DUBAI, United Arab Emirates, March 01, 2022 (GLOBE NEWSWIRE) — The commercial refrigeration equipment market is expected to witness a considerable value CAGR of 4.0% over the period 2022 and 2029 Witnessing a 3.4% increase over 2021, global commercial refrigeration equipment sales will exceed revenues by $51,771.3 million by the end of 2022.
As indicated by a recent study by Future Market Insights (FMI), the commercial refrigeration equipment market will grow at a moderate CAGR from 2022 to 2029. The demand will be mainly driven by higher production of F&B products and preferential consumer movement to Quick Service Restaurants (QSRs), globally.
| Commercial Refrigeration Equipment Market Value (2021A) | US$49,813.9 million | |
| Commercial Refrigeration Equipment Market Estimate (2022E) | US$51,771.3 million | |
| Commercial Refrigeration Equipment Market Forecast (2029F) | US$68,283.9 million | |
| CAGR Value (2022-2029) | 4.0% | |
| Share of collective value: top 3 countries (2022E) | 36.8% | |
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Sustainable and energy-efficient refrigeration systems are set to become the norm in end-use industries, which is expected to force manufacturers to increase investment in R&D and product innovations. Leveraging energy-efficient technologies to offer low Global Warming Potential (GWP) products with rich features will be the way to capture significant market share in the long run.
KEY POINTS OF THE COMMERCIAL REFRIGERATION EQUIPMENT MARKET
- Rising demand for ready-to-eat products and expanding retail outlets are driving sales of commercial refrigeration equipment.
- North America and Europe would collectively account for more than half of the market value share by the end of 2029.
- The food service sector will remain a top application area to invest in, for players in the commercial refrigeration equipment market.
- The application of new refrigerant regulations such as EPA 680 upgrade and Kigali Amendment for the phase-down of HFC refrigerants will have a significant impact on the growth of the market.
- The higher average unit cost of freezers and refrigerators hints at lower volume sales relative to value gains, with around 2.6 million units sold in 2021.
- Glass-door display cases, which account for about a third of total sales volume, continue to generate relatively low revenue compared to freezers and refrigerators.
- Sales of beverage dispensers and display cases in end-use industries will show a moderate year-over-year increase in 2022, which will collectively account for nearly 16% of total commercial refrigeration equipment sales this year -the.
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Report scope
| Attribute | Details |
| Forecast period | 2022-2029 |
| Historical data available for | 2014-2021 |
| Market analysis | Million USD for value and (‘000) units for volume |
| Key regions covered | North America, Latin America, Europe, APEJ, MEA, Japan |
| Main countries covered | United States, Canada, Brazil, Mexico, Germany, Italy, France, United Kingdom, Spain, Russia, Poland, Turkey, South Africa, Japan, China, India, Australia, New Zealand. |
| Key Segments Covered | By product type, by application, by region |
| Profiled Key Companies |
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| Report cover | Market forecasts, company share analysis, competitive intelligence, DROT analysis, market dynamics and challenges, and strategic growth initiatives |
Chinese players strive to conquer the domestic market
In developed markets, the rapid acceptance of alternative refrigerants to benefit from regulatory standards as well as the expansion of F&B processing industries continue to contribute to the development of the commercial refrigeration equipment market.
The growth of the commercial refrigeration equipment market in Asia-Pacific has been influenced by a shift in Asian eating habits towards Western-style cooked meals. With the ability to manufacture their own compressors, Chinese companies are gaining a competitive edge to reign supreme in their home market with local brands.
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Competitive Trends
In 2021, the top four stakeholders, including Carrier Corporation, Daikin Industries, Ltd., Danfoss A/S, and Hussman Corporation, collectively accounted for 20-25% of revenue share. The emergence of a large number of small players in developing countries has led to price competition, with major market players losing their profit margins. Market fragmentation will continue until 2029, driven by regional regulatory standards and enhanced capacities of local players.
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