1 Executive Summary
2 Market Introduction
2.1 Definition 13
2.2 Scope Of The Study 13
2.3 List Of Assumptions 14
2.4 Market Structure 15
2.5 Market Attractive Analysis 15
2.6 Global Commercial Refrigeration Equipment Market, By Type 16
2.7 Global Commercial Refrigeration Equipment Market, By Application 17
2.8 Key Buying Criteria 17
3 Market Insights
4 Research Methodology
4.1 Research Process 21
4.2 Primary Research 22
4.3 Secondary Research 23
4.4 Market Size Estimation 24
4.5 Forecast Model 24
5 Market Dynamics
5.1 Introduction 25
5.2 Drivers 26
5.2.1 Demand For Ready-To-Eat Products, Beverages, And Frozen Food 26
5.2.2 Energy Efficiency Improvement Of Commercial Refrigeration Equipment 26
5.2.3 Drivers Impact Analysis 27
5.3 Restraint 27
5.3.1 Stringent Regulations Against The Use Of Fluorocarbon Refrigerants 27
5.3.2 Restraint Impact Analysis 28
5.4 Opportunities 29
5.4.1 Growth Of Food Retail In Developing Countries 29
6 Market Factor Analysis
6.1 Porter’s Five Forces Model 30
6.1.1 Threat Of New Entrants 30
6.1.2 Bargaining Power Of Suppliers 31
6.1.3 Bargaining Power Of Buyers 31
6.1.4 Threat Of Substitutes 31
6.1.5 Rivalry 31
6.2 Supply Chain Analysis 32
6.2.1 Design And Development 32
6.2.2 Raw Material/Component Supply 33
6.2.3 Commercial Refrigeration Equipment Manufacture/Assembly 33
6.2.4 End Use 33
7 Global Commercial Refrigeration Equipment Market, By Type
7.1 Overview 34
7.2 Display Cases 34
7.3 Walk-In Coolers/Reach In Coolers 34
7.4 Beverage Refrigeration 34
8 Global Commercial Refrigeration Equipment Market, By Application
8.1 Overview 36
8.2 Supermarket 36
8.3 Hypermarket 36
8.4 Others 36
9 Global Commercial Refrigeration Equipment Market, By Region
9.1 Introduction 38
9.2 North America 39
9.2.1 US 41
9.2.2 Canada 42
9.2.3 Mexico 43
9.3 Europe 44
9.3.1 Germany 46
9.3.2 France 47
9.3.3 UK 48
9.3.4 Italy 49
9.3.5 Spain 50
9.3.6 Rest Of Europe 51
9.4 Asia-Pacific 52
9.4.1 China 54
9.4.2 Japan 55
9.4.3 India 56
9.4.4 Rest Of Asia-Pacific 57
9.5 Rest Of The World 58
9.5.1 South America 60
9.5.2 Middle East & Africa 61
10 Competitive Landscape
10.1 Competitive Overview 62
10.2 Global Commercial Refrigeration Equipment Market, Share Analysis, 2020 (%) 62
10.3 Competitive Benchmarking 63
10.4 Key Strategy Analysis 64
10.5 Leading Players (In Terms Of Number Of Developments) In Global Commercial Refrigeration Equipment Market 64
11 Company Profiles
11.1 United Technologies Corporation 65
11.1.1 Company Overview 65
11.1.2 Financial Overview 66
11.1.3 Products/Services Offered 66
11.1.4 Key Developments 67
11.1.5 SWOT Analysis 67
11.1.6 Key Strategies 67
11.2 Hussmann Corporation 68
11.2.1 Company Overview 68
11.2.2 Products/Services Offered 69
11.2.3 Key Developments 69
11.2.4 SWOT Analysis 70
11.2.5 Key Strategies 70
11.3 Hillphoenix, A Dover Company 71
11.3.1 Company Overview 71
11.3.2 Products/Services Offered 72
11.3.3 Key Developments 72
11.4 AHT Cooling Systems GmbH 73
11.4.1 Company Overview 73
