Commercial Refrigeration Equipment Marke equipment will exceed revenues worth US$ 46 Bn by 2019 end, likely to surge at a vigorous 4 % CAGR during the assessment period 2019 -2029. The global demand for commercial refrigeration equipment witnessed a massive downfall in the first half of 2020 on account of lockdown and social distancing barriers implemented due to the spread of coronavirus disease throughout the world. Big as well as small manufacturing companies went through the worst phase and suffered heavy losses in 2020. To overcome the previous losses, business firms in 2021 are focusing on research and developments to ensure uniqueness in their services.
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Sustainable and energy-efficient refrigeration systems are set to become a norm across the end-use industries, which should compel manufacturers to increase their investments in R&D and product innovations. Leveraging energy-efficient technologies to offer low global warming potential (GWP) products with rich functionalities will be the ticket to capturing significant market share in the long run.
Recognized corporations are adopting business strategies such as sales contracts, strategic alliances, acquiring technical expertise, product approvals, patents and events, joint ventures, partnership agreements, collaborations, digital marketing, mergers and acquisitions, capacity utilisations, technological advancements etc to lead the global market for commercial refrigeration equipment with largest market share. The corporations like Carrier Corporation, Emerson Electric Company, Daikin Industries Ltd, and GEA Group AG and others are making high investments in the establishment of research institutes in different regions to come up with improvements in their offerings.
COMMERCIAL REFRIGERATION EQUIPMENT MARKET KEY TAKEAWAYS
- Growing demand for ready-to-eat products and expanding retail outlets are driving the sales of commercial refrigeration equipment.
- North America and Europe would collectively account for over half of the market value share by 2029 end.
- The food services sector will remain prominent application area to invest in, for commercial refrigeration equipment market players.
- The enforcement of new refrigerant regulations such as the EPA 680 Upgrade, and the Kigali Amendment for the phase-down of HFC refrigerants will largely impact the market growth.
- The higher average unit cost of freezers & refrigerators allude lower volume sales vis-à-vis value gains, with just about 2.6 million unit sales in 2018.
- Glass door merchandizers that account for around a third of total volume sales continue to see relatively low revenue generation as compared to freezers & refrigerators.
- Sales of beverage dispensers and display cases across end-use industries will show a moderate increase year-over-year in 2019, which will collectively represent nearly 16% of total commercial refrigeration equipment sales in that year.
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Manufacturers who are keeping the innovation quotient high and providing turn-key solutions to meet regulatory requirements, with safety to end users at the core, will be rewarded in the long run.
The global commercial refrigeration equipment market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.
- Beverage Refrigerator
- Drinking Fountain
- Soda Fountain
- Beer Dispensing Equipment
- Beverage Coolers
- Freezers & Refrigerators
- Freezer & Chillers
- Blast Chiller/Stock Freezers
- Contact Freezers
- Reach-in Refrigerators
- Freezer & Chillers
- Transportation Refrigerators
- Shipping Containers
- Glass Door Merchandizers
- Hinged Door
- Sliding Door
- Display Cases
- Ice Cream Cabinets
- Bakery/Deli Display
- Beverage Dispensers
- Refrigerated Vending Machine
- Ice Machine
- Ice Cream Machine
- Food Services
- Food & Beverage Retail
- Food & Beverage Production
- Food & Beverage Distribution
- North America
- Latin America
- South Asia
- East Asia
- Middle East and Africa
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Chinese Players Striving to Win Home Market
In developed markets, rapid acceptance of alternative refrigerants to benefit from regulatory standards along with expansion of F&B processing industries continue to contribute to the development of the commercial refrigeration equipment market. The growth of Asia Pacific’s commercial refrigeration equipment market was influenced by a shift of Asian eating habits towards western-style convenience food. With the ability to manufacture their own compressors, Chinese companies are gaining competitive edge to reign supreme in their home market with indigenous brands.