The global commercial refrigeration market is expected to witness significant growth over the forecast period owing to the extensive use of commercial refrigeration equipment by the food and beverage industry. Food retail industry makes wide use of commercial refrigeration equipment for merchandising and food storage purposes. Food retail industry in the Asia-Pacific region is expected to be the major factor that will drive the commercial refrigeration equipment market growth. The need for storing edible items in a climate-controlled environment is a major factor that drives global commercial refrigeration market growth.
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The commercial refrigeration equipment caters to the commercial needs of cafes, hotels, and supermarkets worldwide. The commercial refrigeration equipment is usually customized type. However, technological advancements coupled with innovative designs aid in the development of generalized format, complementing the requirements of all commercial consumers.
Evolving trends pertaining to food consumption, emergence of fast food chains, and surging demand in international food trade may favorably impact the global commercial refrigeration equipment market over the next six years. In addition, rising processed as well as sea food exports paired with increasing horticulture activities may provide key growth opportunities for the commercial refrigeration market.
Solar powered Commercial Refrigeration System (CRS) which plays a vital part in avoiding energy crisis is also expected to provide new avenues for exploration in the commercial refrigeration equipment market. Benefits offered by remote monitored commercial equipment such as continuous monitoring of the system for alerts helps in reducing maintenance cost, energy consumption, and overall operating cost. Owing to the aforementioned advantages, solar powered CRS along with remote-monitored commercial refrigeration equipment is expected to pose high potential in the commercial refrigeration equipment market over the forecast period.
Rising fuel prices is expected to pose a challenge to the global commercial refrigeration market in the upcoming years. Fuels can be used to generate electricity used for proper functioning of refrigeration equipment during the food product transportation. Transportation refrigeration market segment accounts for maximum market share in the global commercial refrigeration equipment market owing to the significant rise in the international food trade.
The key market participants include Hussmann Corporation, Carrier Air-conditioning & Refrigeration Ltd., Daikin Industries Ltd., Dover Corporation, Hubbard Products Ltd., Illinois Tool Works Inc., Ingersoll Rand Plc, Interlevin Refrigeration Ltd., and Metalfrio Solutions Inc.
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