Commercial Refrigeration Equipment Market Size By Application (Food & Beverage Retail, Food & Beverage Distribution, Food & Beverage Production, Food Service), By Product (Refrigerators & Freezers, Transportation Refrigeration Equipment, Beverage Refrigeration), Industry Analysis Report, Regional Outlook (U.S., Germany, UK, France, Italy), Application Potential, Price Trend, Competitive Market Share & Forecast, 2016 - 2023
Published Date: April 2016 | 91 Pages | Report ID: GMI414 Report Format: PDF
Commercial Refrigeration Equipment Market size was USD 30.94 billion in 2015, and is forecast to grow at 5.6% CAGR from 2016 to 2023. Evolving consumer preferences has led to significant changes in food consumption trends, which is forecast to drive demand.
Germany commercial refrigeration equipment market size, by application, 2012 - 2023 (USD Million)
Food consumption patterns have evolved over the past few years, mainly due to decreasing dietary deficiency prevalence, overall economic development, and enhancement in the food industry supply chain. Rapid growth of the global frozen food market is also likely to drive global commercial refrigeration equipment market revenue.
Recent developments and research activities on various alternatives available suggest potential for improvements in noise levels, compactness, and other environmental aspects.
Key industry trends include implementation of zero-emission transport refrigeration system in order to bring these products up to modern emissions standards. Introduction of advanced products such as open front cases, multi-deck display cabinets incorporating LEDs and proximity sensors is expected to provide high growth prospects over the forecast period.
Volatile fuel prices have also impacted the world commercial refrigeration equipment market price trend, particularly in the transportation refrigeration equipment sector.
Commercial Refrigeration Equipment Market, By Application
The food service sector will remain the dominant segment over the forecast timeframe and surpass USD 15 billion by 2023. The number of fast food chains and frozen food consumption is on the rise, which is set to drive growth in the coming years.
Food and beverage production application is forecast to grow at 6.6% CAGR from 2016 to 2023. The industry has witnessed considerable technological developments. These include increasing usage of remote-monitored equipment that monitors the system to detect refrigeration leak, high liquid level and system pressure.
Adoption of alternative refrigeration systems such as thermo-acoustic, thermo-electric and magnetic refrigeration helps realize energy savings of up to 30%, which will boost demand.
Commercial Refrigeration Equipment Market, By Product
Transport refrigeration equipment market size is dependent on the regulatory scenario and trade outlook. The segment is forecast to grow at 6.8% CAGR from 2016 to 2023. Refrigerated vehicles' demand is driven by the considerable amount of flexibility offered by the use of roadways. Retail stores and supermarkets have also tapped into the changing consumer trend, with these locations accounting for considerable demand
Application in merchandising and food storage offered by walk-in coolers is expected to drive adoption over the next few years.
Commercial Refrigeration Equipment Market, By Region
Asia Pacific commercial refrigeration equipment market size will witness the highest growth in the coming years, with revenue expected to surpass USD 14.5 billion by 2023. The burgeoning middle class population as well growing number of working professionals that prefer frozen and stored food for ease of use will drive the regional industry.
Significant demand for food service is estimated to drive U.S. commercial refrigeration equipment market share, as customers continue to spend the majority of their food budgets outside the home. Food production is estimated to benefit from growing trade in food and beverages combined with renovation and innovation of production facilities. Various regional manufacturers have moved production facilities overseas for reducing labor costs.
Competitive Market share
Key companies in the industry are Daikin, Johnson Controls, Dover Corporation, and Carrier Corporation. Companies enter into mergers and acquisitions; significant R&D investments in order to develop and launch new products are also undertaken for competitive advantage.
In 2015, Daikin acquired Belgium-based Solvay’s refrigeration business to establish presence in the European region and expand its product portfolio. In the same year, Carrier launched a monitoring system that enables maintenance departments, building owners, and other users to remotely monitor and track their HVAC systems.
Establishing brand value is essential for sustaining and advancing in the industry. Commercial refrigeration equipment market share is characterized by a considerable degree of competition. Barriers to entry are high on account of significant capital investment, R&D expenditure, and need to meet regulations set forth by governing bodies.
What Information does this report contain?
Our Market Research Reports Include:
- Market snapshot
- Market Segmentation
- Value Chain Analysis
- Growth Dynamics
- Potential Market Opportunities
- Regulatory Overview
- Technology Evolution
- Innovation & Sustainability
Why Global Market Insights?Comprehensive Research
- All-inclusive coverage
- In-depth and granular data (ex: information for 8 to 15 countries, with clients open to add to this list, in each report)
- Penetrative insights & latest trends
- Offers holistic understanding of the market
- Unique methodology
- Iterative in nature to eliminate errors
- Detailed methodology, scope, assumptions and data sources available for reference
- Committed to making a positive difference for our clients
- Given the nature of this industry, we are committed to ensure that our clients get maximum return on their investment in our services
- Every purchase comes with an option to obtain additional information:
- up to 10% of the original cost
- 45-minute analyst tele-call to obtain further clarity on the market.
- Global Market Insights, Inc. strictly adheres to PCI-DSS security norms.
- Only PCI-DSS compliant payment methods used for highest level of client data security
Connect with our sales team