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Walk-In Coolers Are Most Popular Products in Commercial refrigeration equipment Market
The global commercial refrigeration equipment market, which generated revenue of $24.6 billion in 2019, is expected to witness a CAGR of 3.0% during the forecast period (2020–2030). The major reasons behind the advance of the industry are the increasing demand for ready-to-eat products and expansion of the organized food retail sector.
Segmentation Analysis of Commercial refrigeration equipment Market
The walk-in coolers division, under segmentation by product, held the largest revenue share in the commercial refrigeration equipment market in 2019. With the increasing demand for personalized walk-in coolers by customers, this category is expected to advance further. In addition, market players are focusing on research and development (R&D) to come up with low-global-warming-potential (GWP) refrigerants, to enhance such systems’ efficiency and also save energy.
During the forecast period, the online category, based on distribution channel, would experience the fastest growth in the commercial refrigeration equipment market. This is owed to the increasing penetration of the internet and rising uptake of smartphones and the fact that e-commerce channels offer customers the chance to see the specifications of a range of products, avail of numerous discounts and offers, and have the refrigeration equipment delivered at their doorstep.
The food service classification, on the basis of application, is predicted to continue dominating the commercial refrigeration equipment market till 2030. This is ascribed to the rise in the number of restaurant chains, expansion of the tourism industry, and increase in the government support for deploying sustainable refrigeration solutions at restaurants, hotels, educational institutions, hospitals, and fast food joints.
During the historical period (2014–2019), the hospitality category, under the end user segment, generated the highest revenue in the commercial refrigeration equipment market, as the food and beverage industry and food service sector are growing, particularly with the rising number of quick-service restaurants. Other reasons for the dominance of this category on the industry are the advancements in infrastructure, rising awareness about improving the aesthetics and food quality, for higher customer satisfaction, and surging investments in green technologies.
Asia-Pacific (APAC) had been the largest commercial refrigeration equipment market during the historical period. This is because the region is home to the highest number of developing countries in the world; moreover, the regional population and its disposable income are rising. According to the World Bank, from 2017, the gross domestic product (GDP) of South and East Asia grew at a rate of 6.7% and 6.3%, respectively, in 2018. With the increasing preference of inhabitants on eating out, the number of restaurants is rising, which is leading to the expansion of the food and beverage sector. Similarly, the number of convenience stores, hypermarkets, and supermarkets is also surging, thereby resulting in a high adoption of commercial refrigeration equipment.
Shift to Eco-Friendly Gases Is the Key Market Trend
The most prominent trend in the commercial refrigeration equipment market is the shift from fluorinated gases (F-gases) to natural refrigerants. For instance, Carrier Corporation has introduced the MiniCO2OL refrigeration systems with carbon dioxide as the cooling agent, for small and mid-sized retailers. Since the 1990s, most developed countries have banned the use of F-gases in cooling systems, but emerging economies still have a long way to go. This is because these countries lag the technology needed to make the switch to cleaner refrigerants. Brazil, Russia, India, China, and South Africa (BRICS) are currently following the Kyoto Protocol, which mandates them to reduce their carbon emissions. But, due to the increasing pressure to follow the stricter Montreal Protocol, the demand for eco-friendly refrigerating gases is expected to pick up sharply in such countries in the coming years.
|Market Size by Segments||Product, Distribution Channel, Application, End User|
|Market Size of Geographies||U.S., Canada, France, Germany, Greece, Italy, Netherlands, Poland, Russia, Spain, Switzerland, U.K, China, India, Australia, Japan, Indonesia, Malaysia, Pakistan, South Korea, Thailand, Philippines, Brazil, Mexico, Colombia, Venezuela, Argentina, Saudi Arabia, Egypt, Nigeria, South Africa|
|Market Players||The Middleby Corporation, Ali Group S.r.l., Johnson Controls International plc, United Technologies Corporation, Panasonic Corporation, Illinois Tool Works Inc., Daikin Industries Ltd., Dover Corporation, Frigoglass S.A.I.C., Midea Group Co. Ltd.|
Growing Demand for Ready-to-Eat Products Is an Important Market Driver
One of the key drivers for the commercial refrigeration equipment market is the rising demand for ready-to-eat products. The middle class, especially in the Eastern world, is rapidly demanding ready-to-eat products, on account of their rising disposable income and growing influence of the Western lifestyle. Such changes in the food consumption pattern of people are resulting in the increasing number of supermarkets, hypermarkets, and food and restaurant chains. Seeing this, even the smaller grocery stores and unorganized restaurants are upgrading their infrastructure, by procuring large refrigeration equipment, thereby helping the market advance around the world.
Product Launches Are Strongest Strategic Measures in Market
Currently, the strongest strategic measures in the commercial refrigeration equipment market are product launches, as they are being strongly focused upon by the players to enhance their portfolio and business potential.
For instance, in February 2020, the Carrier Global Corporation subsidiary of United Technologies Corporation introduced two refrigerated chiller islands — the EasyCube chiller island and Areor total transparency unit — for convenience stores, grocery stores, and hypermarkets in Europe.
In the same vein, in September 2019, Dover Food Retail, owned by Dover Corporation, introduced the Ecoblade shelf-edge technology in North America. The Hillphoenix open refrigerated display cases driven by this technology are designed to decrease the consumption of electricity by up to 33% and improve the temperature of the products. This two-blade system manages the airflow in front of the shelves, within open multi-deck cases.
The key players in the global commercial refrigeration equipment market are The Middleby Corporation, Ali Group S.r.l., Johnson Controls International plc, United Technologies Corporation, Panasonic Corporation, Illinois Tool Works Inc., Daikin Industries Ltd., Dover Corporation, Frigoglass S.A.I.C., and Midea Group Co. Ltd.
Commercial Refrigeration Equipment Market Size Breakdown by Segment
The commercial refrigeration equipment market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.
Based on Product
Based on Distribution Channel
Based on Application
Based on End User