Commercial Refrigeration Equipment Market: Snapshot
The rate of international food trade has picked up speed over the past decades, giving rise to larger volumes of trading in horticulture, processed foods, and seafood. Supplying the proper methods to transport these highly perishable foods and beverages are the manufacturers of commercial refrigeration equipment, thus gaining a higher ground in terms of market growth rate. The promise of growth appears to remain strong over the coming years owing to the growing demand by consumers for food from across the world. There has, for instance, been a significant increase in production rates of aquaculture from Peru and seafood in India, Indonesia, and China due to a growing global demand. This high demand forms the primary driver that commercial refrigeration equipment makers can look forward to.
Commercial refrigeration, however, has to compete against the growing scope of alternative cooling solutions, such as temperature-controlled packaging. Most of these alternatives can provide effective cooling solutions that can be availed in many sizes and shapes, thereby causing the usually large area taken up by commercial refrigeration equipment seem more cumbersome.
The overall global market for commercial refrigeration equipment is expected to progress at a CAGR of 9.1% from 2015 to 2022. By the end of 2016, this revenue is expected to reach US$ 39.44 bn, and by 2022 is expected to reach a valuation of US$66.88 bn.
Massive Horticulture and Seafood Demand from APAC Boosts Commercial Refrigeration Needs
Asia Pacific, the region that holds the leading food industry in the world, is a key target for most globally prominent commercial refrigeration equipment manufacturers. The fact that economies in this region are also emerging and progressing at a strong pace adds to the demand for food within the region itself, further boosting the need for commercial refrigeration. Additionally, the rising consumer trends based on growing disposable incomes is fuelling the demand for a greater rate of international food and horticulture trading.
North America is another major consumer of foods that require commercial refrigeration. One of the key reasons for this is the promotional work done by the AFFI to increase the consumption of frozen foods in the U.S. North America has a greater proportion of imports over exports of foods, including meat. While this is an advantage for many commercial refrigeration equipment makers, the recent changes in government regulations that will steadily replace older refrigeration systems with modern, greener units are something that each concerned player needs to look out for.
Food Service Industry Demand for Commercial Refrigeration Equipment Improves
Hotels, restaurants, and the massive chain of transportation and storage that they use for food and beverages constitutes the leading application for commercial refrigeration equipment. Freezers, refrigerators, ice machines, refrigerated display cases, and beverage refrigeration equipment are in very high demand across the global food service industry. With equipment such as beverage refrigeration equipment being required by practically every food service avenue, manufacturers of commercial refrigeration equipment also focus on development of components to improve efficiency and reduce space taken.
The key providers of commercial refrigeration equipment in the world currently include Daikin Industries, Ltd. United Technologies Corporation – Unit (Carrier), Dover Corporation, Illinois Tool Works Inc., Hussmann Corporation, Metalfrio Solutions SA, and Beverage-Air Corporation (Ali S.p.A).
Commercial refrigeration equipment are refrigerators with remote or self-contained condensing units. These refrigerators are designed especially for commercial use with a wide range of temperature control (typically from -18°C to +10°C). Commercial refrigerators are largely used for food and beverage storage and merchandising purposes. Commercial refrigeration equipment is expected to witness strong demand globally, especially due to growing frozen and processed food consumption. Commercial refrigeration equipment is commonly used at convenience stores, grocery stores, supermarkets, restaurants specialty food stores, cafeterias, and other food retail stores.
This research report provides a detailed analysis of trends in the commercial refrigeration equipment market. It also comprises a broad analysis of the industry drivers, restraints, and opportunities. The report also provides a comprehensive assessment of manufacturers’ strategies. The market for commercial refrigeration equipment has been segmented into its various applications: food service, food and beverages retail, food and beverages distribution, food and beverages production, and others. Food service is expected to be the largest commercial refrigeration equipment application over the forecast period. The global commercial refrigeration equipment market has been extensively analyzed on the basis of product types into transportation refrigeration equipment, refrigerators and freezers, beverages refrigerators, refrigerator parts, and other equipment. Transportation refrigeration equipment is expected to be the fastest-growing commercial refrigeration equipment product segment over the forecast period. Other equipment in this market are display cases, ice machines, refrigerated vending machines, cryogenic equipment, liquid chillers, compressor racks, dairy coolers, and egg refrigerators. The market size and forecasts in terms of revenue (US$ Mn) for each of these segments have been provided for the period 2012 to 2022, considering 2013 and 2014 as the base years. The report also provides the compounded annual growth rate (CAGR) for each segment of the market for the forecast period 2015 to 2022.
The commercial refrigeration market is segmented based on geography into North America, Europe, Middle-East and Africa, Asia Pacific, and Latin America, and a detailed regional analysis is provided. A country-level analysis is also included in the report, covering the countries in each region. A separate analysis for the commercial refrigeration equipment market in Mexico is provided in the report. Asia Pacific is expected to be the largest and fastest-growing commercial refrigeration equipment market among all regions.
The market estimates for the commercial refrigeration equipment market have been assessed considering different political, environmental, social, technological, economic, and legal factors. The market share of the leading players for the global commercial refrigeration equipment market is estimated for the year 2014. Company profiles (CPs) of market leaders elucidate on details such as a company overview, segmentation, recent developments, business strategies, and financial information in the commercial refrigeration equipment market. Companies profiled in the report include Daikin Industries, Ltd., Whirlpool Corporation, Danfoss A/S, United Technologies Corporation – Unit (Carrier), Dover Corporation, Illinois Tool Works Inc., Hussmann Corporation, Ingersoll Rand Plc, Haier, Inc. (Haier Group), Metalfrio Solutions SA, Beverage-Air Corporation (Ali S.p.A), and Electrolux AB. The report would allow commercial refrigeration equipment manufacturers, lawmakers, large retailers, and research and development agencies to make informed decisions about commercial refrigeration equipment manufacturing, designing, marketing, growth strategies, and thus gain competitive advantage in the market.
Market Segmentation of Global Commercial Refrigeration Equipment Market:
Global Commercial Refrigeration Equipment Market, by Product
- Transport Refrigeration Equipment
- Refrigerators and Freezers
- Beverage Refrigerators
- Other Equipment
- Commercial Refrigeration Equipment Parts
Global Commercial Refrigeration Equipment Market, By Application
- Food Service
- Food and Beverage Retail
- Food and Beverage Distribution
- Food and Beverage Production
Global Commercial Refrigeration Equipment Market, By Geography
- North America
- Asia Pacific
- Middle East and Africa
- Latin America