Press release
Commercial Refrigeration Equipment Market to Exhibit a Healthy Growth of 5.0% CAGR Between 2016-2026
Market dynamics
Rapid growth of the retail sector coupled with a robust growth of the food and related services sector is expected to be a major driver for the global commercial refrigeration equipment market over the forecast period. Furthermore, government regulations regarding usage of natural refrigerants over synthetic refrigerants is another factor that is expected to propel the growth of the global commercial refrigeration equipment market over the forecast period. However, decline in replacement rates for commercial refrigeration equipment is anticipated to restrain the growth of the global commercial refrigeration equipment market over the forecast period. Also, stringent government regulations pertaining to the development of energy efficient and environmentally friendly equipment is expected to be a challenge especially for Tier 2 and Tier 3 players.
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Market forecast
The global commercial refrigeration equipment market is segmented on the basis of Product Type (Transportation Refrigeration, Refrigerator and Freezer, Beverage Refrigeration Equipment, Refrigerated Display Cases, Ice Machine, Refrigerated Vending Machine); Application (Food and Beverage Production, Food and Beverage Retail, Food and Beverage Distribution, Food Service); and Region (North America, Latin America, EU, EEU, Other CIS Countries, APAC, China, Middle East, and Africa).
The Refrigerator and Freezer segment is expected to dominate the global commercial refrigeration equipment market during the forecast period. This segment is anticipated to be valued at US$ 8,649.3 Mn by the end of 2016 and is slated to exhibit a CAGR of 4.7% during the forecast period. The Food Service application segment is expected to be the largest segment in the global commercial refrigeration equipment market and is estimated to account for a value share of 32.3% by the end of 2016. The Food and Beverage Production segment was valued at US$ 4,705.3 Mn in 2015 while the Food and Beverage Retail segment stood at a market valuation of US$ 7,595.4 Mn in 2015.
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Among regions, North America is expected to dominate the overall global commercial refrigeration equipment market over the forecast period. Sales of commercial refrigeration equipment in North America is projected to increase from US$ 7,960.7 Mn in 2015 to US$ 12.54 Bn by 2026. Growing Asian economies such as China and India are expected to witness relatively faster growth during the forecast period. The China commercial refrigeration equipment market is expected to grow with the highest value CAGR of 8.2% in the forecast period. The market in Asia Pacific excluding China is expected to register a relatively high CAGR of 5.3% throughout the period 2016-2026.
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Vendor highlights
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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