Published: Aug, 2018
The global commercial refrigeration equipment market has a highly competitive vendor landscape, exhibiting the presence of numerous players, states Transparency Market Research (TMR). Companies in this market are involving into mergers and acquisitions that have given them a strategic advantage to strengthen their position in the market. Some of the key players in the commercial refrigeration equipment market are Whirlpool Corporation, Ltd., Haier, Inc. (Haier Group), Beverage-Air Corporation (Ali S.p.A), United Technologies Corporation – Unit (Carrier), Ingersoll Rand Plc, Dover Corporation, Hussmann Corporation, Metalfrio Solutions SA, Daikin Industries, and Illinois Tool Works Inc. Many companies are putting efforts in expanding their product portfolio, adopting newer strategies for product differentiation, and increasing supply of equipment for the end-use industries will expand the market.
According to TMR, the global market for commercial refrigeration equipment, which was US$ 39.44 bn in 2016, is expected to reach US$ 66.88 bn by the end of 2022. The market is also estimated to rise at a CAGR of 9.1% during the forecast period starting from 2015 and ending in 2022. Based on product type, transportation refrigeration equipment segment is expected to lead the market in coming years. Globalization and liberalization of agriculture will give impetus to the segment over the coming years. Geographically, in the global commercial refrigeration equipment market Asia Pacific is holding the leading position as a reason for increasing food industry in the region. Growing disposable income is also contributing in increasing this market in Asia Pacific region.
Increasing Demand for Processed Food to Boost Commercial Refrigeration Equipment Market
Globally, changing lifestyle has developed the need for ready to eat food products. Moreover, the need for products that have high shelf life and limited time dedicated to household chores have significantly boosted the demand for processed food. Therefore, these factors will increase the demand for commercial refrigeration equipment market. Moreover, increasing demand for eggs, meat, fish, and other animal derived food has certainly expanded the market for commercial refrigeration equipment. Advancements taking place in refrigeration equipment that are focusing on providing high efficiency with price regulation has gained momentum to expand the commercial refrigeration equipment market. Furthermore, developing horticulture and animal husbandry practices where in a large amount animal meat and products needs to be stored that may boost the market for commercial refrigeration equipment market.
High Installation Cost To Hinder the Growth of Market
Various restrains may limit the growth of the commercial refrigeration market during the forecast period. High installation cost involved with commercial refrigerators and uneasy replacement of commercial refrigeration equipment may hinder the market to attain growth at its full potential. In addition to that, increasing environmental concerns and stringent environmental regulatory policies with the use of refrigeration equipment emitting harmful gas may also hamper the growth of the market. However, technology advancements and increasing availability of quick service restaurants are expected to give impetus to the commercial refrigeration equipment market.
The information presented in this review is based on a TMR report, titled “Commercial Refrigeration Equipment Market (Application - Food Service, Food and Beverage Retail, Food and Beverage Distribution, and Food and Beverage Production; Product - Transportation Refrigeration Equipment, Refrigerators and Freezers, Beverage Refrigerators, and Commercial Refrigeration Equipment Parts) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015–2022.”
The Global Commercial Refrigeration Equipment Market is segmented based on:
Global Commercial Refrigeration Equipment Market: Based on Application
- Food Service
- Food and Beverage Retail
- Food and Beverage Distribution
- Food and Beverage Production
Global Commercial Refrigeration Equipment Market: Based on Product
- Transportation Refrigeration Equipment
- Refrigerators and Freezers
- Beverage Refrigerators
- Commercial Refrigeration Equipment Parts
- Other Equipment
Global Commercial Refrigeration Equipment Market: Regional Analysis
- Asia Pacific excluding Japan
- Rest Of Asia Pacific
- North America
- Rest Of Europe
- Latin America
- Rest of South America
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA
Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.
Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through adhoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision
Transparency Market Research
90 State Street,
Albany NY - 12207
USA - Canada Toll Free: 866-552-3453