Between 2019 and 2029, the commercial refrigeration equipment market is anticipated to grow by 1.4 times, driven in large part by the food industry. As long as applications in the healthcare and food and beverage industries continue to grow during the crisis, the coronavirus pandemic is only likely to have a minor effect on the industry. On the other hand, market participants will face difficulties due to disruptions in the supply chains for components and refrigerants.
According to the FMI study, throughout the forecast period, “strict regulations associated with controlling the environmental impact of harmful refrigerants that contribute to global warming are generating major growth opportunities to the worldwide commercial refrigeration equipment market, in terms of emission and performance standards.
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Commercial Refrigeration Equipment Market – Important Takeaways
- Reach-in devices remain highly sought-after, driven largely by demand from the food service and hospitality industry.
- Food processing and production application are contributing significantly to revenues, owing to bias towards replacement and low maintenance practices.
- North America remains a major contributor to the global commercial refrigeration equipment market, with major infrastructure investments in retail and food service sectors.
Commercial Refrigeration Equipment Market – Driving Factors
- Strict implementation of food quality and safety regulations in retail and food service businesses is a key influencer in market growth.
- Innovations in eco-friendly components and refrigerant chemicals are bolstering sales and adoption prospects.
Commercial Refrigeration Equipment Market – Leading Constraints
- High installation cost of new refrigeration equipment is a major factor slowing down sales figures.
- Long lifecycle and low replacement rates of commercial refrigeration equipment limits revenue streams.
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Expected Impact on Market by Coronavirus Outbreak
The coronavirus pandemic will have a moderate impact on the operations of the commercial refrigeration equipment industry, largely owing to disruptions in supply chains and restricted production of refrigerant chemicals and essential components. In addition, demand is also likely to be hit by closed food service businesses during the pandemic. However, the industry is likely to benefit from strong demand in essential segments such as the food & beverage production and processing industries, the healthcare and pharmaceutical sector, and the logistics market, which will minimize losses during this period substantially, and aid a steady recovery.
Competition Landscape:
Some of the leading players participating in the commercial refrigeration equipment market are AHT Cooling Systems GmbH, Daikin Industries Ltd., Electrolux AB, Carrier Corp., Whirlpool Corp., Dover Corp., Danfoss A/S, Hussman Corp., Illinois Tool Works Inc., and Innovative Display Works.
Players in the commercial refrigeration equipment are seeking strategic expansion and acquisition activities to widen portfolios and production capabilities in an intensely competitive market scenario.
For instance, Daikin Industries Ltd has announced its intentions to acquire AHT Cooling Systems GmbH for an 881 million Euro valuation. KeepRite Refrigeration is in collaboration with Longview Economic Development Corp. for the expansion of a 57,000 sq. ft. production facility for US$4.5 million. Demark-based Tefcold has announced acquisition of refrigeration wholesaler Nosreti Velkoobchod to boost distribution in Czech and Slovakia.
Key Segments Of Commercial Refrigeration Equipment Industry Survey
Commercial Refrigeration Equipment Market by Product Type:
- Beverage Refrigerators
- Drinking Fountains
- Soda Fountains
- Beer Dispensing Equipment
- Beverage Coolers
- Freezers & Refrigerators
- Freezers & Chillers
- Blast Chiller/Stock Freezers
- Contact Freezers
- Refrigerators
- Walk-in-Refrigerators
- Reach-in Refrigerators
- Freezers & Chillers
- Transportation Refrigerators
- Commercial Refrigeration Equipment for Trailers
- Commercial Refrigeration Equipment for Trucks
- Commercial Refrigeration Equipment for Shipping Containers
- Glass Door Merchandisers
- Hinged Doors
- Sliding Doors
- Display Cases
- Ice Cream Cabinets
- Bakery/Deli Display
- Beverage Dispensers
- Refrigerated Vending Machines
- Ice Machines
- Ice Cream Machines
Commercial Refrigeration Equipment Market by Application:
- Commercial Refrigeration Equipment for Food Services
- Commercial Refrigeration Equipment for Food & Beverage Retail
- Commercial Refrigeration Equipment for Food & Beverage Production
- Commercial Refrigeration Equipment for Food & Beverage Distribution
Commercial Refrigeration Equipment Market by Region:
- North America Commercial Refrigeration Equipment Market
- Latin America Commercial Refrigeration Equipment Market
- Europe Commercial Refrigeration Equipment Market
- East Asia Commercial Refrigeration Equipment Market
- South Asia & Pacific Commercial Refrigeration Equipment Market
- Middle East & Africa (MEA) Commercial Refrigeration Equipment Market
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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