"Catapult Your Business to Fore, Gain Competitive Advantage "
A modular refrigeration unit have revolutionized the conventional “big-box” refrigerators. These units are flexible in designs and are integrated easily. The market for modular refrigeration unit is gaining traction and it is anticipated to grow significantly. This is owing to the rising residential and commercial modular construction projects. For instance, in May 2019, Skender launched a modular production building at its advanced manufacturing facility located in Chicago. Similarly, In 2016, the state council of China released a circular stating that 30% of the new buildings would utilize prefabricated construction. Also, the accessibility of the user increases without compromising the capaciticies or place occupied by the system. This leads to efficient usage of the availability of spaces. Besides, the rising concerns of carbon emissions, optimal temperature utilization and reduce energy consumption is a major factor resonsible for driving the market. For instance, the government of U.K. has introduced Low Carbon Transition Plan strategy wherein it has planned to achieve a 50% reduction in greenhouse gas emissions. However, high cost of investment at initial stage, complex architectural design are the factors limiting the market growth. Also, the unprecedented COVID-19 crisis is hindering the modular refrigeration system market. The sudden outbreak widespread resulted in lockdown across many nations leading to stoppage of construction sites further impacting the sales of the refrigeration units. For instance, according to The Association General Contractors of America (AGC), the U.S. construction projects of nearly USD 160 billion are affected by COVID-19 pandemic. Owing to this, the market seems unforeseeable in the near future.
Key Market Driver -
• Demand for frozen foods and vegetables across all seasons. • Growing trend towards customized residential and commercial projects. • Stringent environmental norms and standards for reducing carbon emissions.
Key Market Restraint -
• A high upfront investment at initial stage is hindering the market growth
Some of the key competitors in the modular refrigeration unit/system market include MAINSTREAM ENGINEERING CORPORATION, U-Line, Porticold, EMERSON, ALTA Refrigeration, Blue Star Limited., THERMO KING, BSH Home Appliances Corporation and others.
North America holds a dominant position in modular refrigeration unit market owing to rising consumption of frozen food and groceries products, stringent governmental norms to reduce carbon emissions and others. Also, the trade of perishable items is spurring in this region resulting in increasing deployements of modular units. Besides, the upsurging trend towards modular construction of residential and commercial projects is one of the major factor creating a potential room for modular refrigeration unit market.
Asia Pacific is expected to book a major market share in the forecast period owing to presence of organized and unorganized chinese players operating in this business segment, rising infrastructure development, Also, countries including China and Japan are continously pouring heavy investments in research and development activities to align the products with the environmental and emission standards further enhancing the modular refrigeration system market
Europe, Middle East and Africa and Latin America are anticipated to grow at a considerable rate in the coming years owing to rising trend towards modular construction projects across these regions. Also, involvement of regulartory bodies to reduce carbon and other hazardous gases emitting from the refrigeration system is enabling to gain traction in the forecast period.
To gain extensive insights into the market, Request for Customization
By Weight (in lbs)
“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