“[280 Pages Report] Commercial Refrigeration Equipment Market will exceed revenues worth US$46 Bn by 2019 end, likely to surge to a vigorous 4% CAGR during the assessment period 2019 -2029 ”
[280 Pages Report] Commercial Refrigeration Equipment Market will exceed revenues worth US$46 Bn by 2019 end, likely to surge to a vigorous 4% CAGR during the assessment period 2019 -2029
$46Witnessing an uptick of 3.4% over 2018, the worldwide sales of commercial refrigeration equipment will exceed revenues worth US$ 46 Bn by 2019 end. As showed by a recent research study of Future Market Insights (FMI), the market for commercial refrigeration equipment will progress at a moderate CAGR over 2019 – 2029. The demand would be prominently driven by greater production of F&B goods and a preferential shift of consumers towards quick service restaurants (QSRs), at a global level.
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Sustainable and energy-efficient refrigeration systems will become a norm across the end-use industries, which should compel manufacturers to increase their investments in R&D and product innovations. Leveraging energy-efficient technologies to offer low global warming potential (GWP) products with rich functionalities will be the ticket to capturing significant market share in the long run.
COMMERCIAL REFRIGERATION EQUIPMENT MARKET KEY TAKEAWAYS
Growing demand for ready-to-eat products and expanding retail outlets are driving the sales of commercial refrigeration equipment. North America and Europe would collectively account for over half of the market value share by 2029 end. The food services sector will remain prominent application area to invest in, for commercial refrigeration equipment market players. The enforcement of new refrigerant regulations such as the EPA 680 Upgrade, and the Kigali Amendment for the phase-down of HFC refrigerants will largely affect the market growth. The higher average unit cost of freezers & refrigerators eludes lower volume sales vis-à-vis value gains, with just about 2.6 million unit sales in 2018. Glass door merchandizers that account for around a third of total volume sales continue to see relatively low revenue generation as compared to freezers & refrigerators. Sales of beverage dispensers and display cases across end-use industries will show a moderate increase year-over-year in 2019, which will collectively represent nearly 16% of total commercial refrigeration equipment sales in that year.
Manufacturers who are keeping the innovation quotient high and providing turnkey solutions to meet regulatory requirements, with safety to end users at the core, will be rewarded in the long run.
Chinese Players Striving to Win Home Market
In developed markets, rapid acceptance of alternative refrigerants to benefit from regulatory standards along with expansion of F&B processing industries continues to contribute to the development of the commercial refrigeration equipment market. The growth of Asia Pacific’s commercial refrigeration equipment market was influenced by a shift of Asian eating habits towards western-style convenience food. With the ability to manufacture their own compressors, Chinese companies are gaining competitive edge to reign supreme in their home market with indigenous brands.
Competition Trends
In 2018, the top four stakeholders, including Carrier Corporation, Daikin Industries, Ltd., Danfoss A/S, and Hussman Corporation, collectively accounted for 20-25% revenue share. The emergence of many young players in developing countries has resulted in price competition, with leading market players losing their profit margins. Market fragmentation will continue through 2029, driven by regional regulatory norms and enhanced capabilities of the local players.
Commercial Refrigeration Equipment Market Taxonomy
The global commercial refrigeration equipment market is segmented to cover every aspect of the market and present a complete market intelligence approach to the reader.
By Product
Beverage Refrigerator Drinking Fountain Soda Fountain Beer Dispensing Equipment Beverage Coolers Freezers & Refrigerators Freezer & Chillers Blast Chiller/Stock Freezers Contact Freezers Refrigerators Walk-in-Refrigerators Reach-in Refrigerators Transportation Refrigerators Trailers Trucks Shipping Containers Glass Door Merchandizers Hinged Door Sliding Door Display Cases Ice Cream Cabinets Bakery/Deli Display Beverage Dispensers Refrigerated Vending Machine Ice Machine Ice Scream Machine
By Application,
Food Services, Food & Beverage, Retail Food & Beverage, Production Food & Beverage, Distribution
By Region
North America Latin America Europe South Asia East Asia Oceania Middle East and Africa
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Learn More About What the Report Covers
This FMI report is an extensive analysis of the global commercial refrigeration equipment market that offers actionable insights on how the market growth will unfold over the forecast period, 2019 – 2029. The market for commercial refrigeration equipment has been categorized into various segments for analysis, based on the type of refrigeration equipment, application area, and region. The study provides valued information on key competition trends and most preferred developmental strategies of leading market brands.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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