Commercial Refrigeration Equipment Market Demand, Future Estimations, Business Revenue Forecast | COVID-19 Analysis
Research Reports
Jan 19, 2021
Overview
Global Commercial Refrigeration Equipment Market is expected to be valued at USD 10,036.9 Million by 2025, with a CAGR of 6.78% during the forecast period (2019–2025).
Commercial refrigeration equipment is primarily used to refrigerate food and beverages across the hypermarket, supermarket, food convenience stores, and specialty stores. They primarily include refrigerators and freezers. They are used for preserving various kinds of foods such as meat, vegetables, fruits, and other food products as they increase the shelf life of the products. Walk-in/reach-in coolers, display cases, and beverage refrigeration are the types of commercial refrigeration equipment considered in the scope of the study.
Competitive Analysis
Some of the Prominent Players in the Commercial Refrigeration Equipment Market are United Technologies Corporation(US), Hussmann Corporation(US), Kysor Warren(US), AHT Cooling Systems GmbH(Austria), Hillphoenix, A Dover Company(US), Voltas, Inc.(India), Williams Refrigeration(India), Rockwell Industries Limited(India), and EPTA(Italy).
United Technologies Corporation focuses on strengthening its business segment across the global market through investment in the efficient supply chain. The company targets leading suppliers and distributors to expand in all diverse categories to represent the company’s product portfolio. Additionally, it invested nearly USD 4 billion with its partnered first-tier suppliers to enhance its diversification strategy. Moreover, the company also focuses on product innovation and development in order to offer highly efficient and sustainable products across residential, commercial, and industrial applications.
Hussmann Corporation strategizes to develop new products and enhance aftermarket service. The company focuses on mergers and acquisitions with technology providers for commercial refrigeration equipment in order to diversify its portfolio. It also focuses on long-term collaboration with clients to ensure uninterrupted aftermarket services to commercial users. It aims to minimize the risk of stringent government regulations across the Americas and Europe by developing safe substitutes for ozone-depleting substances for use in commercial refrigeration systems.
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Segmental Analysis
The Global Commercial Refrigeration Equipment Market is segmented based on Type and Application. On the basis of type, the walk-in/reach-in cooler segment is expected to dominate the global market. The walk-in coolers/reach-in coolers are considered the most efficient alternative for reducing electricity costs and keeping food fresh for a longer time span. The walk-in coolers/reach-in coolers, especially the compact under-counter models require less space.
On the basis of application, the supermarket segment is expected to dominate the market. Supermarkets stand for moderate capacity market stores operated on a self-service basis, fresh produce, selling groceries, bakery and dairy products, meat, and sometimes an assortment of nonfood goods. The demand for commercial refrigeration equipment in supermarkets is driven as this system helps in gaining expertise in order to achieve energy efficiency and reduce carbon footprints, without comprising on performance. This is expected to drive the growth of the supermarket segment during the forecast period.
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Regional Analysis
Geographic analysis of the Global Commercial Refrigeration Equipment Market spans across North America, Europe, Asia-Pacific (APAC), and the rest of the world.
In 2018, North America was the leading market with a market value of USD 2,290.1 Million. The regional market value is expected to reach USD 3,426.0 Million by 2025 with an impressive 6.02% CAGR during the forecast period.
North America includes the US, Canada, and Mexico. The busy lifestyles of North American consumers are driving the purchase of ready to eat meals. Display cases and beverage refrigeration units are widely used to display pre-made food and beverage products for effective merchandising. The government’s concern and related regulation toward food safety are boosting the commercial refrigeration equipment market in North America.
In 2018, Asia-Pacific held the second largest market share in the commercial refrigeration equipment market. Asia-Pacific is estimated to be the fastest-growing market for commercial refrigeration during the forecast period owing to the establishment of a new supermarket, hypermarket, and organized restaurant chain in tier I and tier-II cities. In the last few years, all major multinational retail companies such as Wal-Mart and Tesco have been focusing on Asia-Pacific for market expansion. Moreover, the demand for commercial refrigeration has increased from local retail chains in countries such as China, Japan, and India. The presence of major commercial refrigeration manufacturing companies such as Voltas, Inc., Williams Refrigeration, and Rockwell Industries Limited are focusing on research and development of commercial refrigeration equipment to improve the efficiency of commercial refrigeration. In 2018, the regional market was valued at USD 2,044.3 Million, which is expected to reach USD 3,534.1 Million by 2025 with an 8.24%CAGR during the forecast period.
Europe commercial refrigeration equipment market is driven by the organized food and grocery retail industry. The growth of supermarkets and hypermarkets and food retail chains in Europe continued even during the economic slowdown. Supermarkets, hypermarkets, and grocery stores together account for a sizeable share of the commercial refrigeration equipment market in Europe. The ongoing expansion of grocery retail chains by major retailers is expected to drive the demand of the commercial refrigeration equipment market during the forecast period. The regional commercial refrigeration equipment market is expected to be valued at USD 2,143.3 million by 2025 at a CAGR of 5.57% during the forecast period.
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