an extension of the product range.
MAR. 31, 2021 ---- CoolSys (the US), a parent of market-leading refrigeration and HVAC services companies, announced the acquisition of Duquette Refrigeration (the US), a commercial refrigeration company, to become a leading nationwide service provider. The acquisition is expected to strengthen Coolsys' commercial and industrial division and broaden its presence in the Northeast region.
Commercial Refrigeration Equipment Market - Segments
The report is segmented into type, application, and regions. The type segment is sub-segmented into display cases, walk-in coolers/reach-in coolers and beverage refrigeration. Of these, the walk-in/reach-in coolers segment accounts for the largest market share owing to their high efficiency and ability to keep food fresh for longer hours.
The application segment is sub-segmented into supermarkets, hypermarkets, and others. Among these, the supermarket segment accounts for the largest market share due to its expertise in attaining efficiency and reducing carbon footprints without compromising performance. The region segment is sub-segmented into Americas, Europe, Asia Pacific, and the Rest-of-the-World.
Commercial Refrigeration Equipment Market - Regional Analysis
North America dominates the global commercial refrigeration equipment market. The largest market share attributes to the presence of noteworthy equipment manufacturers and distribution channels in all retailer categories. Besides, high adoption rates of commercial refrigeration equipment and eco-friendly and energy-efficient refrigerant regulation in the US and Canada substantiate the market growth.
The Asia Pacific region stands second in the global commercial refrigeration equipment market. The region witnesses the increasing numbers of production plants, with its raw material advantage and cost-competitive workforce, attracting foreign investors. Additionally, the increasing adoption of commercial refrigeration in local retail chains in India, Japan, and China boosts the region's market share.
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