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 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.
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.
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.
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
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.
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.
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 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.
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.
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.
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.
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.
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.
|Market Size||2030: USD 17.2 Billion|
|CAGR||7.2% CAGR (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.