Commercial Refrigeration Equipment Market To Reach $33.9 Billion by 2030
- Published: August 2020
Across the world, the organized food retail sector is growing, and the demand for ready-to-eat products is increasing. Both these factors are expected to drive the global commercial refrigeration equipment market at a 3.0% CAGR during 2020–2030 (forecast period), to reach $33.9 billion in 2030, after having generated $24.6 billion in 2019.
Due to COVID-19, the commercial refrigeration equipment market growth has witnessed a slump, as the supply of raw materials and components and manufacturing of the finished systems have ceased to a large extent. In addition, in order to curtail the spread of the virus, several governments have restricted on international trade. Similarly, even people aren’t purchasing non-essential goods, in order to reduce their expenses.
Beverage Refrigeration Equipment Category To Observe Fastest Industry Growth
During the forecast period, the beverage refrigeration equipment category would experience the fastest growth in the commercial refrigeration equipment market, on account of the rising consumption of beverages. In addition, the need to check corrosion and improve the aesthetics is also leading to the advance of this category.
The specialty stores classification generated the highest revenue in the commercial refrigeration equipment market in 2019, as these stores deal exclusively in commercial refrigeration equipment and associated accessories, which is why customers prefer these stores. Here, customers can look at an array of products and talk to the knowledgeable staff about product performance and ratings.
Asia-Pacific (APAC) would witness the highest value CAGR in the commercial refrigeration equipment market during the forecast period. This is attributed to the booming population and increasing purchasing power in the region. Compared to other regions, the presence of global refrigeration equipment companies has risen quicker in APAC, owing to its expanding food chains and quick-service restaurant sector, as a result of the rising Western influence. In addition, the increasing number of hypermarkets, supermarkets, and convenience stores are adopting commercial refrigeration equipment, which is further powering the market growth in the region.
Partnerships Rank High among Important Strategic Moves
In recent years, companies in the commercial refrigeration equipment market have engaged in many partnerships to mutually benefit from each other’s technology, geographical reach, and customer base.
For instance, in February 2020, Carrier Commercial refrigeration equipment (CCR), which is part of the United Technologies Corporation subsidiary Carrier Global Corporation, signed an agreement with METRO AG, an operator of wholesale centers. Under the agreement, Metro AG will deploy CCR’s carbon dioxide refrigerant-based high-efficiency remote cabinets and cold room equipment in its European stores. In return, CCR will offer inspection, maintenance, and servicing, along with access to its remote monitoring center.
Browse report overview with detailed TOC on "Commercial Refrigeration Equipment Market Research Report: By Product (Walk-In Coolers, Beverage Refrigeration Equipment, Display Showcases, Ice Merchandisers & Ice Vending Equipment), Distribution Channel (Specialty Stores, Hypermarkets/Supermarkets, Online), Application (Food Service, Food & Beverage Production, Food & Beverage Retail), End User (Hospitality, Hypermarkets/Supermarkets, Departmental Stores, Healthcare, Offices & Buildings, Convenience Stores, Government) - Global Industry Analysis and Growth Forecast to 2030" at:https://www.psmarketresearch.com/market-analysis/commercial-refrigeration-equipment-market
On similar lines, in October 2018, Daikin Industries Ltd. and Hitachi Ltd. began a partnership to jointly demonstrate a digitalize quality control feature, for the reaction process in chemical manufacturing, particularly in fluorochemicals, at Daikin’s Yodogawa plant in Japan. The feature would be enabled by a system that will sound alarms for ensuring instantaneous quality control.
Ali Group S.r.l., The Middleby Corporation, United Technologies Corporation, Johnson Controls International plc, Illinois Tool Works Inc., Panasonic Corporation, Dover Corporation, Daikin Industries Ltd., Midea Group Co. Ltd., and Frigoglass S.A.I.C. are the major global commercial refrigeration equipment market players.