"Catapult Your Business to Fore, Gain Competitive Advantage "
The global commercial refrigeration equipment market size stood at USD 42.08 billion in 2018 and is anticipated to reach USD 67.46 billion by 2026, Exhibiting a CAGR of 6.2% during the forecast period.
Commercial refrigeration equipment is gaining popularity due to increasing demand for refrigeration of food and beverage products, along with its growing applications in chemicals and pharmaceuticals, hospitality sector and many more. Consumption of healthy food items such as ready to eat and frozen fruits is increasing owing to the necessity of healthy diet and change in preferences of the customers worldwide. Rising government regulations and concerns regarding harmful refrigerants that aid the ozone depletion are providing ample of market opportunities to implement magnetic refrigeration technology and green technology over the forecast period.
“Increasing Cold Storage Services to Drive the Market”
The cold storage warehouses offer numerous facilities in the food logistic sector such as storage of perishable and seasonal foods, for availing them year-around, export-import logistic facilities across global transportation routes and meeting strategic locations for retail distributions. These refrigeration warehouse services are becoming and emerging trend in short-term of time for managing and maintaining the entire refrigeration process in varied industries globally. Therefore, offering numerous opportunities to the commercial refrigeration equipment manufacturers.
“Rising Investments in Food and Beverage Industry to Drive the Market Worldwide”
The food and beverage industry is one of the topmost sector across all the regions, generating highest annual revenue in the global GDP. The industry caters the customers from its raw farm commodities, that is over 2 million farms into consumer food products through nearly 680,000 retail stores and food service outlets. This enhances the production and consumption rate along-with commercial refrigeration equipment sale globally. As per the study of Food and Agriculture Organization (FAO), the food sector sales in 2017 was accounted for USD 1.4 trillion, out of which, the food and beverage industry alone generated USD 164 billion value added revenue. Moreover, increasing demand for consumer and ready to eat food and beverage products lead to rise in adoption of commercial refrigeration equipment globally.
Request a Free sample to learn more about this report.
“Adoption of Advanced Magnetic Refrigeration Technology to Boost the Market”
The newly introduced magnetic refrigeration technology is based on magneto caloric effect, with a change in temperature is induced by applying reversible magnetic field. The refrigerant is placed in a strong magnetic field, aligning various magnetic dipoles thus lowering the temperature within the equipment. Integration of this magnetic refrigeration technology is cost-efficient, eco-friendly, durable, safe and reduces the overall power consumption, thus enabling its utilization in the commercial refrigeration equipment worldwide.
“Emergence of Organic Food Industry to Uplift the Market Growth”
According to the Organic Trade Association (OTA), the global organic food industry is expected to witness highest growth amongst the food sector. Customers tend towards healthy and nutrition based food products that are cultivated naturally using organic seeds and supplements, resulting higher dependence on the refrigeration process and equipment. As per the study of BIOFACH and COOP, Asia Pacific has the highest revenue generation in the organic sector accounting USD 42.0 million, followed by Europe (USD 14.6 million), Latin America (USD 8.0 million), North America (USD 3.2 million) and Africa (USD 2.1 million) respectively.
Henceforth, rising demand for organic food products is anticipated to drive the commercial refrigeration equipment market.
“The Refrigerator & Freezer are Projected to Exhibit the Highest Growth Rate in the Forecast Period”
The global commercial refrigeration equipment market is segmented by type, and is further segmented into refrigerator & freezer, transport refrigeration, refrigerated display cases, ice-machines and others.
The refrigerator and freezer segment is expected to experience exponential market growth owing to the increasing demand of cold storage equipment for numerous applications in food and beverage, chemicals and pharmaceutical sectors along-with, hotels, restaurants and retail stores. Refrigerators and freezers are basic equipment in the food service sector that are used to store and provide healthy and fresh food products to the customers.
Moreover, the transport refrigeration depicts liberal growth due to increasing export and import services through various transportation channels such as by road, water or air transport. Transport refrigeration has highest market share owing to fast delivery and sales services; this in return is expected to drive the demand of commercial refrigeration equipment globally.
Furthermore, the refrigerated display cases and ice machines is anticipated to experience moderate growth due to its moderate selling price, and its applications. These types of equipment are most likely to be used in bakeries, full and quick service restaurants for displaying cakes and pastries and to serve beverages with ice.
The others sub-segment comprises of vending machines that represents steady growth, due to stagnant demand as it has longer shelf life with minimal applications across various sectors.
To know how our report can help streamline your business, Speak to Analyst
“Food & Beverage Application is Expected to Dominate the Market in the Near Future”
By application, the market is bifurcated into food and beverage, retail stores, hotels & restaurants, chemicals and pharmaceuticals, and others.
Food and beverage application has the highest growth rate in this market due to rising interest of customers towards healthy and ready to eat food products worldwide. Food and beverage sector has the highest usage of commercial refrigeration owing to wide range of applications, thus enhancing the commercial refrigeration equipment sale.
Hotels and restaurants depict progressive growth rate owing to increase in changing preferences of customers for full and quick service restaurants and their food services. Retail stores of developed countries offer frozen food products to its customers, as the requirement for frozen meat and other food and beverages increases, henceforth expected to portray gradual commercial refrigeration equipment market growth.
