Commercial Refrigeration Equipment Market Top Participant to Focus on Regional Expansion

According to the Market Statsville Group (MSG), the global Commercial Refrigeration Equipment Market is estimated to be USD 31.4 billion in 2021 and is projected to reach USD 55.3 billion by 2030, at a CAGR of 6.5%, from 2022 to 2030. Commercial Refrigeration is being used excessively as the import and export of packaged foods increases. The huge growth in international food traffic has also increased the demand for refrigerated, frozen foods, seafood, and processed foods. Due to continuous innovation, the market has seen rapid advancements in technologies such as ammonia absorption systems and liquid-vapor compression. The energy efficiency for commercial Refrigeration has greatly increased during the last five years.

Moreover, the need for refrigeration equipment has steadily risen across the food service industry. Leading manufacturers are emphasizing continuous R&D to improve the design and temperature control of their products, among other developments, in order to stand out among opponents. The requirement to properly regulate and monitor the surroundings of a commercial kitchen is anticipated to provide profitable prospects to major industry participants in the near future.

The commercial refrigeration equipment market is likely shifting towards natural refrigerant-based systems (HCFCs), owing to the potential for significant energy savings and the global execution of tough laws for phasing out ozone-depleting compounds such as hydrofluorocarbons (HFCs) and hydrochlorofluorocarbons (HCFCs). Demand for NH3/CO2 cascade systems is expected to rise gradually as a result of the benefits they provide for food processing and low-temperature distribution facilities. Low operating costs (since they use less energy per tonne of Refrigeration than other systems), less investment and compliance costs, optimal food quality, and increased throughput are just a few of the advantages which attract huge customer base, thereby driving the market's growth.

COVID-19 Impact on the Global Commercial Refrigeration Equipment Market
The coronavirus has quickly spread throughout different countries and regions and is still spreading, negatively affecting people's lives and the overall community. It originated as a human health crisis and has become a major threat to worldwide trade, economy, and finance. Furthermore, due to the COVID-19 pandemic, prominent companies are dealing with business concerns associated with coronavirus outbreaks, supply chain disruption, and a possible decline in consumer spending.

COVID-19 had a significant economic influence on a wide range of financial and industrial sectors, including travel and tourism, manufacturing, construction, and aviation. End-use sectors of commercial refrigeration equipment have witnessed a decline in market share, owing to its end-use industries facing challenges during the pandemic. Hotels, restaurants, and bakeries were among the industries that suffered the most as a result of rigorous lockdowns and curfews imposed in most nations to prevent the spread of the coronavirus.

The rapid rise in coronavirus cases worldwide has demanded the implementation of stringent containment measures, resulting in the slowdown of production units and a reduction in commercial refrigeration equipment shipments.

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Global Commercial Refrigeration Equipment Market Dynamics
Drivers: Globally increasing demand for frozen and processed foods
The growing food processing sector requires equipment and solutions to produce, process, and transport food to billions of households globally, since it services a multifaceted value chain from farming to logistics. This industry is growing as the world's population has increased and dietary habits have evolved, reflecting higher incomes and a trend toward value-added products. The shift in food consumption habits of the urban population are driving up global demand for fresh and processed fruits and vegetables. Rising disposable incomes in emerging economies have increased the demand for fresh and processed fruits and vegetables. Frozen food products have become an essential component of people's everyday diets all across the world. The aforementioned factors are augmenting the market's growth over the forecast period.

Restraints: Strict regulations prohibiting the use of fluorocarbon refrigerants
Fluorocarbon refrigerants have a negative impact on the ozone layer. In this context, governments in many countries around the world are implementing laws to reduce the use of fluorocarbon refrigerants in various industries. The government of various economies has agreed to phase out HCFCs and HFCs by imposing consumption limits. For instance, the Indian government - Ministry of Environment, Forest & Climate Change (MoEF&CC), India, and the United Nations Environment Programme (UNEP) as a part of their commitment to completely phase-out hydrochlorofluorocarbons (HCFCs) by the year 2030 in India, has organized several national-level workshops on implementing energy efficiency and phasing out HCFCs in the building sector. Regulations imposed by the Montreal Protocol on certain refrigerants, such as R22, are hindering the growth of the commercial refrigerant equipment market. The primary goal of this protocol is to reduce the damage to the ozone layer caused by the use of refrigerant gases. Various economies have agreed to phase out the use of ozone-depleting fluorinated refrigerant gases under this protocol.

