Commercial Refrigeration Equipment Market to expand at a CAGR of 5.5% through 2015 to 2025
Growing demand for frozen and chilled products, expansion of cold chain capacity, technological advancements in commercial refrigeration systems and rebates for energy-efficient products and practices are some of the major underlying factors anticipated to fuel growth of the U.S. commercial refrigeration systems market between 2016 and 2025. This is forecast to create unprecedented opportunities for commercial refrigeration systems manufacturers, distributors and HVAC contractors. The U.S. commercial refrigeration systems market is segmented on the basis of application and product type. By application, the market is segmented into foodservice, food & beverage distribution, food & beverage retail and food & beverage production. On the basis of product type, the market is classified into transportation & refrigeration systems, refrigerator & freezers, beverage refrigeration equipment, refrigerated display cases, ice machines and refrigerated vending machines.
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By application, foodservice segment accounted for the highest share of 30% in terms of value in the U.S. commercial refrigeration systems market in 2014. This segment is expected to remain dominant in the market over the forecast period. Ice machines segment and beer dispensing equipment sub-segment are projected to play an important role in the foodservice industry due to various factors such as increasing per capita food consumption and rising number of foodservice restaurants in the country. By product type, transportation refrigeration systems segment is projected to expand at the highest CAGR of 5.5% during the forecast period due to expansion of cold chain capacity in the U.S. By region, Southeast region represents the largest market potential, followed by the Middle-east and Far West regions. California, Texas and Florida represent a huge potential for refrigerated systems due to high density of restaurants and convenience stores in these states. Other high-growth markets include Arizona, Georgia and Utah due to rapid growth in the restaurant industry in these states.
Key trends identified in the U.S. commercial refrigeration systems market include rapid adoption of Internet of Things (IoT), compatible commercial refrigeration systems for enhancing system output, government initiatives to support utilisation of eco-friendly refrigerants and continued advancements in energy-efficient products. However, declining replacement rate of commercial refrigeration equipment and stringent government regulations could pose major challenge for tier II & III players.
The report analyses the U.S. commercial refrigeration systems market in terms of value (US$ Mn) and volume (‘000 units) by product type and end-use application, and provides insightful information regarding market dynamics, value chain, competitive landscape, current trends, market estimations and forecast.
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It is observed that customisation holds the key for tier 2 and tier 3 players in order to further penetrate into the market, thus creating a competitive threat for tier 1 suppliers in the market. Meanwhile, key players are strengthening their market positions through both organic and inorganic growth. Also, acquisition of HVAC contractors is leading to the addition of a new customer base for commercial refrigeration systems manufacturers. Key market participants covered in the report include Daikin Industries, Ltd., Standex International Corporation, Whirlpool Corporation, United Technologies, Dover Corporation, Ingersoll-Rand Plc, Hussmann Corporation, Lennox International Inc., Manitowoc Company, Inc., Emerson Electric Co. and Illinois Tool Works Inc.
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