Commercial Refrigeration Equipment

Commercial Refrigeration Equipment Market - Insights, Size, Share,
Opportunity Analysis, and Industry Forecast till 2025
Rapid growth of urbanization coupled with busy lifestyle has led to substantial requirement of
frozen foods, ready-to-serve meals, and beverages. This has increased the demand for
commercial refrigerators, in turn boosting the market for commercial refrigeration equipment.
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Requirement for compliance with food quality standards is expected to remain the key
growth factor
Food Quality Protection Act in U.S., Food Safety Law of the People’s Republic of China,
General Food Law Regulation, and Food Quality Policy in EU, are some of the regulatory
standards that include directives for the quality of the food. Moreover, in December 2014, EU
had introduced EU fluorinated greenhouse gas (F gas) regulation for the phasing out of
Hydrofluorocarbons (HFCs) and related product bans. The regulation includes the
manufacturers, service equipment, production, wholesale, and trade of these gases and the
related products. Such regulations are expected to generate demand for environmentally
friendly alternatives for conserving edibles in conjunction with the compliance to maintain
food quality standards. This in turn, is expected to broaden growth prospects for the
commercial refrigeration equipment market.
The global commercial refrigeration equipment market is estimated to be valued at US$
29.38 billion in 2017 and is expected to witness a CAGR of 5.1% during the forecast period
(2018 – 2025)
Growth of multi-chain food & beverages retailing to present strong growth prospects
through the forecast period
The global food & beverages (F&B) industry has witnessed considerable growth over the last
decade. According to the Cushman & Wakefield food & beverage market report in summer
2017, the retail industry share of footwear, clothing, and white goods among others has
witnessed substantial decline, with F&B, leisure & entertainment gaining significant business
share. Increasing inclination of consumers towards different regional cuisines and
exploration of international flavors are among the major growth factors driving growth of the
commercial refrigeration equipment market.
Increasing employment of woman in the workforce is driving growth of the market,
specifically in Asia Pacific
According to Economic & Labor Market Analysis by International Labor Organization, the
woman employment ratio in emerging economies, specifically in Asia Pacific, had
significantly increased by 2012. Urban lifestyle and the increasing number of woman in the
workforce are likely to cause significant decrease in time dedicated to household chores.
This has led to substantial demand for frozen and ready-to-eat food, in turn, boosting growth
of the commercial refrigeration equipment market in the region.
Asia Pacific is expected to remain the fastest growing region for commercial
refrigeration equipment market over the forecast period
China is expected to witness CAGR of over 8%, owing to significant increase in consumer
spending and improving economic conditions of the country. According to Coherent Market
Insights’ Analysis, China alone accounted for around 8% of the global consumer spending
on eating outside homes. Increasing disposable income coupled with high spending on
eating at restaurants in other emerging economies such as India, South Korea, and ASEAN
countries are expected to propel growth of the commercial refrigeration equipment market
over the forecast period. The U.S. has the largest market for commercial refrigeration
equipment and is expected to sustain its dominance across the globe, owing to highest
deployments of refrigerators in its mature retail industry and concentrated presence of large
number of players in the region.
Key industry participants in the commercial refrigeration equipment market include United
Technologies Corporation, Ingersoll-Rand plc, Johnson Controls Incorporated, Daikin
Industries Limited, Dover Corporation, Hussmann Corporation, AHT Cooling Systems
GmbH, Ali SpA, Illinois Tool Works Incorporated, Emerson Electric Company, Leer
Incorporated, True Manufacturing Company Incorporated, and Whirlpool Corporation.
Industry presence is highly fragmented with only major players contributing to small overall
industry shares.
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