Trending News: Commercial Refrigeration Equipment Market Size, Share, Trends, Growth, Analysis, Research

Global Commercial Refrigeration Equipment Market: Key Highlights

• According to the new market research report “Commercial Refrigeration Equipment Market by Type (Chillers, Freezers and Refrigerators, Beverage Cooler, Ice Machines and Others), by Application (Transport Refrigeration, Food Storage and Medical Facility), by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) — Global Forecast (2020 to 2027)”, the global commercial refrigeration equipment market is estimated to reach over USD 50 Billion by 2027 at a CAGR of 5.0% in the forecast period
• Rising preference towards processed and packaged food products owing to shifting preference towards easy to cook/eat products is driving the market growth
• Increasing FDI especially in the developing nations leading to the expansion of organized food retails is further contributing to the demand for commercial refrigeration equipment
• Strict regulation on conventional refrigerant with Global Warming Potential (GWP) is acting as a major restraint to the market growth

Global Commercial Refrigeration Equipment Market: Key Market Dynamics

• Growing global economy, rise in disposable income with shifting consumer preference towards processed and frozen food products are driving the growth of commercial refrigeration equipment
• Attractive fiscal and economic policies coupled with growing FDI in the retail sector is further supporting the market growth
• Strict regulation to phase out the use of refrigerant containing GWP to minimizing environmental degradation is hindering the growth of this market
• The emergence of Next Generation Refrigerant to promote refrigeration along with ongoing advancement in magnetic refrigeration is creating new growth avenues for the market
• The higher maintenance cost of commercial refrigeration owing to the higher occurrence of the refrigerant leak causing more maintenance and pollution

Global Commercial refrigeration equipment Market: Regional Overview

• North America

In North America, the commercial refrigeration equipment market is expected to witness the boom in the forecast period owing to the rising demand for processed and frozen food products. The booming economy, increasing investment in food processing, changing dietary preferences coupled with the rise in population with higher income, resulting into shifting preference towards the value-added food products. Increasing prevalence of chronic diseases, resulting in rise in demand for blood banks for the preservation of blood and blood-derived samples is generating higher demand for commercially used biomedical refrigerators

• Asia-Pacific

The Asia-Pacific commercial refrigeration equipment market is growing on the grounds of increasing consumption of processed and packaged food. Shifting preference of the population towards higher spending on casual dine outs and fast food with increasing expansion of fast food outlets is escalating consumption of chilled beverages, which drives the demand for commercial refrigeration. Increasing Foreign Direct Investment (FDI), which promotes the expansion of organized retail channels, further fuels the refrigerators, freezers, and commercial refrigeration equipment.

Global Commercial Refrigeration Equipment Market: Key Players Overview

• United Technologies Corporation:

United Technologies Corporation is a conglomerate that operates worldwide through Collins Aerospace, Carrier, Pratt & Whitney and Otis businesses. The company operates in building and aerospace industries by offering a wide range of products include the HVAC system, building automation, elevators, walkways, engines, auxiliary power units, and aircraft components. The company generated annual sales of USD 66.5 billion in 2019 with around USD $ 4 billion for research and development. The company in October 2019, introduced two flexible and modern refrigerated chillers for commercial applications such as grocery stores, convenience stores and hypermarkets for the European market.

• Johnson Control:

Johnson Control is the Ireland based company offering products for the residential, healthcare, government, industrial, sports, marine and navy application. The product range is inclusive of HVAC equipment, building, and automation controls, fire detection equipment and solution, industrial refrigeration, and retail solution among many others. In commercial refrigeration, the company provides PENN control range for pressure, temperature, and moisture controlling in the coolers, freezers.

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