11.4.2 Products/Services Offered 74
11.4.3 Key Developments 74
11.5 Kysor Warren 75
11.5.1 Company Overview 75
11.5.2 Products/Services Offered 76
11.5.3 Key Developments 76
11.6 Voltas Ltd 77
11.6.1 Company Overview 77
11.6.2 Financial Overview 78
11.6.3 Products/Services Offered 78
11.6.4 Key Developments (2020–2020) 79
11.7 Williams 80
11.7.1 Company Overview 80
11.7.2 Financial Overview 80
11.7.3 Products/Services Offered 81
11.7.4 Key Developments (2020–2020) 81
11.8 Rockwell Industries Limited 82
11.8.1 Company Overview 82
11.8.2 Financial Overview 82
11.8.3 Products/Services Offered 83
11.8.4 Key Developments (2020–2020) 83
11.9 EPTA 84
11.9.1 Company Overview 84
11.9.2 Financial Overview 84
11.9.3 Products/Services Offered 84
11.9.4 Key Developments (2020–2020) 85
12 Appendix
12.1 References 86
12.2 Related Reports 86
13 List Of Tables
TABLE 1 LIST OF ASSUMPTIONS 14
TABLE 2 LARGEST SUPERMARKET CHAIN IN THE WORLD, 2020 29
TABLE 3 GLOBAL COMMERCIAL REFRIGERATION EQUIPMENT MARKET, BY TYPE, 2020–2027 (USD MILLION) 35
TABLE 4 GLOBAL COMMERCIAL REFRIGERATION EQUIPMENT MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 37
TABLE 5 GLOBAL COMMERCIAL REFRIGERATION EQUIPMENT MARKET, BY REGION, 2020–2027 (USD MILLION) 39
TABLE 6 NORTH AMERICA: COMMERCIAL REFRIGERATION EQUIPMENT MARKET, BY COUNTRY, 2020–2027 (USD MILLION) 40
TABLE 7 NORTH AMERICA: COMMERCIAL REFRIGERATION EQUIPMENT MARKET, BY TYPE, 2020–2027 (USD MILLION) 40
TABLE 8 NORTH AMERICA: COMMERCIAL REFRIGERATION EQUIPMENT MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 41
TABLE 9 US: COMMERCIAL REFRIGERATION EQUIPMENT MARKET, BY TYPE, 2020–2027 (USD MILLION) 41
TABLE 10 US: COMMERCIAL REFRIGERATION EQUIPMENT MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 42
TABLE 11 CANADA: COMMERCIAL REFRIGERATION EQUIPMENT MARKET, BY TYPE, 2020–2027 (USD MILLION) 42
TABLE 12 CANADA: COMMERCIAL REFRIGERATION EQUIPMENT MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 43
TABLE 13 MEXICO: COMMERCIAL REFRIGERATION EQUIPMENT MARKET, BY TYPE, 2020–2027 (USD MILLION) 43
TABLE 14 MEXICO: COMMERCIAL REFRIGERATION EQUIPMENT MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 44
TABLE 15 EUROPE: COMMERCIAL REFRIGERATION EQUIPMENT MARKET, BY COUNTRY, 2020–2027 (USD MILLION) 45
TABLE 16 EUROPE: COMMERCIAL REFRIGERATION EQUIPMENT MARKET, BY TYPE, 2020–2027 (USD MILLION) 45
TABLE 17 EUROPE: COMMERCIAL REFRIGERATION EQUIPMENT MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 46
TABLE 18 GERMANY: COMMERCIAL REFRIGERATION EQUIPMENT MARKET, BY TYPE, 2020–2027 (USD MILLION) 46
TABLE 19 GERMANY: COMMERCIAL REFRIGERATION EQUIPMENT MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 47
TABLE 20 FRANCE: COMMERCIAL REFRIGERATION EQUIPMENT MARKET, BY TYPE, 2020–2027 (USD MILLION) 47
TABLE 21 FRANCE: COMMERCIAL REFRIGERATION EQUIPMENT MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 48
TABLE 22 UK: COMMERCIAL REFRIGERATION EQUIPMENT MARKET, BY TYPE, 2020–2027 (USD MILLION) 48
