Global $59 Billion Commercial Refrigeration Equipment Market, 2023 - Technological Advancements Present Opportunities - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Feb 27, 2019--The “Commercial Refrigeration Equipment Market by Equipment Type, by Application, by End-User, by Geography - Global Market Size, Share, Development, Growth and Demand Forecast, 2013-2023” report has been added to ResearchAndMarkets.com’s offering.
Commercial refrigeration equipment market is projected to reach $59,071.4 million by 2023, development of organized retail and increasing demand for ready-to-eat food and beverages are the major factors driving market growth.
On the basis of application, the commercial refrigeration equipment market has been categorized into food service, food and beverage retail, food and beverage distribution, and others; wherein others category includes pharmacy refrigeration, genetic preservation, and medical diagnostic applications. Food service application held the largest market share, in terms of volume, with contribution of nearly 28% share in 2017, globally. Food service refrigeration equipment for restaurants, hotels, hospitals, and other verticals are being widely deployed to store leftovers food, ingredients, frozen food, and prepped sauces to offer quality of food products to customers.
In terms of value, APAC dominated the global commercial refrigeration equipment market, during the historical period, and is expected to witness the fastest CAGR of 9.3%, during the forecast period. This can be attributed to the ongoing industrialization efforts in developing countries such as China and India. Moreover, growing population and lucrative opportunities for foreign investments in the market in APAC are playing pivotal role in the growth of the market, especially in beverage refrigeration equipment segment.
The developing food and beverage industry in China is supporting the growth of commercial refrigeration equipment market in APAC. The region demonstrates increasing demand for refrigeration in food retail and food service applications, as well as food distribution. As a result, the region is expected to witness the fastest growth, in terms of volume as well, during the forecast period.
The consumption of ready-to-eat products, beverages, and frozen food has increased considerably worldwide in the recent years, which is further boosting the demand for commercial refrigeration equipment. Rising disposable income, along with the increasing impact of western lifestyle has fueled the acceptance of such products among the large middle-class consumers of developing countries. The changed food consumption trend is being supported by rapid expansion of supermarkets, hypermarkets, and food and restaurant chains around the world.
The increased number of such stores has also forced small grocery retailers and unorganized restaurants to upgrade their infrastructure, with improved electronic appliances including commercial refrigeration equipment. Moreover, this changing trend toward ready-to-eat food is also offering lucrative opportunities for new restaurants and retail outlets which will further support commercial refrigeration equipment market growth.
The commercial refrigeration market was fragmented with top four companies, accounting for nearly 40% of the total market share in 2017. United Technologies Corporation was the largest player in terms of market share, owing to its global presence, superior power efficient refrigeration equipment, and well-diversified post-sale services.
Some of the key players operating in the commercial refrigeration equipment market are United Technologies Corporation, Hussmann Corporation, AB Electrolux, Frigoglass S.A.I.C., Dover Corporation, Daikin Industries Ltd., AHT Cooling Systems GmbH, Ali Group S.p.A., Illinois Tool Works Inc., and Johnson Control International PLC.
- Increasing Use of Display Refrigerators
- Shift Towards Eco-Friendly Refrigerants
- Development of Organized Retail
- Increasing Demand for Ready-To-Eat Products & Beverages
- Unorganized Food & Beverages Industry in Developing Countries
- Changing Government Regulations for Energy Efficient Commercial Refrigeration Systems
- Technological Advancements
- Increasing Demand for Commercial Refrigeration by Quick Service Restaurants
- Frigoglass S.A.I.C.
- Dover Corporation
- Daikin Industries Ltd.
- AHT Cooling Systems GmbH
- Ali Group S.r.l.
- Illinois Tool Works Inc.
- Johnson Controls International PLC
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Related Topics:Industrial Refrigeration
INDUSTRY KEYWORD: TRANSPORT LOGISTICS/SUPPLY CHAIN MANAGEMENT RETAIL OTHER RETAIL
SOURCE: Research and Markets
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PUB: 02/27/2019 08:17 AM/DISC: 02/27/2019 08:17 AM