Global commercial refrigeration equipment market is projected to grow at a CAGR of 5.6% over the forecast period (2016 to 2024). By 2024, market revenues would exceed USD 40.87 billion. This may be attributed to changing food consumption patterns triggered by rapid industrialization and technological advancements.
There is a need for energy efficient system in hospitality industry due to the continuous advanced cooling technologies. These equipment are used to store perishable goods for safe and healthy use at appropriate temperatures and for food service needs.
The rapid growth of frozen food items in global due to changes in trends of consumption pattern has increased the commercial refrigeration demand in the market. Additionally, the growth of remotely monitored products which has a benefit of monitoring the system for detecting high liquid levels, refrigerant leak, and high system pressures has increased the growth opportunities.
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Key companies in the industry are Johnson Controls, Daikin, Carrier Corporation and Dover Corporation. There are initiatives taken by companies to make competitive advantage among others like mergers and acquisitions and increasing investment in R&D to launch and develop new products.
Escalating intake of frozen foods spurs demand for refrigeration of food on a commercial scale. Innovative technology makes possible remote monitoring of products to check refrigerant leak, high liquid levels, abnormal system pressures, etc. Increase in specialty food outlets, hypermarkets, and supermarkets also contribute to a favorable market outlook. These places are equipped with advanced products like multi-deck display cabinets and open front cases, having LEDs and proximity sensors.
The market is segmented into products, applications, and regions. Products consist of beverage refrigeration, refrigerators & freezers, transportation refrigeration equipment, parts, and others. Beverage refrigeration could rise due to a boom in restaurants across the globe. Transportation held about 20% of the market in 2015. Zero-emission technologies and efficient fuel consumption are some of the trends that should propel this segment’s growth till 2024.
Growing awareness among people and industries in the emission of global warming gasses are expected to make great opportunities for commercial refrigeration market. Change of people behavior in their busy lifestyle to save their time will increase the growth of food industry which drives the future market.
North America, Europe, Asia Pacific, South America, and MEA (the Middle East & Africa) constitute the regional markets.
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