Market Research Report
Commercial Refrigeration Equipment Global Market Report 2022
|Commercial Refrigeration Equipment Global Market Report 2022|
The Business Research Company
Content info: 175 Pages
Delivery time: 2-10 business days
“Commercial Refrigeration Equipment Global Market Report 2022” from The Business Research Company provides the strategists, marketers and senior management with the critical information they need to assess the global commercial refrigeration equipment market as it emerges from the COVID-19 shut down.
Where is the largest and fastest growing market for the commercial refrigeration equipment ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The Commercial Refrigeration Equipmen market global report” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider commercial refrigeration equipment market, and compares it with other markets.
Major players in the commercial refrigeration equipment market are: Dover Corporation, Daikin Industries Ltd, Carrier Commercial Refrigeration Inc, Johnson Control Inc, Haier Group Corp, Danfoss, and Emerson Electric Company.
The global commercial refrigeration equipment market is expected to grow from $56.03 billion in 2021 to $59.74 billion in 2022 at a compound annual growth rate (CAGR) of 6.6%. The market is expected to grow to $79.1 billion in 2026 at a compound annual growth rate (CAGR) of 7.3%.
The commercial refrigeration equipment market consists of sales of commercial refrigeration equipment by entities (organizations, sole traders, and partnerships) that produce commercial refrigeration equipment such as refrigerators and freezers used in supermarkets, convenience stores, restaurants, and commercial kitchens.
The main product types of commercial refrigeration equipment are refrigerator & freezer, transportation refrigeration, refrigerated display cases, beverage refrigeration, ice cream merchandiser, and refrigerated vending machine. Beverage refrigeration refers to a refrigerated storage area intended to cool beverages using a vehicle's air conditioning system or a separate phase-cooling system. The refrigerant types are fluorocarbons, hydrocarbons, and inorganics. The various applications involved are hotels & restaurants, supermarkets & hypermarkets, convenience stores, and bakeries.
The Asia Pacific was the largest region in the commercial refrigeration equipment market in 2021. North America was the second largest region in the commercial refrigeration equipment market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The increasing demand for frozen & chilled products from consumers is anticipated to drive the commercial refrigeration market. Preference for frozen & chilled products have increased due to changing lifestyle, accelerated urbanization, and benefits offered by frozen products such as longer shelf life, convenience, reduced food preparation & clean-up time. As per the study of the American Frozen Food Institute (AFFI) released in May 2020, there is a significant growth in the purchase of frozen products among consumers with 70% of consumers buying more frozen food than usual during the COVID-19 situation. Frozen food sales increased to 80% in the week of March 15 and 94% in the week of March 22 when compared to the same weeks in 2019. Frozen and chilled products are stored in commercial refrigerators in supermarkets, hypermarkets, and refrigerated trucks from where they are bought and transported. This is likely to generate a higher requirement for commercial refrigeration equipment for storing, which propels the growth of the market.
High equipment and installation cost of equipment is expected to hinder the commercial refrigeration equipment market's growth. For instance, the total cost of the walk-in cooler including installation range from $3,000 to $9,000. In addition to this, the average cost of commercial refrigeration equipment repair falls between $100 and $325. This high cost of the equipment, installation, and maintenance are extremely unaffordable to smaller retailers who rent these services or opt for non-commercial variants, which hinders the growth of the commercial refrigeration equipment market.
Companies are concentrating on incorporating the latest technologies such as artificial intelligence, 5G, and machine learning into commercial refrigeration equipment for decreasing electrical consumption, improved preventive maintenance, and better customer experience. For instance, in August 2020, Axiom Cloud and Turn tide Technologies collaborated to stimulate AI in Commercial refrigeration. Axiom will license divisions of its IoT infrastructure to Turn tide to support Turn tide's mission to reduce the 25% of global electricity consumption that is misused by legacy motors. Furthermore, in May 2019, the UTStarcom company launched the goBox together with China Mobile Group Zhejiang Company (Hangzhou), its first 5G-powered smart commercial refrigerator. The smart vending machine, goBox created a new way of shopping with an enhanced buying experience, driving greater consumption per transaction. The device is enabled by a powerful system platform supported by 5G, mobile cloud, and artificial intelligence.
In February 2019, Daikin Industries, Ltd, a Japan-based manufacturer of air conditioning units HVAC-R systems, filtration systems, and chemicals, through its subsidiary Daikin Europe N.V has acquired AHT Cooling Systems GmbH for approximately $656 million (€
The countries covered in the commercial refrigeration equipment market are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.