The global commercial refrigeration equipment market was valued at $41.3 billion in 2017, which is projected to reach $59.0 billion by 2023, at a CAGR of 6.2% during the forecast period (2018–2023).
Plug-in cases are expected to be the fastest growing category during the forecast period. This can be attributed to the numerous advantages offered by such display cases including portability, cost saving, and less installation time, which attract small-sized stores or those with limited floor space. Additionally, plug-in cases require less maintenance as compared to remote cases, which further increases the demand for this equipment in the market.
Shift Toward Eco-friendly Refrigerants a Major Market Trend
In the recent past, there has been a shift from fluorinated gases to natural, eco-friendly refrigerants. Major players have already adopted carbon dioxide refrigerants, such as Carrier Corporation, in its MiniCO2OL series of refrigeration equipment, for medium- and small-scale retailers. Further, the developed countries of North America and Europe are on the verge of completely banning F-gases in commercial refrigeration equipment. However, the developing countries of Asia-Pacific (APAC) are implementing the F-gas regulations with caution, as manufacturers in the region lag the technology required for adopting eco-friendly refrigerants. Additionally, the countries such as Russia, Brazil, China, India, and South Africa (BRICS) are following the Kyoto Protocol, an extension of the United Nations Framework Convention on Climate Change (UNFCCC), which requires them to reduce greenhouse gas emissions, to adhere to the United Nations Environment Programme (UNEP). Hence, the rapid shift toward eco-friendly refrigerants is a key trend in the commercial refrigeration equipment market.
Increasing Demand for Ready-to-Eat Food Products and Beverages Driving the Market
The increasing consumption of ready-to-eat food products and beverages is boosting the demand for commercial refrigeration equipment. Due to the rising disposable income and increasing adoption of the Western lifestyle, the sale of commercial refrigeration equipment is increasing in developing countries. The food consumption pattern change is being supported by the rapid expansion of hypermarkets and supermarkets as well as the increasing number of restaurant chains around the world, which is, in turn, driving the demand for commercial refrigeration equipment. Moreover, the surging number of such stores is forcing unorganized restaurants and small grocery retailers to upgrade their infrastructure. Hence, the rising demand for ready-to-eat food products and beverages is driving the commercial refrigeration equipment market across the globe.
Segmentation Analysis of Commercial Refrigeration Equipment Market
Geographical Analysis of Commercial Refrigeration Equipment Market
Based on region, APAC held the largest share in the commercial refrigeration equipment market in 2017, and it is expected to be the fastest growing market during the forecast period. This can be attributed to the rapid urbanization and increasing cultivation of fruits and vegetables, particularly in China and India. For instance, China produced 554.2 million metric tons of vegetables, while India produced 127.1 million metric tons of vegetables in 2017. Moreover, the focus of beverage providers on developing countries with a high per-capita consumption of packed beverages is projected to increase in the coming years, which will further support the demand for commercial refrigeration equipment in the region.
Competitive Landscape of Commercial Refrigeration Equipment Market
The commercial refrigeration equipment is fragmented in nature, and United Technologies Corporation, Hussmann Corporation, AB Electrolux, Frigoglass S.A.I.C, Dover Corporation, Daikin Industries Ltd., AHT Cooling Systems GmbH, Ali Group S.r.l. a Socio Unico, Illinois Tool Works Inc., and Johnson Controls International PLC are some of the major players in the global commercial refrigeration equipment market.
Browse report overview with 127 tables and 56 figures spread through 173 pages and detailed TOC on "Commercial Refrigeration Equipment Market by Equipment Type (Walk-in Coolers, Beverage Refrigeration, Transportation Refrigeration Equipment, Display Cases, Parts, Ice Making Machineries), by Application (Food Service, Food and Beverage Distribution, Food and Beverage Retail), by End-User (Supermarkets, Hypermarkets, Hotels/Restaurants & Catering, Convenience Stores, E-commerce), by Geography (U.S., Canada, Germany, Italy, France, U.K., India, China, Japan, Saudi Arabia, Brazil, Mexico, Argentina, Colombia, Peru, Chile) – Global Market Size, Share, Development, Growth and Demand Forecast, 2013–2023" at:https://www.psmarketresearch.com/market-analysis/commercial-refrigeration-equipment-market
In March 2017, AB Electrolux acquired Grindmaster-Cecilware, a maker of coffee machines and beverage dispensers, for $108 million. This acquisition broadens the former’s portfolio in the food service business, in addition to helping in the growth of its ‘professional products’ business area, with the company’s increasing presence in the U.S. market.