Commercial Refrigeration Equipment Market trends estimates high demand by 2025
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.
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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.
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.
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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