Commercial Refrigeration Equipment Market Revenue Will Exceed $40 Billion By 2024
Global commercial refrigeration equipment market is projected to grow at a CAGR of 5.6% over the forecast period (2016 to 2024). By 2024, market revenues would exceed USD 40 billion. This may be attributed to changing food consumption patterns triggered by rapid industrialization and technological advancements.
Escalating intake of frozen foods spurs demand for refrigeration of food on a commercial scale. Innovative technology makes possible remote monitoring of products to check refrigerant leak, high liquid levels, abnormal system pressures, etc. Increase in specialty food outlets, hypermarkets, and supermarkets also contribute to a favourable market outlook. These places are equipped with advanced products like multi-deck display cabinets and open front cases, having LEDs and proximity sensors.
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The market is segmented into products, applications, and regions. Products consist of beverage refrigeration, refrigerators & freezers, transportation refrigeration equipment, parts, and others. Beverage refrigeration could rise due to a boom in restaurants across the globe. Transportation held about 20% of the market in 2015. Zero-emission technologies and efficient fuel consumption are some of the trends that should propel this segment’s growth till 2024.
Applications are split into food service, food & beverage retail, food & beverage production, food & beverage distribution, and others. Food service segment includes food-serving facilities such as restaurants, schools, supermarkets, and convenience stores. It is estimated to increase owing to robust demand of cold-storage and cascade refrigeration system in the food & beverage industry in the coming years.
North America, Europe, Asia Pacific, South America, and MEA (the Middle East & Africa) constitute the regional markets. North America is expected to witness substantial growth on account of higher disposable incomes and proliferation of food outlets and retail restaurants. Europe would benefit from economic revival and an expanding retail sector.
Asia Pacific is likely to grow at a CAGR of 6.6% during the forecast period. Main market drivers are changing food habits, high processed food exports, rise in horticulture, and rising purchasing power of the populace.
The global commercial refrigeration equipment market is highly competitive. Key players encompass Dover Corporation, Carrier Corporation, Illinois Tool Works, Electrolux, and Johnson Controls. They focus on strategic alliances (mergers, acquisitions, partnerships) and research & development of novel products to stay competitive. Market entry barriers include high capital investment, stringent regulatory environment, and increasing research & development costs.
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