Global Commercial Refrigeration Equipment Servicing Market by Manufacturers, Type and Application, Regions, Forecast To 2025
The global commercial refrigeration equipment market is set to touch a valuation of more than USD 54.59 billion by 2025, ventures Market Research Future (MRFR). It is also expected to record an approximate CAGR of 5.98% during the forecast period (2018-2025).
Market Boosters and Key Barriers
Soaring demand for frozen food, packaged food products, and bakery products is expected to benefit the commercial refrigeration equipment market. With the aim of reducing carbon footprints, various manufacturers are now concentrating on building commercial refrigeration equipment that consumes less or limited amount of energy. The United States (U.S.) Department of Energy and Environmental Protection Agency also implemented regulations and standards for commercial refrigeration with the intention of encouraging energy efficiency and limiting its impact on the environment. therefore, in a bid to comply with new regulations, vendors are making substantial investments in development of new refrigeration system with sophisticated technology.
A number of manufacturers are also redesigning their products to cater to the new standards. They are also sourcing new materials, in addition to pursuing safety certifications to provide sustainable product in the market. Supermarkets are considered as the most energy-intensive retail business, with a large portion of their electricity spent on refrigeration system. To curb this issue, supermarkets are now opting for commercial refrigeration equipment which could help them cut down on power consumption. This is yet another factor that is expected to elevate the market to greater heights in the near future.
Speaking of advancement in technologies, vendors are now working on smart refrigeration systems that are equipped with sensors. These sensors help control temperature and also facilitate temperature monitoring of refrigeration units. Further, low-power wireless solutions are being created to bring down the cost of manual monitoring of refrigerator units.
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The worldwide commercial refrigeration equipment market has been dissected depending on equipment type and application.
The commercial refrigeration equipment market, based on equipment type, includes display cases, walk-in coolers, beverage refrigeration, ice making machinery, parts, and others. Between these, the walk-in coolers segment had been at the top spot in the market in 2018, followed by display cases. The refrigerated walk-in coolers are also used extensively in the food processing industries. These types of coolers are sturdy, which is necessary as their doors are opened several times a day. Apart from this, increase in establishment of hypermarket is set to boost the demand as well as sales for walk-in coolers within the global market.
With respect to the application, the market can be split into hypermarket, food manufacturing industries, supermarket, and others. Out of these, hypermarket had been the leading segment in 2018 and has been estimated to maintain its position even during the forecast period. The segment’s high position in the market is the result of rising urbanization around the world as well as the expansion of hypermarkets.
The geographical distribution of the global commercial refrigeration equipment market covers North America, Asia Pacific (APAC), Europe, and the rest of the world (RoW).
In 2018, APAC acquired the top position in the global commercial refrigeration equipment market, with North America and Europe in the second and third spot, respectively. The APAC commercial refrigeration equipment market gets immense support from the rising demand for display cases as well as walk-in coolers. Soaring fresh food consumption rate, mounting demand for frozen foods and improved living standard has done wonders for the market in the region. Ice-making machineries are expected to note the highest demand in the region, given the expansion of restaurant chains across urban and semi-urban areas in developing nations.
North America, with the second-largest share in the commercial refrigeration equipment market, is benefitted from the busy lifestyles led by the people. These people spend close to half of their food expenses outside their homes, which sets the pace of the market in the region. Beverage refrigeration and display cases are touted to be the fastest-growing segments during the appraisal period, thanks to the increasing food retail outlets and expanding floor area of retail stores. With the growing average floor space of prominent grocery and food retailers in the region, new refrigeration equipment is increasingly being installed in these stores.
The commercial refrigeration equipment market in Europe has reached the saturation point and is witnessing comparatively lower growth rate compared to other regions. With that said, the regional market is predicted to note better growth in the coming years, on account of the economic recovery, which is giving rise to replacement and repair of the existing commercial refrigeration equipment. Data experts are optimistic about the market growth in Europe during the forecast period, considering the stabilization of the economy and high urbanization.
RoW includes South America and the Middle East & Africa. RoW makes extensive use of commercial refrigeration equipment in the construction and manufacturing industries. The region’s future holds much promise, as there are indications of the construction and manufacturing industries expanding significantly.
Key vendors shaping the worldwide commercial refrigeration equipment market include Johnson Controls, Inc., AB Electrolux, AHT Cooling Systems GmbH, Daikin Industries Ltd, United Technologies Corporation, Hussmann Corporation, Ali Group SpA, Illinois Tool Works Inc., Dover Corporation, to mention a few.
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