Commercial refrigeration market is poised to grow over the forecast period owing to the changing food consumption trends, emergence of supermarkets and fast food chains and rising international trade. Furthermore, increasing exports of sea food and processed food across the globe provide ample growth opportunity for the market.
The market is primarily driven by the significant increase in the number of supermarkets, hypermarket, and organized retail chains that have opened around the globe. In developing countries where the concept of supermarket, hypermarket and organized retail chains is relatively new and upcoming, the demand for energy efficient commercial refrigeration is highly essential. Continuous innovation in terms of energy optimization owing to high energy requirement is a major concern for leading supermarket and hypermarkets.
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Commercial refrigeration is expected to witness significant growth on account of increasing consumption of frozen and processed foods. The average floor space of major hypermarket and supermarket have grown manifolds in developed countries in recent times, with more space in the outlets comes the opportunity to install bigger commercial refrigerator. Moreover, replacement of commercial refrigerant system is expected to drive growth of the overall industry during the forecast period.
Increasing international food trade across the globe has led to an increase in use of commercial refrigeration in transportation refrigeration and is expected to show phenomenal growth during the forecast period. However, the fluctuating fuel prices may be a hindrance to market growth as fuel is required in transportation refrigeration. Moreover, the high price of the commercial refrigeration is expected to negatively impact market over the next few years.
The market is segmented on the basis of applications such as food service, food and beverage retail and distribution of food and beverages. Food service includes establishments such as restaurants where food is prepared. Commercial refrigeration is used in such establishments to store and preserve raw materials for cooking food. In addition, it finds use in the food and beverage retail industry where frozen and processed foods and beverages are stored for sales later.
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The food and beverage distribution industry also uses commercial refrigeration on a large scale to transport frozen, processed foods across the globe, with the rise in import and export of packaged foods, commercial refrigeration is being used excessively. Furthermore, it can be segmented on the basis of product into transportation refrigeration equipment, refrigerators and freezers, beverage refrigerator and refrigerator parts. Transportation refrigerator category is expected to grow extensively during the forecast period owing to growth of food and beverage transport across the globe.
The market is segmented on the basis of equipment type such as walk in coolers, beverage cooling, ice making machinery and display cases. The growth of commercial refrigeration market in North America is likely to grow extensively during the forecast period, this growth can be attributed to the repair and replacement of the commercial refrigerator equipment. Moreover, the increasing floor space of supermarket and hypermarket which give an opportunity for these hypermarkets to install more refrigerator with larger capacities. Moreover, the growth of food and beverage industry in North America augments the use of the technology, thus increasing demand over the forecast period.
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