Commercial Refrigeration Equipment Market Expected to Reach US$ 45,913.5 Million by 2026 : Persistence Market Research

Commercial refrigeration equipment includes refrigeration equipment that finds application primarily in food & beverage and allied industries. Commercial refrigeration equipment is used in the storage, transportation, and merchandising of applications. Commercial refrigeration equipment includes refrigerators and freezers that are used in super markets, hyper markets, convenience stores, and food service restaurants. The global commercial refrigeration equipment market is likely to register a CAGR of 5.0% during the forecast period (2016–2026), with sales of global commercial refrigeration equipment estimated to be valued at US$ 28.09 Bn by the end of 2016.

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Key Commercial Refrigeration Equipment Market dynamics

Over the last decade, there has been a significant increase in number of retail stores across the globe. Major players in the retail sector are expanding their footprint in emerging markets of Asia Pacific, especially in India and China in order to capitalize on growing consumer spending power in these countries. Rapid growth of the organized retail sector characterized by a rising number of hypermarkets, supermarkets, etc. is expected to boost growth of the overall food & beverage value chain, which in turn is expected to boost overall sales of commercial refrigerators and freezers during forecast period. A growing demand for chilled and frozen products is also likely to boost growth of the global commercial refrigeration equipment market during the forecast period.

However, stringent government regulations pertaining to small and medium OEMs and parts suppliers; and declining replacement rates for commercial refrigeration equipment can restrict the growth of the global commercial refrigeration equipment market over the forecast period.

Segment analysis

The global commercial refrigeration equipment market is segmented on the basis of Product Type into Transportation Refrigeration, Refrigerator and Freezer, Beverage Refrigeration Equipment, Refrigerated Display Cases, Ice Machine, and Refrigerated Vending Machine; and on the basis of Application into Food and Beverage Production, Food and Beverage Retail, Food and Beverage Distribution, and Food Service. The Transportation Refrigeration product type segment is estimated to register the highest CAGR of 5.9% over the forecast period while the Refrigerator and Freezer segment is expected to account for a value share of 30.8% by the end of 2016. The Food and Beverage Production application segment is expected to register a value CAGR of 4.7% over 2016–2026. The Food and Beverage Retail segment is expected to be the most attractive segment in the global commercial refrigeration equipment market.

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Regional analysis

The global commercial refrigeration equipment market is segmented by region into North America, Latin America, EU, EEU, Other CIS Countries, APAC, China, Middle East, and Africa. North America is anticipated to be most attractive region in the global commercial refrigeration equipment market with an estimated market share of 29.5% at the end of 2016. The commercial refrigeration equipment market in China is expected to outperform the other regions in terms of CAGR over the forecast period. A large part of the APAC region is an emerging market for commercial refrigeration equipment and this region is estimated to account for a market value share of 19.4% by the end of 2016. APAC is anticipated to witness a robust CAGR of 5.3% during the forecast period.

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Key market players

Standex International Corporation, Lennox International Inc., Daikin Industries Ltd., Illinois Tool Works Inc., AHT Cooling Systems GmbH, Whirlpool Corporation, United Technologies Corporation, Manitowoc Company, Inc., Panasonic Corporation, Qingdao Haier Co. Ltd., Fujimak Corporation, Hoshizaki Corporation, Electrolux AB, Dover Corporation, and Ingersoll-Rand PLC., are some of the leading companies operating in the global commercial refrigeration equipment market. Top market players are focusing on – new product development and launch of advanced and sustainable products through strategic R&D initiatives in product innovation; geographical expansion especially in high-growth markets such as India, China, and Brazil by increasing the number of manufacturing facilities worldwide; and collaborations / partnerships with established players in mature markets for business expansion and growth.

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