Commercial Refrigeration Equipment Sales to Grow 1.4X Between 2019 and 2029
Receiving a strong impetus from the thriving retail food chains and measurable growth in demand of of condensing units from cold chain industry operators, commercial refrigeration equipment market revenues are set to surpass US$ 45 Bn by 2019 end. Future Market Insights (FMI) presents a new study that examines how the growth of this global market will unfold over the period of next 10 years. The study forecasts a steady growth outlook for commercial refrigeration equipment market during 2019 – 2029. While matured markets in developed regions are demanding technologically advanced and energy-efficient equipment, the trend will further influence markets in developing regions as well.
Key Growth Influencers - Commercial Refrigeration Equipment Market
Increasing Capital Expenditure on Refrigeration Systems
Over the last decade, there has been a significant increase in the number of retail stores across the globe. Major players in the retail sector are expanding their footprints in emerging markets of Asia Pacific, especially in India and China to capitalize on the growing consumer spending power in these countries. The retail market in developing regions is substantially fragmented. However, favourable government policies regarding investment in the retail sector in developing regions such as India and China has led to the significant growth of the organized retail sector. Additionally, foodservice providers are increasing their capital expenditure on refrigeration systems to cater to strong consumer demand for frozen food and chilled products. Also, the number of licensed and franchised stores of limited service restaurants such as McDonald’s and Subway is growing, leading to an increase in the demand for refrigeration systems. Aforementioned factors are expected to drive the overall demand for commercial refrigeration across the globe.
Rapid Growth of Food & Beverages Industry
Increase in the food and beverages production, along with the expansion of cold chain capacities to ensure efficient storage and minimize wastage of food is expected to boost the demand for commercial refrigeration system across the globe over the forecast period. According to the Food and Agricultural Organization of the United Nations (FAO), in 2015, food and beverages worth US$ 750 Bn was wasted across the globe. Countries across the globe are strengthening their cold supply chain infrastructure to minimize waste of food and beverages.
Changing Consumer Preference from FSR to QSR
The rapid changing lifestyle and shift towards westernization has shifted the consumer preference from FSR (Full Service Restaurants) to QSR (Quick Service Restaurants). There has been a significant increase in the number of quick service restaurants in recent years. The consumer spending on QSR has increased by 4.1% between FY2005 and FY2015, reaching a total market value of about US$ 275 billion in FY2015. Thus, international companies and local companies are substantially investing in quick service restaurant equipment, such as display cases and vending machines. Additionally, the dining out culture is gaining prominence worldwide owing to the rapidly changing lifestyle. Consumers’ preference for dining out is increasing at a rate of 7% worldwide. It is more prominent in developing regions of Asia Pacific such as India and ASEAN, where it is expected to grow at a rate of over 11% over the forecast period. Hence, this shift of culture is expected to drive the demand for commercial refrigeration equipment.
Commercial Refrigeration Equipment Market Structure Analysis
- The global commercial refrigeration equipment market represents a fairly fragmented competition landscape, where a majority of key players maintain their strategic focus on the development of solid distribution partnerships and joint ventures, targeting a firmer global footprint.
- Prominent manufacturers of commercial refrigeration equipment are currently prioritizing R&D and new product launches to resonate with the growing consumption of refrigeration equipment in North America, Europe, and China.
- To have a stronger foothold in target markets, acquisition of local players and collaboration with retailers is also identified to remain as one of the key developmental strategies adopted by manufacturers of commercial refrigeration equipment.
- Key players operating in the global commercial refrigeration systems market follow a hybrid model or multi-channel route to market their products. Hybrid model involves the adoption of channel sales and direct selling to effectively reach customers. For instance, United Technologies subsidiary Carrier markets its products through both direct selling routes and conventional channel. Whirlpool markets its products through direct selling routes (online sales) and conventional channel.
Beverage Refrigerators and Dispensers Gathering Traction
Freezers & refrigerators would remain top selling category in the global market, making up nearly a third of the global market revenues. Transportation refrigerators and display cases also continue to see steady sales growth. The beverage sector is emerging as the key growth lever for commercial refrigeration equipment market. Buoyed by robust growth in the functional, energy, and grab and go drinks categories, beverage refrigerators and dispensers will continue to sell strong throughout the forecast period. Display cases and glass door merchandizers collectively account for over a fourth of market value.
Opportunities Abound in APAC and MEA
The U.S. and EU5 will be in the vanguard of the commercial refrigeration equipment market, attributing to the strong presence of stakeholders that export their products to domestic and international end users. On the other hand, the expanding F&B industry and growing preference for quick service restaurants (QSRs) will drive demand in Asia Pacific (APAC). While increase in per capita beverage consumption will push sales in APAC and Middle East & Africa (MEA), developed markets would lag in terms of growth rate.
