NEW YORK, December 21, 2015 /PRNewswire/ --
The global market of commercial refrigeration equipment recorded $29,558.8 million value in 2014. The global market is expected to reach $40,874.9 million by 2020. During the period 2015-2020, the global market is anticipated to grow with a CAGR of 5.7%, in terms of value. The growth of the global commercial refrigeration equipment market is driven by the increasing penetration of organized food retail chains, supermarkets, hypermarkets, and others in the developing countries. As per the Institution of Mechanical Engineers, 25% of the overall food production in the developing countries of world including BRICS countries was wasted in 2014, mainly due to inappropriate refrigeration. However in Africa, about 50% of the food and vegetables were wasted due to the scarcity of commercial refrigeration equipment.
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Among the various equipment types, the beverages refrigeration segment is anticipated to witness the fastest growth with a CAGR of 7.2% during 2015 - 2020. The display cases segment, walk-in coolers segment, and beverages refrigeration segment together accounted for 60% share of the global commercial refrigeration equipment market in 2014. The upsurge in the number of organized retail chains in the developing countries is leading to increased demand of energy efficient refrigeration equipment in the recent years.
With the supermarket refrigeration equipment accounting to about 60% of the overall consumption of electricity, energy saving and optimizing operating cost would remain among the top concerns for the commercial refrigeration equipment manufacturers, especially in the burgeoning market of the western countries. Apart from this, the innovative product design, use of eco-friendly refrigerant and enhancement in total energy consumption has led to the availability of innovative and advanced commercial refrigeration products, such as open-front refrigeration cases, and multi-deck display cabinets during the recent years.
The growth of the commercial refrigeration equipment market in North America is highly anticipated from the aftermarket of commercial refrigeration, which includes the replacement and repair of refrigeration equipment in use. Also, the average floor space of the major grocery and food retailers of North America has increased in the recent years, which is again encouraging the installation of latest refrigeration equipment in these stores, thus fuelling the growth of the market in the region. The European market of commercial refrigeration equipment is advancing towards maturity; while the Asia-Pacific market is expected to witness growth, especially from the emerging countries. During 2015-2020, the Asia-Pacific market is anticipated to account for the fastest growth with a CAGR of 9.7%.
The global market of commercial refrigeration equipment appears fragmented, with the top four companies having contributed to less than 40% share of the overall market in 2014. United Technologies Corporation (Carrier) accounted for the largest market share, owing to brand image, superior power efficiency, and diversified post-sale servicers of the company. Some of the other major participants 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.
GLOBAL COMMERCIAL REFRIGERATION EQUIPMENT MARKET SEGMENTATION
By Equipment Type
- Display Cases
- Walk-in Coolers
- Beverage Refrigeration
- Ice Making Machinery
- Other Equipment
- North America
- The U.S.
- The U.K.
- Rest of the World
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