The consumption of ready to eat products, beverages and frozen food has increased considerably in emerging countries, over the past few years. The growth in disposable income, along with the increasing impact of western lifestyle has fuelled the acceptance of such products among the large middle-class consumers of developing countries. The changed food consumption trend is being supported by the rapid expansion of supermarket, hypermarket, and food and restaurant chains around the world. The increased number of such stores has also forced small grocery retailers and unorganized restaurants to upgrade their infrastructure, with the changed market scenario. The growth for the commercial refrigeration equipment market is largely gained by opening these new retail outlets around the world. In coming years, the participation of women in the Asia-Pacific labor market is expected to increase. This would result in considerable demand of frozen food and ready-to-eat RAWls in the region
The U.S. is by far the largest commercial refrigeration equipment market by country in North America. The country accounted for nearly 87% share in the North American commercial refrigeration equipment market in 2015. Energy expenditure on refrigeration equipment accounts for a large part of the overall supermarket's monthly maintenance expenditure; with growing power cost, energy efficiency is one of the crucial factors for supermarket and hypermarket stores.
Wal-Mart, SUBWAY, Walgreen, and Costco are some of the major retailers with latest refrigeration equipment in Canada and the U.S. These stores generally upgrade their refrigeration equipment in every five to seven years. The replacement of the refrigeration equipment is also done by the local grocery retailers to keep up with the competition posed by the new establishment of supermarket and hypermarket in a local area.
The energy consumption rating of commercial refrigeration equipment is continuously improving over the years, and it is expected to improve further with supportive government regulations and product innovation. However, the stiff regulation of The United States Environmental Protection Agency (EPA) and European Union towards the use of natural refrigerant over 'F' (fluorochemicals) gas refrigerant is one of the major hindrances in the growth of the commercial refrigeration equipment market. The commercial refrigeration equipment market is fragmented with small number of large players and large number of small regional players
. 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.
Download the full report: https://www.reportbuyer.com/product/4087602/
Reportbuyer is a leading industry intelligence solution that provides all market research reports from top publishers
For more information:
Research Advisor at Reportbuyer.com
Tel: +44 208 816 85 48
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/global-commercial-refrigeration-equipment-market-size-share-development-growth-and-demand-forecast-to-2022---industry-insights-by-equipment-type-by-application-300323238.html