Manufacturers Must Speed-up their Move Towards Low-GWP Alternatives
While market players remained focused on capitalizing on rapidly expanding foodservice industry and retail outlets, the evolving regulatory framework will continue influence the development strategies. With the new EPA 680 update on allowable refrigerant leak rate thresholds for triggering of leak repair requirements, manufacturers are focusing on distributed refrigeration systems that can minimize the leak potential. With refrigerant regulations in place and gaining prominence in various countries requiring the phase-down of hydrofluorocarbons (HFCs), potent greenhouse gases (GHGs), manufactures are in dire straits to shift from HFCs to climate-friendly, low-GWP (global warming potential), or zero-ODP (ozone-depleting potential) alternatives. Besides, companies are leveraging digital solutions to improve engagement and remote management of their products.
Freezers & refrigerators remain top-selling category
Demand for beverage dispensers growing significantly
Use in foodservices to gain momentum
Application in F&B retail to pick pace
How Growth will Unfold
Market gains will be driven by foodservice and F&B retail expansion. As the dining out culture continues to gain prominence, commercial refrigeration equipment sales are set to remain high across foodservice industry. Sales will also ramp up in F&B retail chains, and currently represent nearly 29% share in market. However, as supermarkets and hypermarkets are emerging as energy-intensive businesses, market players could possibly face tough times to meet the new regulatory requirements. A focus on energy-efficient technologies with minimal environmental impact will thus remain vital for stakeholders in the long run.
* This data is only a representation. Actual data may vary and will be available in report.
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Overview
Commercial Refrigeration Equipment Market Analysis 2019 - 2029
A recent market study published by Future Market Insights (FMI) on the commercial refrigeration equipment market includes global industry analysis 2014 - 2018 & opportunity assessment 2019 - 2029, and delivers a comprehensive assessment of the most important market dynamics. After conducting a thorough research on the historic as well as current growth parameters of the commercial refrigeration equipment market, the growth prospects of the market are obtained with maximum precision.
Commercial Refrigeration Equipment Market Taxonomy
The global commercial refrigeration equipment market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.
By Product
- Beverage Refrigerator
- Drinking Fountain
- Soda Fountain
- Beer Dispensing Equipment
- Beverage Coolers
- Freezers & Refrigerators
- Freezer & Chillers
- Blast Chiller/Stock Freezers
- Contact Freezers
- Refrigerators
- Walk-in-Refrigerators
- Reach-in Refrigerators
- Freezer & Chillers
- Transportation Refrigerators
- Trailers
- Trucks
- Shipping Containers
- Glass Door Merchandizers
- Hinged Door
- Sliding Door
- Display Cases
- Ice Cream Cabinets
- Bakery/Deli Display
- Beverage Dispensers
- Refrigerated Vending Machine
- Ice Machine
- Ice Cream Machine
By Application
- Food Services
- Food & Beverage Retail
- Food & Beverage Production
- Food & Beverage Distribution
By Region
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa
What's Included
The report initiates with the executive summary of the commercial refrigeration equipment market, which includes a summary of key findings and statistics of the market. It also includes the demand-side & supply-side trends pertaining to the commercial refrigeration equipment market.
Readers can find the definition and a detailed taxonomy of the commercial refrigeration equipment market in this chapter, which will help them understand the basic information about the commercial refrigeration equipment market. Along with this, comprehensive information pertaining to commercial refrigeration equipment and their properties are provided in this section. This section also highlights the inclusions and exclusions, which help readers understand the scope of the commercial refrigeration equipment market report.
The commercial refrigeration equipment market report provides key market developments that are expected to provide a better understanding about key strategies in the market. Detailed industry trends are provided in this section.
This section explains the global market value analysis and forecast for the commercial refrigeration equipment market between the forecast periods of 2019-2029. This chapter includes a detailed analysis of the historical commercial refrigeration equipment market, along with an opportunity analysis of the future. Readers can also find the absolute $ opportunity for the current year (2019), and an incremental $ opportunity for the forecast period (2019 - 2029). Along with this, the pricing analysis of the commercial refrigeration equipment market at the regional level has been provided in this section. This section also explains the global market volume analysis and forecast for the commercial refrigeration equipment market between the forecast periods of 2019-2029.
