Commercial Refrigeration Systems Market to Expand Through 2025
VALLEY COTTAGE, N.Y. — Future Market Insights (FMI) delivers key insights on the commercial refrigeration systems market in its latest report. According to the report, the U.S. commercial refrigeration systems market is projected to expand at a healthy compound annual growth rate (CAGR) of 3.2 percent in terms of value over the forecast period.
Commercial refrigeration systems are refrigerators with remote or self-contained condensing units. These refrigerators are designed especially for commercial use with a wide range of temperature control (typically from 0°F to +50°F) options. Commercial refrigeration systems are mainly used in hypermarkets, supermarkets, convenience stores, warehouses and distribution centers, foodservice industry, and food and beverage production units.
Commercial refrigeration systems include products such as ice machines, vending machines, beverage refrigeration equipment, refrigerated display cases, trailers, trucks, containers, and walk-in and reach-in refrigerators. Commercial refrigeration systems also include various components such as compressors and refrigerants. Refrigerants mainly used in commercial refrigeration systems include R507A, R417A, and R422A. The selection of a refrigerant depends on various properties such as non-corrosiveness, global warming and ozone depletion potential, inflammability, toxicity, cost, erosional properties, leak-detection capability, and thermodynamic properties.
Growing demand for frozen and chilled products, expansion of cold chain capacity, technological advancements in commercial refrigeration systems, and rebates for energy-efficient products and practices are some of the major underlying factors anticipated to fuel growth of the U.S. commercial refrigeration systems market between 2016 and 2025. This is forecast to create unprecedented opportunities for commercial refrigeration systems manufacturers, distributors, and HVAC contractors.
The U.S. commercial refrigeration systems market is segmented on the basis of application and product type. By application, the market is segmented into foodservice, food and beverage distribution, food and beverage retail, and food and beverage production. On the basis of product type, the market is classified into transportation and refrigeration systems, refrigerator and freezers, beverage refrigeration equipment, refrigerated display cases, ice machines, and refrigerated vending machines.
By application, the foodservice segment accounted for the highest share of 30 percent in terms of value in the U.S. commercial refrigeration systems market in 2014. This segment is expected to remain dominant in the market over the forecast period. Ice machines segment and beer dispensing equipment sub-segment are projected to play an important role in the foodservice industry due to various factors such as increasing per capita food consumption and rising number of foodservice restaurants in the country.
By product type, transportation refrigeration systems segment is projected to expand at the highest CAGR of 5.5 percent during the forecast period due to expansion of cold chain capacity in the U.S.
By region, the Southeast represents the largest market potential, followed by the Mideast and Far West regions. California, Texas, and Florida represent a huge potential for refrigerated systems due to high density of restaurants and convenience stores in these states. Other high-growth markets include Arizona, Georgia, and Utah due to rapid growth in the restaurant industry in these states.
Key trends identified in the U.S. commercial refrigeration systems market include adoption of Internet of Things (IoT), compatible commercial refrigeration systems for enhancing system output, government initiatives to support the utilization of eco-friendly refrigerants, and continued advancements in energy-efficient products. However, declining replacement rate of commercial refrigeration equipment and stringent government regulations could pose major challenge for tier 2 and tier 3 players.
The report analyzes the U.S. commercial refrigeration systems market in terms of value and volume by product type and end-use application, and provides insightful information regarding market dynamics, value chain, competitive landscape, current trends, market estimations, and forecast.
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