San Francisco, March 22, 2016 (GLOBE NEWSWIRE) --
Commercial refrigeration equipment market size was USD 29 billion in 2014, and is estimated to reach USD 46.40 billion by 2022. Evolving industrialization and high disposable income have resulted in appreciable changes in food consumption habit over the past few years. Growing demand for ready-to-eat food and major growth of the hospitality industry is anticipated to drive commercial refrigeration equipment market in the near future. Rising number of supermarkets, hypermarkets, and specialty food stores is also expected to boost industry growth over the forecasted period.
Continuous advancements in cooling technologies are prompting the need for efficient storage of perishable goods and energy-potent system in the hospitality industry. Growing frozen food industry, owing to a viable substitute for conventional cooking method is expected to boost the commercial refrigeration market in the near future. Progressive food supply chain along with economic development and exclusion of dietary deficiencies has exceptionally changed consumption pattern over the last decade. Growing working culture, busy lifestyles, high disposable income, availability of ready-to-eat preserved food options and value for money perception about frozen food are some of the key factors driving demand for storage capacities for frozen foods in the market. Growing awareness regarding the emission of various global warming gases is expected to provide opportunities for innovation in the refrigeration technology.
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Transportation product segment has accounted for 19% of the total market in 2014, and is estimated to grow at a CAGR of 7% from 2015 to 2022. Zero-emission technologies, an eco-friendly application of transportation equipment segment coupled with low costs and efficient fuel consumption is anticipated to fuel the segment in the near future. Transportation refrigeration equipment segment include truck, shipping containers and trailer systems. Hybrid electric systems and natural refrigeration equipment are some of the innovative product of this segment. The beverage equipment segment is expected to witness a significant growth on account of growing restaurants business in the near future. Growing demand for refrigerated vending machine in the emerging economies, on account of low labor cost, is expected to become one of the key challenges for automated F&B distribution in the near future.
Food service segment has accounted for 32% of the overall revenue in 2014 and is estimated to grow with a CAGR of 6.0% from 2015 to 2022. Food service segment was worth USD 8.5 billion in 2014 and is expected to witness significant growth, owing to increasing demand for cold-storage and cascade refrigeration system for food and beverage industry in the near future. Various application of food service segment includes schools, restaurants, supermarkets, convenience stores, and other food-serving facilities. Growing global food-trade has also generated high demand for storing processed foods, seafood and frozen foods across various region, which in turn will also boost growth in F&B supply chain applications.
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Asia Pacific refrigeration equipment market is expected to witness significant growth and is estimated to grow at a CAGR of 6.5% from 2015 to 2022. Asia Pacific refrigeration equipment market is driven by high purchasing power of consumer, changing food habit, rise in horticulture, growing processed food exports and prioritization of cold-storage warehouses development for preserving food.
North America refrigeration equipment market was worth of USD 10.0 billion in 2014 and is anticipated to grow, owing to rising spending power and expansion of retail restaurants and food outlets in the near future. Increasing capital investment and expenditures in construction are also expected to boost sales in the U.S. Revival of economic crisis coupled with increasing capital investment in the expansion of retail sector has provided the appropriate momentum to the European market. This in turn will also drive the commercial refrigeration equipment market in the region.
Leading market players for commercial refrigeration equipment include Johnson Controls, Daikin industries, Illinois Tool Works Inc., Carrier, Ingersoll Rand Plc, Electrolux AB, Hussmann Corporation and Dover Corporation. These industry participants are concentrating on product development to reduce energy consumption and less GHG (green house Gas) emission in the environment. Manufacturers are focusing on M&A, development of green refrigerants, creating high brand-value and high R&D expenditure to have competitive advantage over others in the existing market.
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Grand View Research has segmented the commercial refrigeration equipment market on the basis of product, application and region:
Commercial Refrigeration Equipment Product Outlook (Revenue, USD Million, 2012 – 2022)
- Transportation Refrigeration Equipment
- Refrigerators & Freezers
- Beverage Refrigeration
Commercial Refrigeration Equipment Application Outlook (Revenue, USD Million, 2012 – 2022)
- Food Service
- Food & Beverage Production
- Food & Beverage Distribution
- Food & Beverage Retail
Commercial Refrigeration Equipment Regional Outlook (Revenue, USD Million, 2012 – 2022)
- North America
- Asia Pacific
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