The global commercial refrigeration equipment market portrays a fierce competition to exist in its vendor landscape, mainly due to the presence of innumerable players holding notable shares, says Transparency Market Research on the basis of a recently published report. Most companies operating in this market have embraced strategic alliances with other companies as a prime scheme to nurture their growth.
Incorporating product differentiation, expansion of product portfolios, and improving supply rate of equipment to end-use industries are a few other strategies implemented by most businesses present in the global commercial refrigeration equipment market. Haier, Inc. (Haier Group), Ingersoll Rand Plc, Whirlpool Corporation, Daikin Industries, Ltd., Hussmann Corporation, United Technologies Corporation – Unit (Carrier), Danfoss A/S, Dover Corporation, Electrolux AB, Metalfrio Solutions SA, Beverage-Air Corporation (Ali S.p.A), Illinois Tool Works Inc., and are chief companies working in this market.
Statistically speaking, the global commercial refrigeration equipment market had gained a revenue worth US$39.44 bn in 201, which is further projected to increase up to US$66.88 bn by 2022. Such a growth is expected to occur with a grand CAGR of 9.1% during the forecast period ranging from 2015-2022.
Rising Demand for Fresh Foods Stokes Growth in this Market
Increasing demand for fresh foods with long shelf lives, especially when it comes to meat, fish, and egg products, has gradually stoked the global commercial refrigeration equipment market. Of these food categories, a surging consumption of sea food and associated products has translated into higher utilization of industrial and commercial refrigerants. Apart from fresh foods, processed food products have also witnessed rapidly increasing consumption, wherein utilization of commercial refrigeration is highly mandatory.
Notable advancements occurring in refrigeration equipment, with much focus imparted on achieving high efficiency along with price regulation, has been greatly responsible for fueling growth in the global commercial refrigeration equipment market growth. Lastly, this market is remarkably being benefitted by the rising number of horticultural and animal husbandry practices all over the world, wherein a dire need for storing animal meat and products exists. This purpose is effectively fulfilled with the help of commercial refrigerator equipment.
Strict Environmental Regulations Block Use of Commercial Refrigerants
However, several new players are treading cautiously owing to high initial costs required to set up the necessary infrastructure, thus hindering the global commercial refrigerator equipment market’s growth up to a certain extent. Strict environmental regulations imposed by several governmental organizations with regards to harmful emissions produced by the use of commercial refrigerant equipment has also discouraged businesses from growing in this market. Nevertheless, much-needed innovations such as solar powered refrigerants are expected to offset some of the market’s restraints in forthcoming years.
The study presented here is based on a report by Transparency Market Research (TMR), 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.”
- Increasing demand for fresh and food with long shelf lives, especially when it comes to meat, fish, and egg products, has gradually stoked the global industrial refrigeration equipment market.
- Most companies operating in this market have embraced strategic alliances with other companies as a prime scheme to nurture their growth.
The global commercial refrigeration equipment market is segmented based on:
- Food Service
- Food and Beverage Retail
- Food and Beverage Distribution
- Food and Beverage Production
- Transportation Refrigeration Equipment
- Refrigerators and Freezers
- Beverage Refrigerators
- Commercial Refrigeration Equipment Parts
- Other Equipment
- North America
- Asia Pacific
- The Middle East and Africa
- Latin America
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