Commercial Refrigeration Equipment Market demand Estimations: USD 68.3billion by 2028

Worldwide sales of commercial refrigeration equipment market demand , which witnessed an increase of 3.4% compared to 2018, will exceed US$46 billion in revenue by the end of 2019. As a recent research study by Future Market Insights (FMI) shows, the  Commercial Refrigeration Equipment Market will develop at a moderate CAGR between 2019 and 2029. Demand will be driven significantly by more production of F&B products and preferential movement of consumers. We aim to become a quick service restaurant (QSR) at the global level.

Sustainable and energy-efficient refrigeration systems will become the standard across end-use industries, forcing manufacturers to increase their investment in R&D and product innovation. Leveraging energy efficient technologies to offer low global warming potential (GWP) products with multiple features will be your ticket to gaining significant market share in the long run.

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Commercial Refrigeration Equipment Market Key Takeaways

  • Sales of commercial refrigeration equipment are increasing, driven by growing demand for ready-to-eat products and expanding retail outlets.
  • North America and Europe will account for more than half of the market value share by the end of 2029.
  • The food service sector will remain a major application for investment in commercial refrigeration equipment market players.
  • The implementation of new refrigerant regulations such as the EPA 680 upgrade and the Kigali amendment to phase out HFC refrigerants will have a significant impact on market growth.
  • The higher average unit cost of freezers and refrigerators implied lower sales compared to value profit, with approximately 2.6 million units sold in 2018.
  • Glass door merchandisers, which account for about a third of total sales, continue to see relatively low revenue generation compared to freezers and refrigerators.
  • Sales of beverage dispensers and display cases across end-use industries will show modest year-over-year growth in 2019, accounting for nearly 16% of total commercial refrigeration equipment sales that year.

Chinese players targeting the domestic market

The rapid adoption of alternative refrigerants to benefit from regulatory standards along with the expansion of the F&B processing industry in developed markets continues to contribute to the development of the commercial refrigeration equipment market. The growth of the commercial refrigeration equipment market in the Asia Pacific region has been driven by the shift in Asian eating habits to Western convenience foods. The ability to manufacture their own compressors gives Chinese companies a competitive edge to gain an edge in their own markets with their own brands.

competitive trends

In 2018, the top four stakeholders, including Carrier Corporation, Daikin Industries, Ltd., Danfoss A/S, and Hussman Corporation, accounted for a total revenue share of 20-25%. The emergence of a large number of smaller players in developing countries has created price competition, and leading market players have lost profits. Market segmentation will continue through 2029, driven by regional regulatory norms and enhanced capabilities of regional participants.

Increased capital expenditure on refrigeration systems

The number of retail outlets worldwide has grown significantly over the past decade. Major players in the retail sector are expanding their presence in emerging markets in the Asia Pacific region, particularly India and China, taking advantage of the growing consumer spending power in these countries.

The retail market in developing countries is quite fragmented. However, favorable government policies on investment in the retail sector in developing countries such as India and China have led to significant growth in the organized retail sector.

Changing Consumer Preference from FSR to QSR

The rapidly changing lifestyle and shift towards westernization have shifted consumer preferences from full service restaurants (FSRs) to quick service restaurants (QSRs). The number of quick service restaurants has increased significantly in recent years. Consumer spending on QSRs increased 4.1% between FY2005 and FY2015, bringing the total market value in FY2015 to approximately $275 billion. Accordingly, overseas and local companies are making significant investments in quick-service restaurant equipment, such as showcases and vending machines.

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Learn more about report content

This FMI Report is an extensive analysis of the Global Commercial Refrigeration Equipment Market that provides actionable insights on how the market growth will develop during the forecast period 2019-2029. The Commercial Refrigeration Equipment Market has been segmented into various segments for analysis. Based on the type of refrigeration equipment, application and region. This study provides valuable information on the key competitive trends and most preferred development strategies of the leading market brands.

Commercial Refrigeration Equipment Market Segmentation
The Global Commercial Refrigeration Equipment Market is segmented in detail to cover all aspects of the market and to present readers a complete market intelligence approach. 
by product

  • beverage refrigerator
  • Freezer and Refrigerator
    • Freezers and Chillers
    • Refrigerator
  • transport refrigerator
  • glass door merchandiser
  • showcase
  • beverage dispenser
  • refrigerated vending machine
  • ice machine
  • ice cream machine

by application

  • food service
  • Food and Beverage Retail
  • Food and beverage production
  • food and beverage distribution

by region

  • North America
  • Latin America
  • Europe
  • South Asia
  • East Asia
  • Oceania
  • Middle East and Africa

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor  the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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