Commercial refrigeration systems accounted for 40% share of the global refrigeration equipment market in 2020. Commercial refrigerators and commercial freezers will see good sales as investments in the food & beverage industry rise over the next.
Sustainable and electricity-efficient refrigeration structures are set to emerge as a norm throughout the end-use industries, which ought to compel manufacturers to boom their investments in R&D and product innovations. As indicated by a recent research study of Future Market Insights (FMI), the market for commercial refrigeration devices will progress at a moderate CAGR over 2022 – 2029.
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.
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.
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Witnessing an uptick of 3.4% over 2021, the worldwide sales of commercial refrigeration equipment will exceed revenues worth US$ 51 Bn by 2022 end. 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.
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.
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.
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.
Commercial Refrigeration Equipment Market Share , Commercial Refrigeration Equipment Market Size
Aug 25, 2022