TABLE 23 UK: COMMERCIAL REFRIGERATION EQUIPMENT MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 49
TABLE 24 ITALY: COMMERCIAL REFRIGERATION EQUIPMENT MARKET, BY TYPE, 2020–2027 (USD MILLION) 49
TABLE 25 ITALY: COMMERCIAL REFRIGERATION EQUIPMENT MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 50
TABLE 26 SPAIN: COMMERCIAL REFRIGERATION EQUIPMENT MARKET, BY TYPE, 2020–2027 (USD MILLION) 50
TABLE 27 SPAIN: COMMERCIAL REFRIGERATION EQUIPMENT MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 51
TABLE 28 REST OF EUROPE: COMMERCIAL REFRIGERATION EQUIPMENT MARKET, BY TYPE, 2020–2027 (USD MILLION) 51
TABLE 29 REST OF EUROPE: COMMERCIAL REFRIGERATION EQUIPMENT MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 52
TABLE 30 ASIA-PACIFIC: COMMERCIAL REFRIGERATION EQUIPMENT MARKET, BY COUNTRY, 2020–2027 (USD MILLION) 53
TABLE 31 ASIA-PACIFIC: COMMERCIAL REFRIGERATION EQUIPMENT MARKET, BY TYPE, 2020–2027 (USD MILLION) 53
TABLE 32 ASIA-PACIFIC: COMMERCIAL REFRIGERATION EQUIPMENT MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 53
TABLE 33 CHINA: COMMERCIAL REFRIGERATION EQUIPMENT MARKET, BY TYPE, 2020–2027 (USD MILLION) 54
TABLE 34 CHINA: COMMERCIAL REFRIGERATION EQUIPMENT MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 55
TABLE 35 JAPAN: COMMERCIAL REFRIGERATION EQUIPMENT MARKET, BY TYPE, 2020–2027 (USD MILLION) 55
TABLE 36 JAPAN: COMMERCIAL REFRIGERATION EQUIPMENT MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 56
TABLE 37 INDIA: COMMERCIAL REFRIGERATION EQUIPMENT MARKET, BY TYPE, 2020–2027 (USD MILLION) 56
TABLE 38 INDIA: COMMERCIAL REFRIGERATION EQUIPMENT MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 57
TABLE 39 REST OF ASIA-PACIFIC: COMMERCIAL REFRIGERATION EQUIPMENT MARKET, BY TYPE, 2020–2027 (USD MILLION) 57
TABLE 40 REST OF ASIA-PACIFIC: COMMERCIAL REFRIGERATION EQUIPMENT MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 58
TABLE 41 REST OF THE WORLD: COMMERCIAL REFRIGERATION EQUIPMENT MARKET, BY REGION, 2020-2027 (USD MILLION) 59
TABLE 42 REST OF THE WORLD: COMMERCIAL REFRIGERATION EQUIPMENT MARKET, BY TYPE, 2020–2027 (USD MILLION) 59
TABLE 43 REST OF THE WORLD: COMMERCIAL REFRIGERATION EQUIPMENT MARKET, BY APPLICATION, 2020-2027 (USD MILLION) 59
TABLE 44 SOUTH AMERICA: COMMERCIAL REFRIGERATION EQUIPMENT MARKET, BY TYPE, 2020–2027 (USD MILLION) 60
TABLE 45 SOUTH AMERICA: COMMERCIAL REFRIGERATION EQUIPMENT MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 60
TABLE 46 MIDDLE EAST & AFRICA: COMMERCIAL REFRIGERATION EQUIPMENT MARKET, BY TYPE, 2020–2027 (USD MILLION) 61
TABLE 47 MIDDLE EAST & AFRICA: COMMERCIAL REFRIGERATION EQUIPMENT MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 61
TABLE 48 LIST OF ACTIVE PLAYERS IN THE GLOBAL COMMERCIAL REFRIGERATION EQUIPMENT MARKET 64
TABLE 49 UNITED TECHNOLOGIES CORPORATION: PRODUCTS/SERVICES OFFERED 66
TABLE 50 HUSSMANN CORPORATION: PRODUCTS/SERVICES OFFERED 69
TABLE 51 HUSSMANN CORPORATION: KEY DEVELOPMENTS 69
