Commercial Refrigeration Equipment Market Size, Share, Growth, Technology, Demand and Competitive Analysis by 2023

The commercial refrigeration equipment market is expected to cross $55.0 billion by 2022, growing at a CAGR of 6.1% between 2017-2022. The market is growing due to the rapid urbanization along with the expansion of supermarkets, hypermarkets, and food retail chains in the developing countries, such as India, China and Brazil.

Among the various equipment types, walk-in coolers has been leading the commercial refrigeration equipment revenues. The ice-making machinery is expected to be register highest growth among all equipment types during the forecast period, owing to the expansion of 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.

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Geographically, Asia-Pacific has been the largest as well as fastest growing commercial refrigeration equipment market. Unlike its western countries, the HFCs refrigerant regulation is not so stiff in developing countries of Asia-Pacific. In VI BRICS summit of 2014, all the five members agreed over India’s proposal of not accepting the Montreal Protocol for HFCs, unless other cost-effective alternatives technologies 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.

U.S. remains the major commercial refrigeration equipment market among the countries, globally, whereas the market in China is expected to grow at highest rate during the forecast period. The capital investment in the U.S. market 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 use of proximity sensors, LED lighting systems, and increased adoption of enclosed type refrigeration units, is expected to accelerate the demand for new commercial refrigeration equipment, over the existing units in the U.S. market.

The energy efficiency of commercial refrigeration has improved considerably, during the last five years. The innovations in product design, refrigerant and improvement in overall energy consumption facilitated the introduction of the advanced and innovative commercial refrigeration products (such as multi deck display cabinets and open-front refrigeration cases) over the years. Apart from superior energy efficiency, these products also feature better temperature stability and superior visual design, due to the exclusion of doors. Open front display cases are used widely for brand promotion and attractive display of consumer products, mostly in supermarket and hypermarket retail.

Some of the other major competitors in the commercial refrigeration equipment industry include Johnson Controls, Daikin Industries, Dover Corporation, Hussmann Corporation, AB Electrolux, Frigoglass S.A.I.C., AHT Cooling Systems GmbH, Ali Group S.p.A. and Illinois Tool Works Inc.

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About Arnab

Mass Communication and Journalism Graduate. Have always been awestruck with the way things are in the world of internet. Covering the news related to the different verticals in the market.

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