Commercial Refrigeration Equipment Market Is Expected To Grow At a CAGR OF 10.5% FROM 2017-2026.
According to Stratistics MRC, the“Global CommercialRefrigeration Equipment Market” is accounted for $40.12 billion in 2017 and is expected to reach $98.86 billion by 2026 growing at a CAGR of 10.5% during the forecast period. Factors such as growing usage of advanced technologies such as magnetic refrigeration and growing demand for packaged food and beverages are fueling market growth.
However, high installation costs associated with commercial refrigerators are hampering the market. In addition, rapid growth in the organized retail sector, such as an increase in the number of hypermarkets and supermarkets provides huge opportunities for the players in the market.
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Commercial refrigeration equipment is refrigerators with remote or self-contained condensing units. These are designed specifically for commercial use with a broad range of temperature control (typically from -18°C to +10°C). These are largely used for food and beverage storage and merchandising purposes. Moreover, some refrigeration equipment is particularly designed to rapidly decrease the temperature of hot food from around 90C to as low as 30C, to remove the threat of bacterial proliferation.
Commercial refrigeration equipment is generally used at convenience stores, grocery stores, supermarkets, restaurants specialty food stores, cafeterias, and other food retail stores.
By Refrigerant Type, the Fluorocarbons segment is anticipated to hold considerable market share during the forecast period. Fluorocarbons are chemical compounds that consist of carbon, hydrogen, chlorine, and fluorine as their key constituents. However, not all fluorocarbons may contain both chlorine and fluorine atoms. The applications of these refrigerants are in refrigerators (domestic, transport, and commercial) and large-scale refrigerators (supermarket/ hypermarket).
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On the basis of Product Type, Refrigerator & Freezer segment is likely to have a huge demand during the forecast period. Increasing product demand across different sectors, such as hospitality, food service, and healthcare, is expected to fuel the segment growth in the future.
Increased revenue from hospitals, owing to the rise in geriatric population and need for medical care, has boosted the sales of ice equipment. Amongst Application, Food Service application sector is expected to grow at a significant market share during the forecast period. The rising number of food chains and the growing utilization of fast food will boost the demand for this equipment in the foodservice industry. Foodservice is all about food and beverages that are consumed out of the home.
Based on Type, The refrigeration segment is expected to hold considerable market share during the forecast period. These products include reach-in, walk-in, and chest type refrigerators. The retailers and suppliers are increasingly focusing on equipping the stores with technologically-advanced refrigeration equipment. By Geography, Asia Pacific is anticipated to witness significant progress growing at CAGR. Factors influencing regional growth include continuously evolving technology, increasing international food trade, changing food consumption trends and rise in horticulture & seafood.
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Some of the key players in Global Commercial Refrigeration Equipment Market are Daikin Industries, Ltd., Whirpool Corporation, Hussmann Corporation, Haier Inc., Metalfrio Solutions SA, Beverage-Air Corporation, Electrolux AB, Emerson Electric Company, GEA Group, Danfoss A/S, United Technologies Corporation – Carrier, Dover Corporation, Illinois Tool Works Inc. (ITW), Heatcraft Worldwide Refrigeration, Bitzer, Baltimore Aircoil Company, Hillphoenix, SCM Frigo, Panasonic, Williams Refrigeration and Bharat Refrigerations.
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