Commercial Refrigeration Equipment Market to Reach US$ 41.5 Bn by 2022
According to a new market report published by Credence Research Inc “Commercial Refrigeration Equipment Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 - 2022,” the commercial refrigeration equipment market is expected to reach US$ 41.5 Bn by 2022, with increasing demand for frozen foods and changing food consumption habits. The market for commercial refrigeration equipment is also expected to increase with growing food service and cold chain industry major countries across the world. Stringent energy consumption regulation is forcing retailers to replace their outdated refrigeration equipment with energy efficient solutions. This represents a significant demand for commercial refrigeration equipment in replacement market. High initial investment cost is the primary factor limiting the growth of these products particularly in price sensitive markets.
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Commercial refrigeration equipment are classified into reach-ins & walk-ins, display cases, beverage refrigeration equipment, ice machines, refrigerated, vending machines, transportation equipment, other equipment and related parts. Reach-in and walk in systems accounted for the largest revenue share compared to other product categories and is expected to see the promising growth through the forecast period with growing number of hotels, restaurants, and production industry. The transportation equipment segment is expected to see the fastest growth through the forecast period. Beverage and vending machines are also expected to see the promising growth with changing food consumption habits.
Food service industry is expected to be the fastest growing application segment for commercial refrigeration equipment with increasing number of hotels and restaurants across the world. In addition, the considerable demand for commercial refrigeration equipment is expected from food and beverage production industry with introduction of stringent food production regulations.
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Asia Pacific accounted for the largest regional market compared to other regions and is expected to see the fastest growth through the forecast period. This growth is primarily attributed to growing demand for commercial refrigeration equipment from India and China. North America and Europe are matured markets and majority of growth in these markets is expected from replacement market. The U.S. represents largest individual market in 2014. In addition, promising growth is also expected in South America and Middle East commercial refrigeration equipment markets with growing retail and food service industry in these regions.
The global commercial refrigeration equipment market is concentrated with multinational as well as regional market players. Manufacturers across the world are focusing on advanced energy efficient solutions to meet energy consumption regulations. Some major players in the global commercial refrigeration equipment industry include Whirlpool Corporation, Danfoss A/S, Beverage-Air Corporation Daikin Industries, Ltd., United Technologies Corporation, Illinois Tool Works, Inc., Dover Corporation, Hussmann Corporation, Haier Inc., Ingersoll Rand Plc., Metalfrio Solutions SA, and Electrolux AB.
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