World Commercial Refrigeration Equipment

NEW YORK, Aug. 30, 2017 /PRNewswire/ -- Signed by nearly 200 Montreal Protocol countries, the Kigali Accord represents a global commitment to combat climate change and, if successful, will result in the reduction of the equivalent of 70 billion tons of carbon dioxide between 2020 and 2050.

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Key Findings in the World Commercial Refrigeration Equipment study

Commercial refrigeration equipment is predominantly utilized in food and beverage-related applications, so anticipated growth in foodservice revenues and food and beverage manufacturing output will be the most important drivers of demand gains.

Regulations play a key role

Changing refrigerant regulations will play a key role in equipment sales going forward. Most of the world's major markets will be at least moderately affected by a required shift in use to more environmentally friendly coolants. The utilization of new refrigerants impacts demand for both equipment and parts. Equipment sales are boosted when owners replace older products with units that operate on the new refrigerants, while parts suppliers benefit when existing equipment is retrofitted to be compatible with these refrigerants.

A number of new regulations are expected to take effect around the world by 2020, and investment in new refrigeration equipment will increase as owners begin to replace older units.

Specific regulations coming into force include:
• yearly reductions in the allowable amount of R-22 produced in or imported to the US, with the refrigerant being completely phased out in 2020
• the elimination of HFC refrigerants with a global warming potential of 2,500 or more in the EU by 2020
• the phased reduction in use of HCFC refrigerants in Article 5 (developing) countries of the Montreal Protocol by 2030

Developing nations see fastest demand growth
The fastest increases in refrigeration equipment demand will be recorded in the world's developing nations. These countries typically have underdeveloped food and beverage industries and a low installed base of commercial refrigeration equipment.

In addition, rising personal income levels in these countries will allow a larger share of households to afford refrigerators and freezers. Commercial equipment demand in food retail outlets will increase as purchases of refrigerated food products climb. More meals purchased outside the home will also increase the need for related commercial refrigeration equipment at foodservice establishments. Among developing nations, India, China, and Indonesia will record the fastest gains through 2020.

Study coverage
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