Global commercial refrigeration market size is expected to exceed USD x.xx billion by 2023, growing at a CAGR between 5% and 6% over the period of 2017 – 2023. Commercial refrigeration is a process by which heat is removed from a room or space to cool or freeze for storing food, beverages, medicines and other products requiring storage at specific temperatures. Commercial refrigeration systems can maintain extremely lower temperatures. Commercial refrigeration helps in maintaining the freshness and quality of the food products. It helps in preserving perishable food items for longer duration and for transporting those to different locations. Commercial refrigeration find application in industries such as hospitality, food & beverages, food service, transportation, retail, and pharmaceuticals among others. Ice machines, cool rooms, freezers, reach in freezers and refrigerators, milk coolers, walk in refrigerators, serve over counter refrigerators, bar refrigerators, display cases, refrigerated preparation tables, vertical freezers, among others are some of the major types of commercial refrigerators. Ammonia, carbon dioxide, CFC, HCFC, HFC, HFO, and propane among others are the major refrigerant types used for commercial refrigeration.
Intense competition among existing companies, increasing investments in research & development and product innovation, large global distribution networks, expanding online retail presence and entry of smaller players in matured economies characterize the global commercial refrigeration market.
Changing lifestyle of consumers, increasing number of female professionals, increasing demand for packaged foods & beverages, and stringent regulations regarding food production, preservation as well as energy consumption drives the growth of the global commercial refrigeration market. Increasing demand for frozen food and vegetables in various countries to cope up with the hectic work schedule, drive the growth of the commercial refrigeration market.
The rapid growth of retail sector and cold food chains in various regions is driving the demand for food and beverages and in turn it enhances the growth of the global commercial refrigeration market. The increasing investments in the production, distribution and transportation of food and beverages are expected to drive the demand for commercial refrigeration market, as there is need for preservation during all these phases. Moreover, the introduction of zero emission refrigeration systems for transportation is expected to drive the growth of the commercial refrigeration market, as it could improve the supply chain of food & beverages and retail sectors. Introduction of modular units of commercial refrigeration systems and availability of advanced controls for compressor protection are expected to generate demand from both consumers with modular kitchens and food service sector.
The energy efficient commercial refrigeration systems with good cooling capacities generate demand from the hospitality sector. The food service segment accounts for significant share of revenue in the global commercial refrigeration market. The stringent regulations regarding the use of toxic refrigerants and promotion of eco-friendly refrigerants by governments are anticipated to drive the growth of the commercial refrigeration market. The introduction and adoption of advanced technologies in monitoring and controlling of refrigeration systems through predetermined settings or remotely through Wi-Fi-enabled systems are expected to generate demand from food & beverages, and hospitality sectors. Moreover, introduction of eco-friendly refrigerants, cascade refrigeration systems based on variable speed compressors, and other energy efficient refrigeration systems are anticipated to further enhance the growth of the commercial refrigeration market during the forecast period 2017-2023.
Fluctuating fuel prices, stringent regulations for part suppliers and OEM’s, and slow pace in upgradation as well as replacement of old commercial refrigeration systems are the major restraints for the growth of the global commercial refrigeration market. Significant portion of food produced in developing countries get wasted due to the absence of refrigeration systems for preserving for longer durations. Moreover, with the rapid expansion of retail sector, there are opportunities for major players in the global commercial refrigeration market, to expand the presence in the developing countries.
The report covers the analysis of global as well as regional markets of commercial refrigeration market. Moreover, the global commercial refrigeration market is segmented by application and by product type. The global commercial refrigeration market by application covers food & beverage industry, food & beverage distribution, food service, retail industry, and some others. On the basis of product type, the market is segmented as beverage refrigerators, chillers, display cases, freezers& refrigerators, ice-making machinery, transportation refrigeration system, walk in coolers, parts and some others.
The global commercial refrigeration market covers the analysis of geographies such as North America, Europe, Asia-Pacific and RoW. In this section, the key trends and market size for each region is provided over the period of 2017 – 2023. Among geographies, North America is the largest commercial refrigeration market, followed by Asia–Pacific and Europe. Asia-Pacific region is anticipated to become the fastest growing commercial refrigeration market in terms of CAGR during the forecast period. The change in lifestyle of consumers, their preference for dining food outside home more and the significant growth in food & service industry due to increasing sales, innovations as well as renovations of facilities are the factors that drive the growth of the North American commercial refrigeration market. The growth in the retail sector and increasing demand for frozen food are driving the growth of the European commercial refrigeration market. Increasing middle class population with disposable income, expanding food and retail industries and increasing consumption of convenience food and beverages, are anticipated to drive the Asia-Pacific commercial refrigeration market. Moreover, the rapid growth in the Chinese commercial refrigeration market with a CAGR of x% is driving the growth of the Asia-Pacific region.
The companies covered in the report include manufacturers of global commercial refrigeration market include AB Electrolux, AHT Cooling Systems GmbH, Carrier, Daikin Industries Ltd, Danfoss A/S, Dover Corporation, Haier, Hussmann Corporation, Illinois Tool Works Inc, Ingersoll Rand Plc, Johnson Controls Inc, Panasonic Corporation, and Whirlpool Corporation.
The report provides deep insights on demand forecasts, market trends and micro and macro indicators. In addition, this report provides insights on the factors that are driving and restraining the demand of commercial refrigeration globally as well as regionally. Moreover, IGR-Growth Matrix analysis given in the report brings an insight on the investment areas that existing or new market players can consider.
Moreover, the study highlights current market trends and provides forecast from 2017 to 2023. We also have highlighted future trends in the commercial refrigeration market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight on the market share of the leading players. Additionally, the analysis highlights rise and fall in the market shares of the key players in the market. This report will help manufacturers, suppliers and distributors of the commercial refrigeration market to understand the present and future trends in this market and formulate their strategies accordingly.
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