Moreover, the chemical and pharmaceutical sector is expected to show steady growth, as these sectors are implemented with huge commercial refrigerators for storing chemicals, pathology samples and other biological samples. These sectors handle the refrigeration equipment with care due to storage of delicate products, that does not require to change the commercial refrigeration equipment eventually. The others sub-segment is likely to depict minimal growth due to limited applications in healthcare sector globally.
Asia Pacific Commercial Refrigeration Equipment Market Size, 2018
To get more information on the regional analysis of this market, Request a Free sample
Asia Pacific commercial refrigeration equipment market holds the highest growth rate and is expected witness highest growth, due to increasing demand for frozen food products in India, China and Japan. Food manufacturing companies across the region are focusing on producing frozen version of regional food products, thereby supporting the market growth. Moreover, the rising disposable income in the urban areas of India, and China has lead consumer to spend more on food outside home. Restaurants are installing these refrigeration systems to offer fresh, hygienic, and high-quality food.
The increasing investments in the food & beverage industries across North America will drive the regional commercial refrigeration equipment market growth. Consumers are observing the demand for healthy & hygienic food, and are willing pay extra for good quality food, which in turn, leading restaurants & hotels to deploy these devices to keep food product fresh & safe. Moreover, the increasing numbers of food joints and quick service restaurants coupled with the proliferating restaurant industry in the U.S. and Canada will propel the market size in North America over the forecast timeline. According to the National Restaurant Association of the U.S., in 2019, the restaurant industry’s sales reached at around USD 863 billion in the U.S., also providing ample opportunities to the commercial refrigeration equipment rental market expansion.
Europe commercial refrigeration equipment market owing to its food & beverage industry is witnessing a significant growth owing to the presence of leading food & beverage manufacturing companies in the region. Food & beverage producers are making investments in advanced refrigeration systems to keep food products fresh and frozen. Additionally, the rapidly developing hospitality industry, especially in France, UK, and Germany has led regional restaurants to adopt these appliances to store large quantity of food products to cater to the ongoing consumer demands. Moreover, the implementation of stringent food safety regulations by the European governments is creating huge demand for these devices to keep food products hazard free.
Additionally, The MEA commercial refrigeration equipment industry is primarily driven by the increasing travel & tourism sector, particularly in Saudi Arabia and UAE. Upcoming events such as World Expo in the UAE and FIFA World Cup 2022 in Qatar is attributing to the regional food & beverage retail industry, thereby driving the market growth. Moreover, the increasing South African government’s efforts to reduce the food waste will propel the regional market growth over the forecast timeline.
Similarly, the Latin American commercial refrigeration equipment market will witness a growth owing to the increasing consumer demand for premium food products. Consumers in the urban areas of Brazil and Mexico are making investments in premium food products, such as bakery products, attributing to the market demand.
“Carrier Corporation Focusses on Strategic Agreements to Strengthen its Natural Refrigeration System Offerings"
Carrier Corporation announced an agreement in February 2020, with a European wholesale center operator, METRO AG, to offer natural refrigerant CO2 commercial systems to the major European stores. METRO has planned to remodel the European stores under METRO’s F-gas Exit Program (FEP) that aims to convert the retails stores with natural refrigerant systems, thus reducing the ozone depletion. Moreover, such offerings and initiatives advent the demand and integration of commercial refrigeration equipment worldwide.
The field of commercial refrigeration equipment is shifting towards building safe ecosystem, to efficiently maintain the refrigeration process and offer healthy and beneficial products to the mankind. Optimization of new technologies and the benefits gained from them, will reserve both the environment and the market offerings along-with their strategic processes. This can be achieved by introducing green and safe technologies, enhancing the refrigeration processes and generating automated reports.
An Infographic Representation of Commercial Refrigeration Equipment Market
To get information on various segments, share your queries with us
The global commercial refrigeration equipment market report offers an elaborative analysis of numerous factors affecting on it. These include opportunities, growth drivers, threats, key developments, and restraints. In addition to this, it further helps in analyzing, segmenting, and defining the market based on different segments such as type and application. It strategically analyzes several strategies such as product innovations, mergers, alliances, joint ventures, and acquisitions adopted by players in the industry.
Value (USD billion)
Fortune Business Insights says that the value of the global market was USD 42.08 billion in 2018.
The market is projected to reach USD 67.46 billion by 2026.
The market will grow at the rate of 6.2% CAGR. Adoption of advanced magnetic refrigeration technology to is enhancing the market growth.
The Asia Pacific is expected to witness highest market growth in the market valuing USD 10.30 billion in 2018 owing to the increasing focus on producing frozen regional food products.
Refrigerator and Freezer segment is expected to be the leading segment during the forecast period.
Rising investments in food and beverage industry to drive the market worldwide.
Emerson Electric Co., Carrier Corporation, and Danfoss are the top players in the market.
Increasing cold storage services to drive the market.
Food and Beverage application segment is expected to witness highest growth rate in the market during the forecast period.
Emergence of organic food industry to uplift the market growth.
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry