Commercial Refrigeration Equipment Market Is Expected To Be Worth US$ 68.3 Billion By 2028

With a 3.9% year-on-year increase in sales of commercial refrigeration equipment in 2022, the market is expected to be worth US$ 51.8 billion by the end of the year. The global commercial refrigeration equipment market is expected to be worth US$ 68.3 billion by 2028, growing at a CAGR of 4%. (2022-2028).

In 2020, commercial refrigeration systems will account for 40% of the global refrigeration equipment market. Commercial refrigerators and freezers will see increased sales as investments in the food and beverage industry increase in the coming years.

The commercial refrigeration equipment market is expected to shift towards natural refrigerant-based systems because of the potential for large energy savings, and the implementation of stringent regulations worldwide for phasing out ozone-depleting substances, such as hydrofluorocarbons (HFCs) and hydrochlorofluorocarbons (HCFCs).

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Witnessing an uptick of 3.4% over 2021, the worldwide sales of commercial refrigeration equipment will exceed revenues worth US$ 51 Bn by 2022 end. As indicated by a recent research study of Future Market Insights (FMI), the market for commercial refrigeration equipment will progress at a moderate CAGR over 2022 - 2029. The demand would be prominently driven by greater production of F&B goods and a preferential shift of consumers towards quick service restaurants (QSRs), at a global level.

The demand for NH3/CO2 cascade systems is also slated to go up gradually due to the advantages they offer for food processing and low-temperature distribution facilities. These benefits include low operating costs (as they use less energy per ton of refrigeration compared to other systems), lower capital and compliance costs, optimal food quality, and increased throughput.

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.

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 2021.

• 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 2022, 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.

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.

Competition Trends

In 2021, the top four stakeholders including Carrier Corporation, Daikin Industries, Ltd., Danfoss A/S, and Hussman Corporation collectively accounted for 20-25% revenue share. The emergence of a large number of small players in developing countries has resulted into price competition, with leading market players losing their profit margins. Market fragmentation will continue through 2029, driven by regional regulatory norms and enhanced capabilities of the local players.

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Competitive Landscape

Commercial refrigeration system manufacturers are investing in the research & development of new products and featuring new launches to widen their product portfolios.

Commercial refrigeration equipment companies are also turning to mergers & acquisitions to bolster their market presence across multiple geographies.

• In February 2022, Refrigeration Design & Service Inc., a Philadelphia-based industrial refrigeration design and build provider, was acquired by The Kelvin Group. This is part of Kelvin's vision to build a collaborative group of independent industrial and commercial services companies in the U.S.

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Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10 years.

This release was published on openPR.