TABLE 52 HILLPHOENIX, A DOVER COMPANY: PRODUCTS/SERVICES OFFERED 72
TABLE 53 AHT COOLING SYSTEMS GMBH: PRODUCTS/SERVICES OFFERED 74
TABLE 54 AHT COOLING SYSTEMS GMBH: KEY DEVELOPMENTS 74
TABLE 55 KYSOR WARREN: PRODUCTS/SERVICES OFFERED 76
TABLE 56 VOLTAS LTD: PRODUCTS/SERVICES OFFERED 78
TABLE 57 VOLTAS LTD: KEY DEVELOPMENTS 79
TABLE 58 WILLIAMS: PRODUCTS/SERVICES OFFERED 81
TABLE 59 ROCKWELL INDUSTRIES LIMITED: PRODUCTS/SERVICES OFFERED 83
TABLE 60 EPTA: PRODUCTS/SERVICES OFFERED 84
TABLE 61 EPTA: KEY DEVELOPMENTS 85
14 List Of Figures
FIGURE 1 MARKET SYNOPSIS 12
FIGURE 2 GLOBAL COMMERCIAL REFRIGERATION EQUIPMENT MARKET: MARKET STRUCTURE 15
FIGURE 3 GLOBAL COMMERCIAL REFRIGERATION EQUIPMENT MARKET: MARKET ATTRACTIVE ANALYSIS 15
FIGURE 4 GLOBAL COMMERCIAL REFRIGERATION EQUIPMENT MARKET, BY TYPE, 2020–2027 (USD MILLION) 16
FIGURE 5 GLOBAL COMMERCIAL REFRIGERATION EQUIPMENT MARKET, BY APPLICATION, 2020–2027 (USD MILLION) 17
FIGURE 6 GLOBAL COMMERCIAL REFRIGERATION EQUIPMENT MARKET: KEY BUYING CRITERIA 17
FIGURE 7 NORTH AMERICA: COMMERCIAL REFRIGERATION EQUIPMENT MARKET SIZE & MARKET SHARE BY COUNTRY, BY VALUE (2020 VS 2027) 18
FIGURE 8 ASIA-PACIFIC: COMMERCIAL REFRIGERATION EQUIPMENT MARKET SIZE & MARKET SHARE BY COUNTRY, BY VALUE (2020 VS 2027) 19
FIGURE 9 EUROPE: COMMERCIAL REFRIGERATION EQUIPMENT MARKET SIZE & MARKET SHARE BY COUNTRY, BY VALUE (2020 VS 2027) 19
FIGURE 10 REST OF THE WORLD: COMMERCIAL REFRIGERATION EQUIPMENT MARKET SIZE & MARKET SHARE BY COUNTRY, BY VALUE (2020 VS 2027) 20
FIGURE 11 RESEARCH PROCESS OF MRFR 21
FIGURE 12 TOP-DOWN & BOTTOM-UP APPROACHES 24
FIGURE 13 DRO ANALYSIS OF GLOBAL COMMERCIAL REFRIGERATION EQUIPMENT MARKET 25
FIGURE 14 DRIVERS IMPACT ANALYSIS 27
FIGURE 15 RESTRAINT IMPACT ANALYSIS 28
FIGURE 16 PORTER’S FIVE FORCES ANALYSIS: GLOBAL COMMERCIAL REFRIGERATION EQUIPMENT MARKET 30
FIGURE 17 SUPPLY CHAIN ANALYSIS: GLOBAL COMMERCIAL REFRIGERATION EQUIPMENT MARKET 32
FIGURE 18 GLOBAL COMMERCIAL REFRIGERATION EQUIPMENT MARKET, BY TYPE, 2020 (% SHARE) 35
FIGURE 19 GLOBAL COMMERCIAL REFRIGERATION EQUIPMENT MARKET, BY APPLICATION, 2020 (% SHARE) 37
FIGURE 20 GLOBAL COMMERCIAL REFRIGERATION EQUIPMENT MARKET SHARE, BY REGION, 2020 (%) (USD MILLION) 38
FIGURE 21 NORTH AMERICA: COMMERCIAL REFRIGERATION EQUIPMENT MARKET, BY COUNTRY, 2020 (%) 39
FIGURE 22 EUROPE: COMMERCIAL REFRIGERATION EQUIPMENT MARKET, BY COUNTRY, 2020 (%) 44
FIGURE 23 ASIA-PACIFIC: COMMERCIAL REFRIGERATION EQUIPMENT MARKET, BY COUNTRY, 2020 (% SHARE) 52
FIGURE 24 REST OF THE WORLD: COMMERCIAL REFRIGERATION EQUIPMENT MARKET, BY REGION, 2020 (% SHARE) 58
FIGURE 25 GLOBAL COMMERCIAL REFRIGERATION EQUIPMENT SHARE ANALYSIS, 2020 62
FIGURE 26 BENCHMARKING OF MAJOR COMPETITORS 63
FIGURE 27 KEY STRATEGY ANALYSIS: GLOBAL COMMERCIAL REFRIGERATION EQUIPMENT MARKET 64
FIGURE 28 UNITED TECHNOLOGIES CORPORATION: FINANCIAL SNAPSHOT, 2020–2027 (USD MILLION) 66
FIGURE 29 UNITED TECHNOLOGIES CORPORATION: SWOT ANALYSIS 67
FIGURE 30 HUSSMANN CORPORATION: SWOT ANALYSIS 70
