The global commercial refrigeration equipment market is expected to reach USD 46.40 billion by 2022, according to a new report by Grand View Research, Inc. Rising disposable income and advent of industrialization and other demographic shift has resulted in considerable changes in food consumption over the past few years.
Improvements in food supply chain accompanied by economic developments and gradual elimination of dietary deficiencies has drastically changed food consumption pattern over the last decade. Rapidly growing frozen foods industry is expected to fuel the commercial refrigeration market. This is resulted from better viable alternatives for preparing instantaneous meals satisfying the population across the world.
Surging number of working population, change in busy lifestyles, consumer purchasing patterns, availability of wide range of frozen food products in different categories and the fact that frozen food deliver better value for money and are compelling more consumers to indulge in using frozen foods leading to growing demand for storage capacities.
Increasing concern regarding the use of refrigerants that have a high global warming potential in these systems are expected to provide various growth opportunities for advancement in this technology.
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Further key findings from the report suggest:
- Transportation refrigeration equipment market accounted for over 19% of the overall industry in 2014. The development of zero-emission technologies delivering environmental benefits without burdening operators with additional costs and lower fuel consumption is expected to provide avenues to the transportation refrigerant vehicles.
- Food service segment accounted for over 32% of the revenue in 2014 and is expected to exhibit high growth over the next seven years. High demand for cold chain development through construction of warehouse facilities is expected to drive demand in this vertical. Development of cascade refrigeration systems developed with variable speed compressors are expected to be finding robust application in food and beverage industry.
- Asia Pacific is expected to witness significant growth over the forecast period. In countries such as India and China, prioritization of cold chain development through construction of warehouses and other facilities for chilling or freezing food waiting transport.
- Other vital factors that are compelling industry growth include emergence of supermarkets, continuous evolving technology, rising international food trade & processed food exports, rise in horticulture & seafood, and changing food consumption trends.
- Notable companies operating in the commercial refrigeration equipment market include Carrier, Daikin, Electrolux AB, Illinois Tool Works Inc, Johnson Controls, and Dover Corporation. Commercial refrigeration equipment manufacturers are focused on mergers and acquisitions, and also invest significantly in research and development activities to introduce new products. Brand value plays a vital role in the market, raising the level of competition to a considerable extent.
Grand View Research has segmented the commercial refrigeration equipment market on the basis of product, application and region:
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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