This chapter explains the key macro-economic factors that are expected to influence the growth of the commercial refrigeration equipment market over the forecast period. Along with the macroeconomic factors, this section also highlights the supply chain, forecast factors, Porter’s five forces analysis, patents fillings, and value chain analysis for the commercial refrigeration equipment market. Moreover, in-depth information about the market dynamics and their impact analysis on the market have been provided in the successive section.
Based on the product type, the commercial refrigeration equipment market is segmented into beverage refrigerator, freezers & refrigerators, transportation refrigerators, glass door merchandizers, display cases, beverage dispensers, refrigerated vending machines, ice machines, and ice cream machines. Further, the above mentioned segment is categorized into sub-segments. In this chapter, readers can find information about the key trends and developments in the commercial refrigeration equipment market and market attractiveness analysis based on the type.
This chapter provides details about the commercial refrigeration equipment market based on the application, and has been classified into food services, food & beverage retail, food & beverage production, and food & beverage distribution. In this chapter, readers can understand the market attractiveness analysis based on the application.
This chapter explains how the commercial refrigeration equipment market will grow across several geographic regions such as North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa.
This chapter includes a detailed analysis of the growth of the North America commercial refrigeration equipment market, along with a country-wise assessment that includes the U.S. and Canada. Readers can also find the pricing analysis, regional trends, and market growth based on the application and countries in North America.
This chapter provides the growth scenario of the commercial refrigeration equipment market in Latin American countries such as Brazil, Mexico, and the Rest of Latin America. Along with this, an assessment of the market across target segments has been provided.
Important growth prospects of the commercial refrigeration equipment market based on its end users in several countries such as Germany, the U.K., France, Spain, Italy, Russia, BENELUX, and the Rest of Europe are included in this chapter.
In this chapter, India and ASEAN countries are prominent countries in the South Asia region that are the prime subjects of assessment to obtain the growth prospects of the South Asia commercial refrigeration equipment market. Readers can find detailed information about the growth parameters of the South Asia commercial refrigeration equipment market during the forecast period of 2019-2029.
This chapter highlights the growth of the commercial refrigeration equipment market in East Asia by focusing on China, Japan, and South Korea. This section also help readers understand the key factors that are responsible for the growth of the commercial refrigeration equipment market in East Asia.
This chapter highlights the growth of the commercial refrigeration equipment market in Oceania by focusing on Australia and New Zealand. This section also help readers understand the key factors that are responsible for the growth of the commercial refrigeration equipment market in Oceania.
This chapter provides information about how the commercial refrigeration equipment market will grow in major countries in the Middle East & Africa region such as GCC Countries, South Africa, Turkey, and the Rest of Middle East & Africa, during the forecast period of 2019-2029.
This section highlights the growth prospects of the commercial refrigeration equipment market for emerging markets such as China, India, and South Africa.
In this chapter, readers can find detailed information about the tier analysis and market concentration of key players in the commercial refrigeration equipment market, along with their market presence analysis by region and product portfolio.
In this chapter, readers can find a comprehensive list of all the prominent stakeholders in the commercial refrigeration equipment market, along with a detailed information about each company, which includes company overview, revenue shares, strategic overview, and recent company developments. Some of the market players featured in the report are Daikin Industries Ltd., Carrier Corporation, Dover Corporation, Hussman Corporation, Innovative Display works, Illinois Tool Works Inc., Danfoss A/S, Whirlpool Corporation, Electrolux AB, and AHT Cooling Systems GmbH, among others.
This chapter includes a list of acronyms and assumptions that provides a base to the information and statistics included in the commercial refrigeration equipment market report.
This chapter help readers understand the research methodology followed to obtain various conclusions as well as important qualitative and quantitative information about the commercial refrigeration equipment market.
How the research was conducted?
Primary Research
- C - Level Executives
- Marketing Directors
- Product Managers
- Business Development Officers
- Production Managers
- Procurement Heads
- Sales Executives
- Distributors
- Traders
- Raw Material Suppliers
- Industry Experts
- End Users
- Current market dynamics and challenges
- Yesteryear trends
- Market characteristics
- Market performance and growth quadrants
- Competition structure and market structure
- Strategic growth initiatives
- Near-term and long-term market growth prospects
- Market segment splits and authenticity
- Opinions on market projections and validity of assumptions
Secondary Research
- Industry Publications
- The ACHR News
- HVACR Business
- HVAC Insider
- Industry Associations
- The Japan Refrigeration and Air Conditioning Industry Association
- The American Society of Heating, Refrigerating and Air-Conditioning Engineers
- Factiva
- Company Press Releases
- Annual Reports and Investor Presentations
- Research Papers
- Government Websites and Publications
- Trade Websites
Primary Interview Splits
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