Commercial Refrigeration Equipment Market High State Of Affairs, SWOT Analysis, Business Summary and Forecast 2028 

As indicated by a recent research study of Future Market Insights (FMI), the market for commercial refrigeration equipment will progress at a moderate CAGR over 2022 to 2029.  Sustainable and electricity-efficient refrigeration structures are set to emerge as a norm throughout the end-use industries, which ought to compel manufacturers to boom their investments in R&D and product innovations. Leveraging power-green technologies to offer low global warming capacity (GWP) merchandise with wealthy functionalities will be the price tag to capturing vast marketplace proportion ultimately.

The demand for NH3/CO2 cascade systems is also slated to go up gradually due to the advantages they offer for food processing and low-temperature distribution facilities. These benefits include low operating costs (as they use less energy per ton of refrigeration compared to other systems), lower capital and compliance costs, optimal food quality, and increased throughput.

Witnessing an uptick of 3.4% over 2021, the worldwide sales of commercial refrigeration equipment will exceed revenues worth US$ 51 Bn by 2022 end. The demand would be prominently driven by greater production of F&B goods and a preferential shift of consumers towards quick service restaurants (QSRs), at a global level.

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COMMERCIAL REFRIGERATION EQUIPMENT MARKET KEY TAKEAWAYS

  • Growing demand for ready-to-eat products and expanding retail outlets are driving the sales of commercial refrigeration equipment.
  • North America and Europe would collectively account for over half of the market value share by 2029 end.
  • The food services sector will remain prominent application area to invest in, for commercial refrigeration equipment market players.
  • The enforcement of new refrigerant regulations such as the EPA 680 Upgrade, and the Kigali Amendment for the phase-down of HFC refrigerants will largely impact the market growth.
  • The higher average unit cost of freezers & refrigerators allude lower volume sales vis-à-vis value gains, with just about 2.6 million unit sales in 2021.
  • Glass door merchandizers that account for around a third of total volume sales continue to see relatively low revenue generation as compared to freezers & refrigerators.
  • Sales of beverage dispensers and display cases across end-use industries will show a moderate increase year-over-year in 2022, which will collectively represent nearly 16% of total commercial refrigeration equipment sales in that year.

Manufacturers who are keeping the innovation quotient high and providing turn-key solutions to meet regulatory requirements, with safety to end users at the core, will be rewarded in the long run.

Chinese Players Striving to Win Home Market​

In developed markets, rapid acceptance of alternative refrigerants to benefit from regulatory standards along with expansion of F&B processing industries continue to contribute to the development of the commercial refrigeration equipment market.

The growth of Asia Pacific’s commercial refrigeration equipment market was influenced by a shift of Asian eating habits towards western-style convenience food. With the ability to manufacture their own compressors, Chinese companies are gaining competitive edge to reign supreme in their home market with indigenous brands.

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Competition Trends

In 2021, the top four stakeholders including Carrier Corporation, Daikin Industries, Ltd., Danfoss A/S, and Hussman Corporation collectively accounted for 20-25% revenue share. The emergence of a large number of small players in developing countries has resulted into price competition, with leading market players losing their profit margins. Market fragmentation will continue through 2029, driven by regional regulatory norms and enhanced capabilities of the local players.

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
  • 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

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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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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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