Europe Commercial Refrigeration Equipment Market: Overview
Commercial refrigeration equipment comprises freezers and refrigerators that are utilized in convenience stores, commercial kitchens, restaurants, and supermarkets. Commercial refrigeration equipment can be “self-contained”, in which the complete refrigeration system and refrigerated case are combined into one single physical unit. This equipment could also be in “remote condensing” form, in which the condenser and compressor are placed far away from the refrigerated case.
“Reach-ins” refers to self-contained equipment that come with either glass or solid doors and are typically utilized in food-service establishments. In supermarkets, refrigerated display cases are used widely and these cases come with remote condensing units and might have open cases or doors. The restaurants and hotel segment is estimated to emerge as a leading category in the Europe commercial refrigeration equipment market in the years to come.
Product, application, retail channel and region are the three key parameters based on which the Europe commercial refrigeration equipment market has been divided. The objective of such segmentation is to offer a clearer, 360-degree view of the market.
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Europe Commercial Refrigeration Equipment Market: Notable Developments
One of the developments that offer a glimpse of the market dynamics about the Europe commercial refrigeration equipment market is mentioned below:
- In November 2018, Japan-based Daikin Industries Ltd. has made an acquisition of Austria-based AHT Group. The latter is a prominent organization in the commercial refrigeration industry in Europe. Following this acquisition, Daikin is expecting to further reinforce its sales and after sales service structure in Europe to come up as one-stop solution provider that provides absolute coordination of refrigeration and air conditioning products.
Some well-known organizations in the Europe commercial refrigeration equipment market include the below-mentioned:
- United Technologies Corporation
- Standex International Corporation
- The Manitowoc Company, Inc.
- Johnson Controls International Plc.
- GEA Group AG
- Welbilt, Inc.
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Europe Commercial Refrigeration Equipment Market: Key Trends
The following drivers, restraints, and opportunities characterize Europe commercial refrigeration equipment market over the assessment period, from 2019 to 2025.
Shifting Focus on Seafood to Shoot Up Demand for the Product
Augmented demand for packaged food and beverage products together with speedy expansion of the hospitality sector has resulted in considerable growth of the Europe commercial refrigeration equipment market. Rising preference of consumers to eat out and rapid expansion of the retail chain of consumer goods across the globe is anticipated to work in favor of the market.
Overall lessening of meat consumption in Europe due to sustainability and environmental impacts and as a result the food industry is shifting their focus on the exports of seafood. This provides the manufacturers of commercial refrigeration systems with huge opportunities of growth in the seafood industry. Innovations in the field of magnetic refrigeration systems and various other technologies are anticipated to leave a positive impact on the Europe commercial refrigeration equipment market. In addition, expanding international trade in food is generating huge demand for frozen seafood items, processed food products, and frozen food items. As a result, there is high demand for cold rooms, which involves more investment and cost of maintenance. This factor is likely to limit the demand for product in review.
The much of the market growth can also be ascribed to the augmented capital investments made in the food industry. In addition, growth of food services businesses, in terms of transportation, distribution, and production is also expected to work in favor of the market. Furthermore, increased utilization of commercial refrigeration equipment in diversified applications, such as seafood processing and horticulture is likely to pave way for new avenues of revenue generation in the years to come.
A rise in the number of supermarkets, specialty food stores, and hypermarkets is expected to contribute toward the growth of the Europe commercial refrigeration equipment market over the tenure of assessment. These markets and store increasingly make use of commercial refrigeration equipment to store frozen food, seafood, and processed food.
Europe Commercial Refrigeration Equipment Market: Geographical Analysis
Based on countries, the Europe commercial refrigeration equipment market is divided into Italy, Spain, Russia, France, the UK, Germany, and Rest of Europe. Europe is likely to register a healthy CAGR over the forecast period. It has been forecasted that the U.K., Germany are likely to emerge as market leaders in the retail industry with the presence of a robust distribution channels for all categories of retail companies.
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