The global commercial refrigeration equipment market was valued at $29,558.8 million in 2014 and it is expected to reach $40,874.9 million by 2020. As per, P&S Market Research, the market is estimated to grow with a CAGR of 5.7%, in terms of value, during 2015 – 2020. The global commercial refrigeration equipment market is driven by the growth of supermarket, hypermarket, and organized food retail chains. According to Institution of Mechanical Engineers in the year 2014, 25% of total food production in developing countries was wasted mainly due to improper refrigeration. In Africa, about 50% of the food and vegetables are wasted due to the lack of commercial refrigeration equipment.
Based on type of equipment in commercial refrigeration equipment market, the beverages refrigeration equipment is expected to witness the fastest growth (7.2% CAGR) during 2015 – 2020. Display cases, walk-in coolers and refrigeration for beverages together accounted about 60% of the global commercial refrigeration equipment market in 2014. 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.
With supermarket refrigeration equipment accounting for about 60% of the total electricity consumption of supermarket, saving energy and optimizing operating cost will remain one of the top concerns for the commercial refrigeration equipment players in maturing market of western countries. In addition, the innovation in product design, refrigerant, and improvement in overall energy consumption facilitated the introduction of advanced and innovative commercial refrigeration products, such as multi-deck display cabinets and open-front refrigeration cases, over the years.
The average floor space of major grocery and food retailers of North America has grown in recent years, which in turn facilitated the installation of new refrigeration equipment in these stores. The growth of the commercial refrigeration market in North America is largely expected from the aftermarket of commercial refrigeration that comprises replacement and repair of currently used refrigeration equipment. The European commercial refrigeration equipment market is heading towards maturity and the growth is mainly expected from the emerging countries of Asia-Pacific. The Asia-Pacific commercial refrigeration equipment market is expected to witness fastest growth (9.7% CAGR) globally, during 2015 – 2020.
The global commercial refrigeration equipment market is fragmented with top four companies accounting less than 40% of the total market in 2014. United Technologies Corporation (Carrier) was the largest player in terms of market share. The high market share of United Technologies Corporation (Carrier) is attributed to brand image, superior power efficiency and diversified post-sale servicers of the company. Some of the other major players operating in the global commercial refrigeration equipment market include AB Electrolux, Frigoglass S.A.I.C., Dover Corporation, Daikin Industries Ltd, AHT Cooling Systems GmbH, Ali Group S.p.A., Illinois Tool Works Inc., and Johnson Controls Inc.
News Courtesy: P&S Market Research