FIGURE 31 VOLTAS LTD: TOTAL REVENUE, FY2020– FY2020 (USD MILLION) 78
Commercial Refrigeration Equipment Market
Commercial Refrigerator Equipment Market global industry share is expected to drive at a CAGR of 7.2% with a value of USD 17.2 billion during the forecasted year of 2022-2030
$17 Billion
Market Size
7.2%
CAGR
North America
Dominating Region
2022-2030
Forecast Period
Segmentation
Key Players
- Williams Refrigeration (India)
- EPTA (Italy)
- Rockwell Industries Limited (India)
- Voltas
- Inc. (India)
- Kysor Warren (US)
- A Dover Company(US)
- Hillphoenix
- Hussmann Corporation(US)
- AHT Cooling Systems GmbH (Austria)
- and United Technologies Corporation(US)
Drivers
- Growth Of Food Retail In Developing Countries
- Demand For Ready-To-Eat Products
- Beverages
- And Frozen Food
- Energy Efficiency Improvement Of Commercial Refrigeration Equipment
The commercial refrigerator equipment market global industry share is expected to drive at a CAGR of 7.2% with a value of USD 17.2 billion during the forecasted year of 2022-2030.
Commercial Refrigeration Equipment Market Analysis
Commercial refrigeration equipment market is gaining popularity due to the increased demand for the refrigeration of food and beverage products and the growing applications in chemicals and pharmaceuticals, the hospitality sector and several others. The consumption of healthy food items like ready to eat and frozen fruits is increasing due to the necessity of a healthy diet and the global change in customers' preferences. The rising government regulations and the concerns regarding harmful refrigerators that aid the ozone depletion provide ample market opportunities to implement magnetic refrigeration technology and green technology over the estimated forecasting years.
The food and beverage industry is one of the topmost sectors across all the regions, generating the highest annual revenue in the global GDP. The enterprise caters to customers from its raw farm commodities, over 2 million farms, into customer food products through nearly 680,000 retail stores and foodservice outlets. This enhances the production and consumption rate and commercial refrigeration equipment market sales worldwide.
Top Players and Competitive Landscape
The global commercial refrigeration equipment market is both highly fragmented as well competitive in nature with the presence of several market players. These industry players have adopted strategies such as mergers, acquisitions, product launches, geographic expansions, and others to remain head & shoulders above others in the competition.
Prominent players profiled in the global commercial refrigeration equipment market report include Williams Refrigeration (India), EPTA (Italy), Rockwell Industries Limited (India), Voltas, Inc. (India), Kysor Warren (US), A Dover Company(US), Hillphoenix, Hussmann Corporation(US), AHT Cooling Systems GmbH (Austria), and United Technologies Corporation(US), among others.
