With sales of commercial refrigeration equipment enjoying Y-o-Y growth of 3.9% in 2022, the market is expected to be worth US$ 51.8 Bn by the end of the year. The global commercial refrigeration equipment market is anticipated to reach a valuation of US$ 68.3 Bn by 2028 while progressing at a CAGR of 4% (2022-2028).
Leveraging power-green technologies to offer low global warming capacity (GWP) merchandise with wealthy functionalities will be the price tag to capturing vast marketplace proportion ultimately.
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The demand for NH3/CO2 cascade systems is also slated to go up gradually due to the advantages they offer for food processing and low-temperature distribution facilities. These benefits include low operating costs (as they use less energy per ton of refrigeration compared to other systems), lower capital and compliance costs, optimal food quality, and increased throughput.
The rising popularity of frozen food products and ready-to-drink beverages, which drives the commercial refrigeration equipment market, is one of the key reasons for a responsible year-on-year increase.
The food and beverage industry is a major end-use sector for commercial refrigeration equipment and systems. Investments in the food and beverage industry are expected to grow significantly over the forecast period as the global population grows and food demand rises.
Sales of equipment including industrial refrigerators, commercial freezers, and other refrigeration units are anticipated to increase in response to the rising demand for ready-to-eat food and beverages.
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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 impact the market growth.
- The higher average unit cost of freezers & refrigerators allude lower volume sales vis-à-vis value gains, with just about 2.6 million unit sales in 2021.
- 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 2022, 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 turn-key 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 continue 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.
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Competition Trends
In 2021, 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 a large number of small players in developing countries has resulted into 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.
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