Commercial Refrigeration Market Worth $52.52 Billion by 2024
SAN FRANCISCO — The global commercial refrigeration equipment market is expected to reach $52.52 billion by 2024, according to a new report by Grand View Research Inc. The growing number of hypermarkets and supermarkets in developing regions has increased the demand for energy efficient equipment in the recent years. Rapid industrialization, rising disposable income, and several other demographic shifts has led to significant change in food and beverage consumption over the past few years.
Rising capital investment with the growing emergence of food services in terms of transportation, distribution, and production is anticipated to increase the volume of shipments. Increasing use of this equipment in horticulture, processes, and seafood is also projected to contribute to industry demand. Furthermore, the increasing international trade of frozen food in various countries owing to the shift in food consumption trends has led to a considerable rise in demand for commercial refrigeration equipment.
Advances in compressor protection controls and introduction of reconfigured kitchen space with modular commercial refrigeration units are anticipated to drive the demand for advanced technology. Continuous advancements in cooling technologies have been driving demand for energy efficient products across the hospitality sector.
Further key findings from the study are:
• The transportation refrigeration equipment segment accounted for 19 percent of the market in 2015, and is expected to grow at a compound annual growth rate (CAGR) of 7.3 percent from 2016 to 2024. Globalization in agriculture and trade liberalization is motivating the shift towards increased preference for high nutrition and processed foods. Thus, the rise in international food trade is expected to bring growth to the transportation segment.
• The food service segment had over 32 percent of the revenue share in 2015 and is projected to witness significant growth over the forecast period. Development of cascade refrigeration systems with variable speed compressors are expected to escalate industry demand across the food and beverage industry.
• The Asia-Pacific region is expected to witness strong growth with a CAGR of nearly 7.5 percent over the forecast period. The flourishing retail and food industry in the region has led to increasing demand for new equipment. Further, the rising consumption of packaged food and beverages is expected to increase industry growth.