SAN JOSE, Calif. — The global commercial refrigeration equipment market is forecast to reach $41.5 billion by 2022, with increasing demand for frozen foods and changing food consumption habits, according to a new market report published by Credence Research Inc.
The market for commercial refrigeration equipment is also expected to increase with the growing food service and cold chain industry in major countries across the world. Additionally, stringent energy consumption regulations are forcing retailers to replace their outdated refrigeration equipment with energy efficient solutions, creating significant demand in the replacement market. High initial investment cost is the primary factor limiting the growth of these products, particularly in price sensitive markets.
Commercial refrigeration equipment is classified into reach-ins and walk-ins, display cases, beverage refrigeration equipment, ice machines, refrigerated vending machines, transportation equipment, other equipment, and related parts. Reach-in and walk-in systems accounted for the largest revenue share and they are expected to see promising growth through the forecast period due to the growing number of hotels and restaurants. The transportation equipment segment is expected to see the fastest growth through the forecast period. Beverage refrigeration equipment and vending machines are also expected to see growth with changing food consumption habits.
The food service industry is expected to be the fastest growing application segment for commercial refrigeration equipment with the increasing number of hotels and restaurants across the world. In addition, considerable demand for commercial refrigeration equipment is expected from the food and beverage production industry with the introduction of stringent food production regulations.
Asia Pacific is the largest regional market and is expected to see the fastest growth through the forecast period. This growth is primarily attributed to growing demand for commercial refrigeration equipment from India and China. North America and Europe are mature markets and the majority of growth in these regions is expected from replacement equipment. In addition, promising growth is also expected in South America and the Middle East with the growing retail and food service industry in these regions.
The global commercial refrigeration equipment market consists of multinational as well as regional market players. Manufacturers across the world are focusing on advanced energy efficient solutions to meet energy consumption regulations.
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Publication date: 5/16/2016