Opportunities: Improvements in refrigeration system efficiency by the use of natural refrigerants
Several government organizations and R&D companies are working hard to improve commercial refrigeration system's performance coefficient, efficiency, lifetime, and total ownership cost. Manufacturers are attempting to build natural refrigerant solutions that can improve the energy efficiency of commercial refrigeration systems in response to the Kyoto Protocol and the recent EU F-Gas regulations. Ammonia and CO2 refrigerant technologies are being introduced by companies such as Carnot Refrigeration, Danfoss, and Carrier Commercial Refrigeration. The Kyoto Protocol's article 12 defines the Clean Development Mechanism (CDM), which supports the use of natural refrigerants. The CDM enables a country with a Kyoto Protocol emission-reduction commitment to carry out an emission-reduction project. Such initiatives can provide marketable Certified Emission Reduction (CER) credits, each of which is equivalent to one ton of Carbon dioxide, which can be used to achieve Kyoto goals. Energy-efficient equipment is being installed in industries as part of these programs.

The study categorizes the Commercial Refrigeration Equipment Market based on Product, Refrigerant type, System type, Capacity, and application at the regional and global levels.

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By Product Outlook (Sales, USD Billion, 2017-2030)

Transportation Refrigeration Equipment
Refrigerators & Freezers
Beverage Refrigeration
Display Showcases
Ice Merchandisers & Ice Vending Equipment
Other Equipment

By Refrigerant Type Outlook (Sales, USD Billion, 2017-2030)

Fluorocarbons
Hydrocarbons
Inorganics

By System Type Outlook (Sales, USD Billion, 2017-2030)

Self-contained
Remotely Operated

By Capacity Outlook (Sales, USD Billion, 2017-2030)

Less than 50 cu. Ft.
51 cu. Ft. to 100 cu. Ft.
More than 100 cu. Ft.

By Application Outlook (Sales, USD Billion, 2017-2030)

Food Service
Food & Beverage Distribution
Food & Beverage Production
Food & Beverage Retail
Hypermarkets
Supermarkets
Convenience Store
Specialty Food Store
Others
Others

By Region Outlook (Sales, USD Billion, 2017-2030)

North America

US
Canada
Mexico

Europe

Germany
Italy
France
UK
Spain
Poland
Russia
Slovenia
Slovakia
The Netherlands
Belgium
Norway
Denmark
Czech Republic
Sweden
Rest of Europe

Asia Pacific

China
Japan
India
South Korea
Indonesia
Malaysia
Thailand
Vietnam
The Philippines
Singapore
Australia & New Zealand
Rest of Asia Pacific

South America

Brazil
Argentina
Colombia
Rest of South America

The Middle East & Africa

Saudi Arabia
UAE
South Africa
Northern Africa
Rest of MEA

The Self Contained segment is projected to account for the largest market share, by System type
The system type segment is bifurcated into a self-contained and remotely operating system type. In 2021, the self-contained segment was expected to account for the largest market share in the commercial refrigeration equipment market. Some of the primary factors that contribute to the segment's market domination include easy and low-cost installation and cheap appliance relocation and maintenance expenses.

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Restaurants with limited kitchen space are increasingly preferring self-contained to minimize the heat produced by refrigeration appliances. Remotely operated refrigerators also outweigh self-contained refrigerators with minimal resonating noise, as the compressor unit is installed outside the restaurant kitchen. However, remotely operated refrigerators do not fare well when it comes to energy efficiency. Moreover, the installation of compressors requires professionals, which adds to the already high installation cost.

Asia Pacific accounts for the highest CAGR during the forecast period
The Asia Pacific is predicted to be the largest market for commercial refrigeration equipment throughout the forecast period. The region's growing population, better economic conditions (such as rising GDP and disposable incomes), and a thriving consumer appliances industry have all led to an increase in commercial refrigeration equipment sales.

Additionally, an increase in the manufacturing sector increased spending on private and public infrastructure construction, and rapid urbanization is driving the growth of the commercial refrigeration equipment market in this area.

Key Market Players in the Global Commercial Refrigeration Equipment Market
The global commercial refrigeration equipment market is highly competitive. Key industry players adopt various strategies such as product development, partnerships, acquisitions, agreements, and expansion to strengthen their market positions.

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The major players in the global commercial refrigeration equipment market are:

DAIKIN Industries, Ltd.
Emerson Electric Company
Danfoss
AB Electrolux
Ali S.p.A
Carrier
Dover Corporation
Evoeco
GEA Group
Bitzer

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