By 2028, the commercial refrigeration equipment market projected to grow at a CAGR of 4% and be worth US$68.3 billion (2022-2028). Over the forecast period, the market for commercial refrigeration equipment is expected to grow at a CAGR of 4%. The market for commercial refrigeration equipment is anticipated to be valued US$ 51.8 Bn by the end of 2022, with sales increasing 3.9% year over year.
The cost of gaining a significant market share will ultimately be paid by using energy-green technology to produce items with low global warming potential (GWP) yet rich functions.
The benefits NH3/CO2 cascade systems provide for food processing and low-temperature distribution facilities are expected to gradually increase demand for these systems. These advantages include low operating costs, lower capital and compliance costs, ideal food quality, and increased throughput (since they use less energy per tonne of refrigeration compared to other systems).
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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.
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.
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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.
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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Key Segments Of Commercial Refrigeration Equipment Industry Survey
Commercial Refrigeration Equipment Market by Product Type:
Beverage Refrigerators
- Drinking Fountains
- Soda Fountains
- Beer Dispensing Equipment
- Beverage Coolers
Freezers & Refrigerators
Freezers & Chillers
- Blast Chiller/Stock Freezers
- Contact Freezers
Refrigerators
- Walk-in-Refrigerators
- Reach-in Refrigerators
Transportation Refrigerators
- Commercial Refrigeration Equipment for Trailers
- Commercial Refrigeration Equipment for Trucks
- Commercial Refrigeration Equipment for Shipping Containers
Glass Door Merchandizers
- Hinged Doors
- Sliding Doors
Display Cases
- Ice Cream Cabinets
- Bakery/Deli Display
Beverage Dispensers
Refrigerated Vending Machines
Ice Machines
Ice Cream Machines
Commercial Refrigeration Equipment Market by Application:
- Commercial Refrigeration Equipment for Food Services
- Commercial Refrigeration Equipment for Food & Beverage Retail
- Commercial Refrigeration Equipment for Food & Beverage Production
- Commercial Refrigeration Equipment for Food & Beverage Distribution
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Future Market Insights (ESOMAR-certified market research organization and a member of the 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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