Commercial Refrigeration Equipment Market Overview
Commercial refrigeration equipment refers to the cold storage equipment used in commercial settings. Examples include the reach-in refrigerators and freezers found in supermarkets, specialty food stores, convenience stores, and grocery stores. The walk-in refrigerators and freezers found in restaurant equipment and cafeterias would also be considered commercial refrigeration equipment.
The food processing sector needs equipment and solutions to produce, process, and distribute food to billions of households across the globe. This sector has become gradually important as the world’s population is on the rise, and dietary preferences are evolving, reflecting higher incomes and a shift to value-added products. This is the most valuable factor that steadily contributes to the growth of the global Commercial Refrigeration Equipment market.
Furthermore, the global demand for fresh and processed fruits and vegetables is growing owing to the varying food consumption habits of the urban population. The increase in disposable incomes in developing countries has led to a rise in demand for fresh and processed fruits and vegetables. Again, frozen food products are gradually becoming an important part of daily diet across the world. This key factor further escalates the demand for Commercial Refrigeration Equipment, which in turn, propels the growth of the market to a large extend.
Additionally, rapid urbanization in developing countries and increasing living standards are enhancing the demand for processed and packaged food, thus leading to higher commercial refrigeration equipment sales, which is anticipated to boost the growth of the Commercial Refrigeration Equipment market during the forecast period.
Fluorocarbon refrigerants adversely affect the ozone layer. Concerning this, governments of many countries across the world are imposing regulations to limit the use of fluorocarbon refrigerants. They have agreed to phase out the use of HCFCs and HFCs by imposing limits on their consumption. Hence, the stringent regulations against the use of fluorocarbon refrigerants are expected to restrain the growth of the global Commercial Refrigeration Equipment market.
|Market size available for years||2019–2027|
|Base year considered||2019|
|Forecast unit||Value (USD Million)|
|Segments covered||Product Type, Refrigerant Type, Application and Region|
|Regions covered||North America (the U.S. and Canada), Europe (UK, Germany, France, Italy, Spain, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, Australia, South East Asia, Rest of Asia Pacific), Latin America and the Middle East and Africa (Brazil, Saudi Arabia, UAE, Rest of LAMEA)|
|Companies covered||Carrier, Emerson Electric Company, Daikin, Danfoss, GEA Group, AB Electrolux, Ali S.p.A., Dover Corporation|
Covid-19 Impact on Commercial Refrigeration Equipment Market
Consumers across the globe are adjusting to the new normal and there is a noteworthy discrepancy in consumer behavior. Consumer's purchasing habits, behavior, and attitudes have changed in light of COVID-19. People are shopping very consciously and are majorly centered on basic needs and are buying locally. Consumers are using digital commerce to play, learn, and connect to manage isolation and follow social distancing policy. The covid-19 has consistently impacted the shopping behavior of 9 in 10 consumers. Nearly 30-50 percent of the consumers have shifted towards online shopping from March 2020 to December 2020.
Commercial Refrigeration Equipment Market Segment Overview
Based on Refrigerant Type, the Fluorocarbons segment is anticipated to lead the Commercial Refrigeration Equipments market during the forecast period. Fluorocarbons are chemical compounds comprising carbon, hydrogen, chlorine, and fluorine as their main constituents. However, not all fluorocarbons may contain both chlorine and fluorine atoms. The applications of these refrigerants are in refrigerators (domestic, transport, and commercial) and large-scale refrigerators (supermarket/ hypermarket). In addition, fluorocarbons are further classified into three types – HFCs, HCFCs, and HFOs.
Commercial Refrigeration Equipment Market, By Product Type
· Refrigerator & Freezer
· Transportation Refrigeration
· Refrigerated Display Cases
· Beverage Refrigeration
· Ice Cream Merchandiser
· Refrigerated Vending Machine
Commercial Refrigeration Equipment Market, By Refrigerant Type
Commercial Refrigeration Equipment Market, By Application
· Hotels & Restaurants
· Supermarkets & Hypermarkets
· Convenience Stores
Commercial Refrigeration Equipment Regional Overview
Based on the region, Asia Pacific dominated the global Commercial Refrigeration Equipment market and is predictable to maintain its dominance over the forecast period. Factors such as the growing population in this region, improving economic conditions, such as rising GDP & disposable incomes, and a thriving consumer appliances sector are majorly contributed to the growth of the Commercial Refrigeration Equipment market in this region. Other key aspects such as growth in the manufacturing sector, increase in spending on private & public infrastructure development, and rapid urbanization are positively influencing the growth of the market in this region.
Commercial Refrigeration Equipment Market, By Geography
· North America (US & Canada)
· Europe (UK, Germany, France, Italy, Spain, Russia & Rest of Europe)
· Asia-Pacific (Japan, China, India, Australia, & South Korea, & Rest of Asia-Pacific)
· LAMEA (Brazil, Saudi Arabia, UAE & Rest of LAMEA)
Commercial Refrigeration Equipment Market Competitor overview
Some key developments and strategies adopted by manufacturers in Commercial Refrigeration Equipment are highlighted below.
· In July 2021, BITZER has launched gas coolers for carbon dioxide (CO2) applications in commercial and light industry refrigeration. These coolers provide resistance to pressure and thermal efficiency. They offer advantage for systems with medium or large capacity of more than 250 kW.
· In May 2021, Danfoss launches multi-refrigerant, A2L-ready condensing units for ultra-low GWP installations. It comes with high energy efficiency and reduces consumption of energy and indirect emissions.
Commercial Refrigeration Equipment Market, Key Players
· Emerson Electric Company
· GEA Group
· AB Electrolux
· Ali S.p.A.
· Dover Corporation