Commercial Refrigeration Equipment Global Market – Overview
Commercial refrigeration refers to the refrigeration equipment and design used for the commercial retail and storage for large supermarkets, hypermarket, restaurants convenience store and others. The commercial refrigeration equipment market includes equipment such as display cases, walk-in coolers, beverages refrigeration, ice making machineries, parts and other equipment. Others refer to vending machines, reach-in coolers, liquid chillers, and cryogenic refrigeration. The commercial refrigeration equipment market is driven by surging urbanization and expansion of hypermarket and supermarket in developing countries of Asia pacific and Latin America. The significant growth in the number of supermarket and hypermarket in developing market has boosted the demand of energy efficient refrigeration equipment in recent years. The market in Europe is heading towards the maturity; however the short product life cycle of the refrigeration equipment in developed regions coupled with increasing floor area of hypermarket and super market and restaurants chains, the market for commercial refrigeration equipment is expected to witness considerable growth over the coming years. The stringent regulation over the use of F-gases as a refrigerant in commercial refrigeration equipment, owing to the negative effect on the ozone layers, is acting as hindrance for the commercial refrigeration equipment market. Moreover, the consumption of ready to eat products, beverages and frozen food has increased considerably in emerging countries over the past few years. Rise in disposable income, coupled with increasing impact of western lifestyle has fuelled the acceptance of such products among the large middle-class consumers of developing countries. The changed food consumption trend is being supported by the rapid expansion of supermarket, hypermarket and food and restaurant chains around the world. Increased number of such stores has also forced small grocery retailers and unorganised restaurants to upgrade their infrastructure with the changed market scenario. The growth for the commercial refrigeration equipment Market is largely gained by opening these new retail outlets around the world.
Geographically, North America is the leading market for global commercial refrigeration equipment market, in terms of revenue followed by Europe and Asia Pacific. The commercial refrigeration equipment market in North America is expected to grow at higher rate than that of Europe, owing to the increased aftermarket of commercial refrigeration equipment, such as replacement and repair of the currently used commercial refrigeration units. The government concern and related regulation towards the food safety and use of hazardous refrigerant, such as chlorofluorocarbons (CFCs), has also boosted the Commercial Refrigeration Equipment Market in North America. Asia-Pacific is estimated to be the fastest growing market for commercial refrigeration over the next six years. Unlike the western countries, the HFCs refrigerant regulation is not so stiff in developing countries of Asia-Pacific.
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United Technologies Corporation (US), Johnson Controls (US), Illinois Tool Works Inc (US), Ali Group S.P.A (Italy), AHT Cooling Systems GMBH (Austria), Hussmann Corporation (US), AB Electrolux (Sweden), Daikin Industries Ltd (Japan), Dover Corporation (US) and Frigoglass (Greece), are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Commercial Refrigeration Equipment Market.
In April 2016, Daikin Industries Ltd, through its subsidiary Daikin Europe acquired Zanotti S.p.A. an Italian manufacturer of commercial-use refrigerators and freezers. With this acquisition, Daikin has expanded its operations in refrigerator and freezer business in Europe. Moreover, Zanotti, with its widespread sales and services in Europe has already established itself in large market such as U.K, Spain and Italy. This acquisition has created a positive platform for the Europe commercial refrigeration equipment market. Along with this, the sales of commercial refrigeration equipment has also increased which is a positive sign for this acquisition.
In June, 2016 – Cooltech Application made an announcement that it has completed the agreement with Structural Concept for installing the first magnetic cooling display cases in North America. This was one of the major investment made by the company which has gained much attention in North America region. The product has already been launched in Europe has been acknowledged in the market. With this launch, the commercial refrigeration equipment market has acquired higher revenue as compared to past years.
Commercial Refrigeration Equipment Global Market – Competitive Analysis
The global market for commercial refrigeration equipment system is characterized by the presence of many global, regional, and local vendors. The market is highly competitive with all the players competing to gain market share. Intense competition, rapid advances in technology, and frequent changes in government policies, are the key factors that confront the market growth. Moreover, the market leaders such as United Technologies Corporation, Johnson Control, Daikin, and Dover are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, product launch, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms.
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