Industrial News
The newly introduced magnetic refrigeration technology is based on the magnetocaloric effect, with a change in temperature induced by applying a reversible magnetic field. The refrigerant is placed in a strong magnetic field, aligning various magnetic dipoles, thus lowering the temperature within the equipment.
The integration of this magnetic refrigeration technology is cost-efficient, eco-friendly, safe and durable for the overall power consumption, thus enabling its utilization in commercial refrigeration equipment globally.
This market has several companies fragmented over the minor shares. The industries are expanding their product line through product innovation, particularly in developing regions, to meet the increasing demand. Some of the major players in this industry are Williams Refrigeration, EPTA, Rockwell Industries Limited, Voltas Inc., Kysor Warren, and A Dover Company Systems GmbH.
Recent Developments
- January 2021- German subsidiary of the Italian retail refrigeration equipment manufacturer, Arneg Deutschland has acquired IKT Innovative Kalte Technik, the German contractor. Deutschland has expanded its offering with refrigeration services and furniture and also cold rooms, thus bringing added value to Germany’s commercial refrigeration market.
Commercial Refrigeration Equipment Market Dynamics
- Drivers
Booming Food and Beverage Processing Industry to Bolster Market Growth
The developing food and beverage processing industry in developing countries is likely to bolster the commercial refrigeration equipment market share over the forecast period. Food & beverage processing globally is regarded as a huge industry. About 90% of the food that is produced is processed in developed countries. Burgeoning demand for convenience and processed meat products have been witnessed owing to consumer’s busy lifestyles and changing habits.
Additional factors adding to the commercial refrigeration equipment industry growth include the expansion of the hospitality sector, rising preference of consumers to dine out, ongoing expansions of consumer good retail chains worldwide, innovations and advancements in magnetic refrigeration systems, evolving technologies, increasing international food trade that is increasing the need for refrigeration of processed foods, seafood, and frozen foods, changing food habits, and growing number of supermarkets, specialty food stores, and hypermarkets
- Opportunities
Adoption of Eco-Friendly Refrigerants to Offer Robust Opportunities
The trend to adopt eco-friendly refrigerants is growing within the commercial refrigeration equipment market that is likely to offer robust opportunities to market players in the upcoming days. A key contribution to environmental concerns like global warming and ozone layer depletion are contributed by refrigerants because they absorb infrared radiation as well as retain the same in the atmosphere. The specialty of eco-friendly refrigerants is that there is no depletion of the ozone layer in the atmosphere, possess low global warming potential, and do not contribute to global warming.
- Restraints
High Installation Cost to Act as a Market Restraint
The high cost of installation of commercial refrigeration may act as a market restraint over the forecast period.
- Challenges
Strict Regulations to Act as a Market Challenge
The strict regulations on the usage of fluorocarbon refrigerants may act as a major market challenge for market players in the upcoming days.
Commercial Refrigeration Equipment Market Segments Analysis
Commercial Refrigeration Equipment Market is segmented based on Application and Type.
Walk-in/Reach-in Coolers Segment to Lead Commercial Refrigeration Equipment Market
Based on type, the commercial refrigeration equipment market is segmented into beverage refrigeration, walk-in coolers/reach-in coolers, and display cases. Of these, the walk-in/reach-in coolers segment will lead the market over the forecast period owing to high efficiency and keeping food fresh for long.
Supermarket Segment to Dominate Commercial Refrigeration Equipment Market
The commercial refrigeration equipment market by application has been segmented into hypermarkets, supermarkets, and others. Of these, the supermarket segment will dominate the market over the forecast period for its expertise in attaining efficiency and reducing carbon footprints, sans compromising on performance.
Commercial Refrigeration Equipment Market Regional Analysis
North America to Lead Commercial Refrigeration Equipment Market
Geographically, the global commercial refrigeration equipment market report has been segmented into North America, Europe, the Asia Pacific (APAC), and Rest of the World (RoW). Of these, North America will lead the market over the forecast period. It is predicted to touch USD 3,426.0 million at a 6.02% CAGR by 2025. The presence of noteworthy distribution channels for all retailer categories, high adoption rates of commercial refrigeration equipment, eco-friendly and energy efficiency refrigerant regulation in Canada, and consumer’s increased purchasing power are fueling the growth of this commercial refrigeration equipment market in the region.
