Commercial Refrigeration Equipment Market to Reach $46.4 Billion by 2022
The rapidly growing frozen foods industry is expected to fuel the commercial refrigeration market
SAN FRANCISCO — The global commercial refrigeration equipment market is expected to reach $46.4 billion by 2022, according to a new report by Grand View Research Inc. Rising disposable income and increasing industrialization and other demographic shifts have resulted in considerable changes in food consumption over the past few years.
Improvements in the food supply chain accompanied by economic development have changed the food consumption pattern over the last decade. The rapidly growing frozen foods industry is expected to fuel the commercial refrigeration market. The surging number of working population, busy lifestyles, consumer purchasing patterns, availability of a wide range of frozen food products in different categories, and the fact that frozen food delivers better value for the money and is compelling more consumers to indulge in using frozen foods, is leading to a growing demand for refrigeration capacity.
Increasing concern regarding the use of refrigerants that have a high global warming potential is expected to provide growth opportunities for the advancement of refrigeration systems using alternative refrigerants.
Further key findings from the report are:
• The transportation refrigeration equipment market accounted for over 19 percent of the overall industry in 2014. The development of zero-emission technologies delivering environmental benefits without burdening operators with additional costs and providing lower fuel consumption is expected to provide avenues for growth in the transportation market.
• The food service segment accounted for over 32 percent of the revenue in 2014 and is expected to exhibit high growth over the next seven years. High demand for cold chain development through construction of warehouse facilities is expected to drive demand in this vertical. Development of cascade refrigeration systems developed with variable speed compressors are expected to find robust application in the food and beverage industry.
• Asia Pacific is expected to witness significant growth over the forecast period. Countries such as India and China are seeing prioritization of cold chain development through construction of warehouses and other facilities for chilling or freezing food awaiting transport.
Other factors that are driving industry growth include the emergence of supermarkets, continuously evolving technology, rising international food trade and processed food exports, rise in horticulture and seafood, and changing food consumption trends.
More information is available here.
Publication date: 10/8/2015