Commercial Refrigeration Equipment Market 2018 Top Manufacturers are Dover Corporation, Daikin, Johnson Controls, Carrier Corporation.

The industry is expected to witness growth owing to huge capital investment with growing emergence of food services in terms of transportation, distribution and production. Increasing use of these devices in processes, horticulture, and seafood is estimated to elevate demand. Further, the growing international trade of frozen food items amongst countries due to changing food consumption trends has led to substantial rise in demand for commercial refrigeration equipment market.

China is predicted to significantly contribute towards Asia Pacific Commercial refrigeration equipment market share owing to rising middle class population coupled with mounting significance of international coffee and fast food chains.

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Commercial Refrigeration Equipment Market size is expected to reach USD 47.75 billion by 2023. Advent of industrialization coupled with mounting disposable income has led to significant change in food consumption. Rapid growing frozen foods industry is likely to drive commercial refrigeration equipment market size, throughout the forecast timeframe.

The global energy demand for air conditioning and refrigeration accounted for around 20% of the overall energy consumption. Growing awareness regarding refrigerants that possess high global warming potential will present opportunities for technological advancement. For instance, the advent of magnetic systems is predicted to save up to 30% of the total energy consumption. It is a green technology product that requires low maintenance and offer higher energy efficiency.

Commercial Refrigeration Equipment Market, By Product

• Transportation refrigeration equipment
• Refrigerators & freezers
• Beverage refrigeration
• Other equipment
• Parts

Commercial Refrigeration Equipment Market, By Application

• Food service
• Food & beverage retail
• Food & beverage production
• Food & beverage distribution
• Others

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Rising fuel prices is anticipated challenge transportation refrigeration sector growth. However, introduction of zero-emission technology in order to deliver environmental benefits with reduced fuel consumption will mitigate the impact of the restraint.

Transportation refrigeration equipment market was valued at over USD 5.5 billion in 2015 with 6.8% CAGR growth forecast. Rising consumer spending capability and global food trade dynamics are anticipated to propel segment growth. Refrigerators & freezers accounted for more than 18% of the commercial refrigeration equipment market share in 2015.

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Food service segment is estimated to surpass USD 15 billion by 2023. Rising global expenditure on frozen food products as well as surging fast food chains due to swift urbanization is predicted to fuel industry growth.

Industry participants include Johnson Controls, Daikin, Carrier Corporation and Dover Corporation. R&D and new product development will continue remaining key growth strategies in the coming years.

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