APAC to Hold Second-Largest Share in Commercial Refrigeration Equipment Market
The global commercial refrigeration equipment market in the APAC region is predicted to hold the second-largest share over the forecast period. It is predicted to touch USD 3,534.1 million at an 8.24% CAGR by 2025. Increasing adoption in local retail chains in India, Japan, and China, massive urbanization coupled with recent developments in the food & beverage industry in China, increasing use in food retail industries, need to avoid bacterial disease owing to unhygienic food, demand from restaurants and local grocers in tier III and tier-II cities of Japan, increasing consumption of instant food products, growing need for frozen and processed foods in urban areas, growing population, rising economic conditions like growing disposable incomes and rising GDP, and developing consumer appliances sector are adding to the global commercial refrigeration equipment market growth in the region. Besides, growth in the manufacturing sector, increasing spending on public and private infrastructure development, rapid urbanization, and growing population are adding to the global commercial refrigeration equipment market growth in the region.
Europe to Have Notable Growth in Commercial Refrigeration Equipment Market
In Europe, the global commercial refrigeration equipment market is predicted to have notable growth over the forecast period. It is predicted to touch USD 2,143.3 million at a 5.57% CAGR by 2025. Organized food and grocery retail industry, growing hypermarkets and supermarkets and food retail chains, expansion of grocery retail chains, developing food and beverage industry owing to the presence of top food and beverage manufacturing companies, rapidly growing hospitality industry in Germany, UK, and France, and strict food safety regulations by the government to keep food products hazard-free are adding to the global commercial refrigeration equipment market growth in the region.
COVID-19 Analysis
The on-going COVID-19 pandemic has cast its spell on almost every industry, with the commercial refrigeration equipment market being no exception. The decline is chiefly on account of the crisis, which has resulted in restrictive containment measures including remote working, closure of industries as well as other commercial activities causing operational challenges and social distancing. In fact, the complete supply chain has faced a disruption, thus impacting the global commercial refrigeration equipment market size negatively.
Commercial Refrigeration Equipment Market Report Scope
The global commercial refrigeration equipment market report by Market Research Future throws light on the current trends and niches in the industry. The report also lays emphasis on the various market drivers, opportunities, market restraints, and challenges, as well as offers insights for the forecast period. It also throws light on the different market segments for a comprehensive understanding of the reader.
By Type
- Beverage Refrigeration
- Display Cases
- Walk-in Coolers/Reach-in Coolers
By Application
- Supermarkets
- Hypermarkets
- Others
By Region
- North America
- Europe
- The Asia Pacific (APAC)
- Rest of the World (RoW)
Report Scope:
| Report Attribute/Metric | Details |
|---|---|
| Market Size | 2030: USD 17.2 Billion |
| CAGR | 7.2% CAGR (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2019 & 2020 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | Williams Refrigeration (India), EPTA (Italy), Rockwell Industries Limited (India), Voltas, Inc. (India), Kysor Warren (US), A Dover Company(US), Hillphoenix, Hussmann Corporation(US), AHT Cooling Systems GmbH (Austria), and United Technologies Corporation(US) |
| Key Market Opportunities | Growth Of Food Retail In Developing Countries |
| Key Market Drivers |
|
Frequently Asked Questions (FAQ) :
Well-Developed commercial refrigeration is estimated to encourage market progress.
A 7.2% CAGR is estimated to create momentum for the market in the impending period.
A USD, 17.2 billion income level, is estimated to motivate the market in the impending period.
The government regulation pertaining to commercial refrigeration equipment are probable to slow the market in the approaching period.
Hillphoenix, A Dover Company(US), Hussmann Corporation(US), and Kysor Warren(US) are expected to motivate the market in the approaching period.
The North American region is predicted to guide the market on a global level.
Application and Type segments are estimated to bolster the market in the forthcoming period.
