The demand for commercial refrigeration systems, which rises along with the demand for these goods, drives the market for commercial refrigeration equipment.
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). The market for commercial refrigeration devices is anticipated to rise at a CAGR of 4% over the forecast period. 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.
Utilizing energy-green technologies to provide products with low global warming potential (GWP) but rich functionalities will ultimately be the price to capturing a sizable market share.
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
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:
Commercial Refrigeration Equipment Market by Application:
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Commercial Refrigeration Equipment Market , Commercial Refrigeration Equipment Market Share , Commercial Refrigeration Equipment Market Size
Feb 15, 2023