Commercial Refrigeration Equipment Market: Substantial Rising Food Service Industry to Fortify Demand for Commercial Refrigeration Equipment

The global commercial refrigeration equipment market features an intensely competitive landscape, with several globally prominent players holding substantial shares, notes Transparency Market Research (TMR). They are increasing facing incessant competition from a number of regional players, esepcially regional retail chain operators.

A number of commercial refrigeration equipment manufacturers are increasingly relying on alliances between commercial HVAC equipment manufacturers and regional retail chain operators which is likely to constantly stoke the competition over the assessment period, observes TMR. Of the several prominent manufacturers, United Technologies Corporation, Manitowoc Company, Inc., Frigoglass, and Hoshizaki International accounted for a combined share of 21.6% in 2014.

The global commercial refrigeration equipment market stood at US$39.44 bn in 2016 and this valuation is projected to touch US$66.88 billion by the end of 2022. The global market is anticipated to garner 9.1% CAGR during 2015–2022.

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The various application areas are food service, food and beverage retail, food and beverage distribution, and food and beverage production. Among all the application segments, food service accounts for a dominating share, mainly on account of a vast worldwide demand for refrigeration in transportation and storage of food and beverages.

The various regional markets for commercial refrigeration equipment are North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. Of these, Asia Pacific is anticipated to generate the major revenue in the global commercial refrigeration equipment market. Rising at the leading CAGR of 12.0% during the assessment period (2015–2022), the regional market is projected to generate a revenue of US$29.06 billion by the end of 2022.

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Steady Demand for Sea and Processed Food in Emerging Economies to Accentuate Growth

The persistent focus on food security and international trade in various parts of the world is a notable factor expected to constantly fuel the demand for commercial refrigeration equipment. A rising horticulture trading in a number of emerging economies has propelled the demand for commercial refrigeration. The vast rise in disposable incomes in various developing regions is a prominent factor is adding to the worldwide demand for food and beverages, which in turn is stoking the demand for commercial refrigeration equipment market.

Over the assessment period, the sustained demand for seafood in various parts of the world is a striking trend aiding in the expansion of the market. The markedly high volume of exports of seafood and processed food in several emerging economies is a notable factor boosting the market. The advent of advanced technologies in the commercial equipment together with the effort of manufacturers to bring design innovations is a crucial factor boosting the market.

Small Retailers Wary of Commercial Gains

However, in various parts of the region, manufacturers of commercial refrigeration equipment are skeptical of the cost-effectiveness of the commercial refrigeration equipment. In particular, small retailers and players in the market are finding the commercial refrigeration equipment to e energy-intensive. Furthermore, stringent regulations on energy conservation in various developing and developed regions and proposed changes in energy conservation standards in various regions are likely to further hinder their uptake.

With no-hassle, temperature-controlled food packs gathering steam in various countries, this is further likely to hamper the demand for commercial refrigeration equipment. On the other hand, the advent of solar powered refrigerators is a welcome development expected to boost the market. Furthermore, companies in a range of end-use industries world over need smart technologies to remotely control and monitor the equipment, with an aim to consolidate their warehouse chains. This is a noteworthy factor bolstering the demand for commercial refrigeration, thereby catalyzing the growth of the market.

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This release was published on openPR.