Commercial Refrigeration Equipment Market Estimated to Grow with a Healthy CAGR During Forecast Period 2021-2023| COVID-19 Analysis
Overview
Global
Commercial Refrigeration Equipment Market is expected to be valued at USD
10,036.9 Million by 2025, with a CAGR of 6.78% during the
forecast period (2019–2025).
Commercial
refrigeration equipment is primarily used to refrigerate food and beverages
across the hypermarket, supermarket, food convenience stores, and specialty
stores. They primarily include refrigerators and freezers. They are used for
preserving various kinds of foods such as meat, vegetables, fruits, and other
food products as they increase the shelf life of the products. Walk-in/reach-in
coolers, display cases, and beverage refrigeration are the types of commercial
refrigeration equipment considered in the scope of the study.
Competitive
Analysis
Some of
the Prominent Players in the Commercial Refrigeration Equipment Market are United Technologies Corporation(US),
Hussmann Corporation(US), Kysor Warren(US), AHT Cooling Systems GmbH(Austria),
Hillphoenix, A Dover Company(US), Voltas, Inc.(India), Williams
Refrigeration(India), Rockwell Industries Limited(India), and EPTA(Italy).
United
Technologies Corporation focuses on strengthening its business segment across
the global market through investment in the efficient supply chain. The company
targets leading suppliers and distributors to expand in all diverse categories
to represent the company’s product portfolio. Additionally, it invested nearly
USD 4 billion with its partnered first-tier suppliers to enhance its
diversification strategy. Moreover, the company also focuses on product
innovation and development in order to offer highly efficient and sustainable
products across residential, commercial, and industrial applications.
Hussmann
Corporation strategizes to develop new products and enhance aftermarket
service. The company focuses on mergers and acquisitions with technology
providers for commercial refrigeration equipment in order to diversify its
portfolio. It also focuses on long-term collaboration with clients to ensure
uninterrupted aftermarket services to commercial users. It aims to minimize the
risk of stringent government regulations across the Americas and Europe by
developing safe substitutes for ozone-depleting substances for use in commercial
refrigeration systems.
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Segmental
Analysis
The Global Commercial Refrigeration Equipment Market is segmented
based on Type and Application. On the basis of type, the walk-in/reach-in cooler segment is expected to dominate the global market. The
walk-in coolers/reach-in coolers are considered the most efficient alternative
for reducing electricity costs and keeping food fresh for a longer time span.
The walk-in coolers/reach-in coolers, especially the compact under-counter
models require less space.
On the basis of application, the supermarket segment is expected
to dominate the market. Supermarkets stand for moderate capacity market stores
operated on a self-service basis, fresh produce, selling groceries, bakery and
dairy products, meat, and sometimes an assortment of nonfood goods. The demand
for commercial refrigeration equipment in supermarkets is driven as this system
helps in gaining expertise in order to achieve energy efficiency and reduce
carbon footprints, without comprising on performance. This is expected to drive
the growth of the supermarket segment during the forecast period.
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Regional
Analysis
Geographic
analysis of the Global Commercial Refrigeration Equipment Market spans across
North America, Europe, Asia-Pacific (APAC), and the rest of the world.
In 2021, North America was the leading market with a
market value of USD 2,290.1 Million. The regional market value is
expected to reach USD 3,426.0 Million by 2025 with an
impressive 6.02% CAGR during the forecast period.
North
America includes the US, Canada, and Mexico. The busy lifestyles of North
American consumers are driving the purchase of ready to eat meals. Display cases
and beverage refrigeration units are widely used to display pre-made food and
beverage products for effective merchandising. The government's concern and
related regulation toward food safety are boosting the commercial refrigeration
equipment market in North America.
In 2021,
Asia-Pacific held the second largest market share in the commercial
refrigeration equipment market. Asia-Pacific is estimated to be the
fastest-growing market for commercial refrigeration during the forecast period
owing to the establishment of a new supermarket, hypermarket, and organized
restaurant chain in tier I and tier-II cities. In the last few years, all major
multinational retail companies such as Wal-Mart and Tesco have been focusing on
Asia-Pacific for market expansion. Moreover, the demand for commercial
refrigeration has increased from local retail chains in countries such as
China, Japan, and India. The presence of major commercial refrigeration
manufacturing companies such as Voltas, Inc., Williams Refrigeration, and
Rockwell Industries Limited are focusing on research and development of
commercial refrigeration equipment to improve the efficiency of commercial
refrigeration. In 2021, the regional market was valued at USD 2,044.3 Million,
which is expected to reach USD 3,534.1 Million by 2025 with an 8.24%CAGR during
the forecast period.
Europe
commercial refrigeration equipment market is driven by the organized food and
grocery retail industry. The growth of supermarkets and hypermarkets and food
retail chains in Europe continued even during the economic slowdown.
Supermarkets, hypermarkets, and grocery stores together account for a sizeable
share of the commercial refrigeration equipment market in Europe. The ongoing
expansion of grocery retail chains by major retailers is expected to drive the
demand of the commercial refrigeration equipment market during the forecast
period. The regional commercial refrigeration equipment market is expected to
be valued at USD 2,143.3 million by 2025 at a CAGR of 5.57% during the forecast
period.
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