The global commercial refrigeration equipment market is expected to grow at a CAGR of 6.4% during the forecast period with its market size predicted to reach USD 64.0 billion by 2024. The increasing demand for ready-to-eat food and the mounting number of organized retail shops are the major factors leading to the high demand of commercial refrigeration equipment in the global market.
Increasing utilization and demand for refrigeration systems in various grocery stores, supermarkets, convenience stores and speciality food stores
Increasing utilization and demand for refrigeration systems in various grocery stores, super markets, convenience stores and speciality food stores are the key trends observed in the commercial refrigeration equipment market across the globe. Furthermore, growth in the food service industry has also lead to increasing acceptance of the refrigeration system in restaurants, commercial kitchens and cafeteria. Customization of the refrigeration system according to consumer demand is another trend witnessed in the commercial refrigeration equipment industry.
Display cases to witness the fastest growth in the commercial refrigeration equipment market
Based on equipment type, the commercial refrigeration equipment market is segmented into walk-in coolers, beverage refrigeration, transportation refrigeration equipment, display cases, parts, ice making machineries, and others. The other equipment includes vending machines, cryogenic equipment, and liquid chillier. Of all the equipment type, the highest growth in the demand for the display cases has been observed over the last five years which is anticipated to remain the highest among all commercial refrigeration equipment types during the forecast period. The old infrastructures of the food and beverages shops and restaurants in the emerging markets are being upgraded which has been one of the major reasons for high growth of display cases shipments, globally.
Browse Market Insight and In-depth TOC on "Global Commercial Refrigeration Equipment Market – Analysis and Forecast (2019-2024)"
Of all, walk-in coolers hold the largest share in the market since walk-in coolers helps the users in reducing operating costs, convenience and flexibility. Furthermore, these coolers are considered to be most efficient alternative for reducing electricity cost and helps in keeping food fresh for longer time span.
The walk-in coolers category has been further categorized into remote condensing unit, packaged unit, and remote plant. Among these, packaged unit holds the largest share in the market during the historical period, and is expected to continue holding the largest share, globally, in future.
The display cases category has been further bifurcated into plugin cases and remote cases. Among these two, plug in cases category holds a larger share in the market.
The beverage refrigeration category has been further bifurcated into beverage cooling & dispensing units, drinking fountains, beer dispensing units, soda fountain equipment, and others. Of all, the beverage cooling & dispensing units hold the largest share in the market.
The ice making machineries category has been further bifurcated into cubes, flakes, and nuggets. Of all, ice cubes machineries category hold the largest share in the market.
Food service refrigeration equipment are being widely adopted by end users
The commercial refrigeration equipment market on the basis of application is segmented into food and beverage distribution, food service, food and beverage retail and others. Among all these segments, food service refrigeration is expected to witness the highest demand in the market during the forecast period. The growth of the market for this application is attributed towards increasing utilization of food service refrigeration equipment in ensuring quality of food from the supplier to the consumer.
Based on end-user, the commercial refrigeration equipment market is segmented into hotels/restaurants & catering, convenience stores, supermarkets, hypermarkets, e-commerce, and others. Among these segments, supermarkets are the largest end-user of refrigeration equipment in commercial application since this system helps in gaining expertise in order to meet efficiencies in energy requirement and helps in reducing carbon footprints without comprising the performance of an organization.
Asia-Pacific account for the largest demand of commercial refrigeration equipment across the globe
Geographically, Asia-Pacific is the largest commercial refrigeration equipment market due to the increasing industrialization, in countries such as India and China. Increasing population in the region is also one of the reason behind the growth of the market. Growing food and beverages industry in China and India is supporting the growth of the market in the region.
Key players in the commercial refrigeration equipment market are investing heavily in improving the quality of these equipment and developing the latest technologies that is strengthening their position in the market. However, it has been observed that local players are depending upon new technology to develop cost efficiencies, thus increasing the rivalry in the market to some extent.
Some of the major players operating in the commercial refrigeration equipment market are United Technologies Corporation, Johnson Controls International PLC, Daikin Industries Ltd., Dover Corporation, AB Electrolux, Illinois Tool Works Inc., Hussmann Corporation, Frigoglass S.A.I.C., AHT Cooling Systems GmbH, and Ali Group S.p.A.
Global Commercial Refrigeration Equipment Market Coverage
Equipment Type Insight and Forecast 2014-2024
Application Insight and Forecast 2014-2024
End User Insight and Forecast 2014-2024
Commercial Refrigeration Equipment Market by Region
Latin America (LATAM)
Middle East and Africa (MEA)