Reliable Data You Can Trust
Reliable Data You Can Trust
A recent report published by
Infinium Global Research on the commercial refrigeration market provides in-depth
analysis of segments and sub-segments in the global as well as regional
commercial refrigeration market. The study also highlights the impact of
drivers, restraints, and macro indicators on the global and regional commercial
refrigeration market over the short term as well as long term. The report is a
comprehensive presentation of trends, forecast and dollar values of the global commercial
refrigeration market. According to the report, the global commercial
refrigeration market is projected to grow at a CAGR of 5.0% from USD 33.6 billion in 2020 to over USD 45 billion in 2026 during the forecast
period of 2020-2026.
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 helps in maintaining the
freshness and quality of the food products. It helps in preserving perishable
food items for a longer period. Commercial refrigeration is used in industries
such as hospitality, food & beverages, food service, transportation,
retail, and pharmaceuticals among others. Ammonia, carbon dioxide, CFC, HCFC,
HFC, HFO, and propane among others are the major refrigerant types used for
commercial refrigeration.
The commercial refrigeration
market is less likely to be affected by the COVID-19 pandemic. As the major
end-users of commercial refrigeration such as food retail and pharmacies remain
unaffected during the COVID-19 pandemic, the market for commercial
refrigeration is expected to remain stable. Moreover, the demand for commercial
refrigeration from the medical industry has increased substantially during the
pandemic. This higher demand is associated with the growing demand for medical
supplies such as drugs, vaccines, and biological reagents. However, the
production of commercial refrigeration systems is anticipated to be affected in
the initial quarter of 2020 due to social distancing regulations. Nonetheless,
the companies are expected to ramp up production over the latter quarter of the
financial year to meet the existing demand. Many such companies have also
revised their financial guideline for 2020. Furthermore, as the cold chain
supply is anticipated to expand, the demand for commercial refrigeration
systems are expected to gradually increase over the forecast years.
Increasing investments in R&D
activities, product innovation, and entry of smaller players in matured economies
characterize the global commercial refrigeration market. Changing the lifestyle
of consumers, increasing the number of female professionals, increasing demand
for packaged foods & beverages drive the growth of the 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. 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. The energy-efficient
commercial refrigeration systems with good cooling capacities generate demand
from the hospitality sector. The strict regulations regarding the use of toxic
refrigerants and the 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 refrigeration systems through predetermined settings or remotely
through Wi-Fi-enabled systems are expected to generate demand from the food
& beverages and hospitality sectors. Moreover, the 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. On the contrary, fluctuating fuel prices, slow pace in
up-gradation, and replacement of old commercial refrigeration systems are the
major restraints for the growth of the global commercial refrigeration market.
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. The change in lifestyle of consumers, their preference for dining food outside the home more, and the significant growth in the 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.
The report on global commercial
refrigeration market covers segments such as product type, and application. On
the basis of product type, the sub-markets include beverage refrigerators,
chillers, display cases, walk in coolers, freezers & refrigerators, and
others. On the basis of application, the sub-markets include food &
beverage industry, food & beverage distribution, food service, retail industry,
and medical industry.
The report provides profiles of
the companies in the market such as AB Electrolux, AHT Cooling Systems GmbH,
Carrier Corporation, Daikin Industries, Ltd., Danfoss A/S, Dover Corporation,
Haier lnc., Panasonic Corporation, Whirlpool Corporation, and Ingersoll-Rand
plc.
The report provides deep insights
into the demand forecasts, market trends, and micro and macro indicators. In
addition, this report provides insights into the factors that are driving and
restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis
given in the report brings an insight into the investment areas that existing
or new market players can consider. The report provides insights into the
market using analytical tools such as Porter's five forces analysis and DRO
analysis of commercial refrigeration market. Moreover, the study highlights
current market trends and provides forecast from 2020-2026. We also have
highlighted future trends in the market that will affect the demand during the
forecast period. Moreover, the competitive analysis given in each regional
market brings an insight into the market share of the leading players.
Please Choose One of them.