Commercial refrigeration equipment are the freezers and refrigerators used in supermarkets, restaurants, restaurants, commercial kitchens and convenience stores. These refrigeration equipment are of two types, firstly those which can be self-contained, wherein the whole system that includes the refrigeration case and the refrigeration system are combined. Furthermore, there are reach-ins as well that are self-contained equipment and comprises of glass doors that are typically used in food-service establishments. Moreover, these equipments are also utilized as the remote condensing refrigerators that are commonly used in supermarkets thereby enhancing the growth of the global commercial refrigeration equipment market.
Moreover, increasing demand of milk, egg, meat and other animal derived food are other factors driving the commercial refrigeration equipment market, globally. Additionally, this equipment has become more efficient than ever after the introduction of LED lighting systems, high-performance glass doors and high-efficiency motors.
Insight by Type
On the basis of type, commercial refrigeration equipment market is segmented into display cases, walk-in coolers, beverage refrigeration, ice-making machineries, transportation and refrigeration equipment, parts and others. Among all these segments, 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.
Insight by Application
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 demand for these refrigerator equipment 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.
The increasing adoption of this equipment in food service segment is due to requirement for preserving products throughout the time span of food chain that includes stages such as processing to storage of final product. Moreover, it has been observed that food service refrigeration equipment are extensively being used in hospitals, restaurants, hotels, hospitals and educational institutions that helps these organizations to maintain and preserve the quality of consumable products.
Insight by End-User
On the basis of 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.
Furthermore, this equipment enables business enterprises to conduct smooth and flexible functioning of business operations. These factors are thereby contributing towards the growth of the commercial refrigeration equipment market across the globe.
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 refrigeration system in restaurants, commercial kitchens and cafeteria. Customisation of the refrigeration system according to consumer demand is another trend witnessed in the commercial refrigeration equipment industry.
The key factors pertaining towards the growth of the commercial refrigeration equipment market are adoption of natural refrigerants, improved efficiency, growth in food industry, increasing demand of ready to eat food, egg, meat and other animal derived food. Natural refrigerants are those which serve as refrigerants in the refrigerator and do not contain synthetic chemicals. thus, they are extensively being utilised for environmental sustainability worldwide.
Additionally, it has been observed that the commercial refrigeration equipment were not as efficient as they are in the present scenario. Since the use of LED lighting systems, high performance glass doors and high-efficiency motors is expanding, thereby making these equipment more efficient and saves a lot of energy which is considered to be a crucial factor for driving the growth of the commercial refrigeration equipment market across the globe.
The growth in the food industry has led to incorporation of many restaurant chains and development of dining restaurants globally thereby enhancing the demand for commercial refrigeration equipment. On the other hand, increasing disposable income of population in various developed and developing economies, increasing demand for ready to eat food and other food like egg, milk and meat are other factors driving the growth demand of the commercial refrigeration market exponentially worldwide.
There have been certain alternative cooling systems launched in the market that is hampering the growth of commercial refrigeration equipment market. Moreover, it has been observed that small enterprises across the globe are unable to adopt this system due to high utilization of energy that is further expected to restrict the growth of commercial refrigeration equipment market worldwide.
Globally industry players are leveraging market growth through the development of innovative solutions in commercial refrigeration equipment market. The vendors of these equipment are providing various solutions to the users such as energy efficiency, natural refrigerants and customization according to the customer’s demand at rapid pace.
Geographically, North America is the largest commercial refrigeration equipment market due to increasing demand of commercial refrigeration equipment from the U.S. According to a recent study, it has been observed that in the U.S. there has been a prospective growth in this market due to prospering retail domain in this region. The U.S. is a dominant market for refrigeration equipment in commercial application among all the countries across the globe.
Moreover, commercial refrigeration equipment market in Asia-Pacific is anticipated to witness the fastest growth due to exponential growth in the food industry in this region. Additionally, it has been observed that there has been an immense growth in India and China and increasing demand of these equipment from retail and food industry in this region.
Furthermore, changes in the technology have developed more efficient equipment, which had led to increasing demand for these equipment in this region from various hotels and restaurants. Due to increasing environmental guidelines, demand for energy efficient equipments and stress of cost saving by various business organizations in this region are thereby driving the growth of the Asia-Pacific market an extensive rate.
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.
Dover Corporation, Whirlpool Corporation, Electrolux, EdgeStar, Daikin Industries, Carrier Corporation, and Haier Corporation are the key players operating in commercial refrigeration equipment market across the globe.