The global commercial refrigeration equipment is expected to grow at a steady CAGR of 5.1% during the forecast period of 2015 to 2025. Market Research Future has done a detailed analysis of the ten-year forecast for this market in their research report on the subject. The growth of the food retail sector and the growing global demand for food, particularly fresh produce is expected to be a key driver of growth for the market.
Frozen food has maintained its popularity over the years, and a growing global population is increasing its demand for such food products. Commercial refrigeration equipment is vital in ensuring the safe storage and maintaining freshness in the products. Global industrialization, urbanization, and technological advancements have played a key role in the growth of the global market. Innovative advancements in refrigeration technology have made it possible to remotely monitor temperature, pressure, and liquid levels among other important factors. Global concern regarding the environment has prompted the innovation of energy efficient commercial refrigeration equipment, thus expanding the scope of the market. Another factor driving market growth is the increase in specialty food stores, supermarket and other food retail outlets. The increase of these is in response to the globally increasing demand for food and a growing trend for healthy food options, many of which need to be refrigerated to maintain freshness and quality.
Zero-emission technologies and energy efficiency are expected to be market propelling trends during the forecast period. Moreover, key players are conducting research activities in order to develop innovative products that exceed expectations and successfully meet demand while creating further opportunities.
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The global commercial refrigeration equipment market has been segmented on the basis of types, applications, and regions. By types, the market has been segmented into display cases, beverage refrigeration, walk-in coolers, ice making machinery, parts, and others.
By application, the market has been segmented into food manufacturing industries, supermarkets, hypermarket, restaurants, grocery stores and others.
By region, the global market has been segmented into the Americas, Europe, the Asia-Pacific, and the Middle East & Africa.
The Americas with its inclusion of countries such as the U.S and Canada where a thriving retail sector exists leads the market with the largest share. The region also has several key players who are responsible for market growth.
Europe, which has the second largest share of the global market is expected to witness continued growth during the forecast period. The region is forward thinking regarding environmental regulations and actively implements them. Moreover, there is a strong emphasis on research and development activities, thus facilitating market growth.
The Asia-Pacific is expected to grow at the highest CAGR during the assessment period. Countries such as India and China are urbanizing rapidly and as a result, are witnessing the development of the organized retail sector. Urbanization has also contributed to changing food patterns, and consumers have increasingly shown preferences for ready-to-eat products, frozen food, cold beverages and other convenient food products which often require refrigeration.
The detailed analysis of the global commercial refrigeration market includes analysis of the competitive landscape. Prominent market players that have been included in the analysis are Johnson Controls, Ali Group S.P.A, United Technologies Corporation, Illinois Tool Works Inc., Hussmann Corporation, AHT Cooling Systems GmbH, Daikin Industries Ltd, AB Electrolux, Dover Corporation, and Frigoglass.
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