Commercial refrigeration
equipment market size was USD 29 billion in 2014, and is estimated to reach USD
46.40 billion by 2022. Evolving industrialization and high disposable income
have resulted in appreciable changes in food consumption habit over the past
few years. Growing demand for ready-to-eat food and major growth of the
hospitality industry is anticipated to drive commercial refrigeration equipment
market in the near future. Rising number of supermarkets, hypermarkets, and
specialty food stores is also expected to boost industry growth over the
forecasted period.
To request a
sample copy or view summary of this report, click the link below:
Continuous advancements in
cooling technologies are prompting the need for efficient storage of perishable
goods and energy-potent system in the hospitality industry. Growing frozen food
industry, owing to a viable substitute for conventional cooking method is
expected to boost the commercial refrigeration market in the near future.
Progressive food supply chain along with economic development and exclusion of
dietary deficiencies has exceptionally changed consumption pattern over the
last decade. Growing working culture, busy lifestyles, high disposable income,
availability of ready-to-eat preserved food options and value for money
perception about frozen food are some of the key factors driving demand for
storage capacities for frozen foods in the market. Growing awareness regarding
the emission of various global warming gases is expected to provide
opportunities for innovation in the refrigeration technology.
Transportation product segment
has accounted for 19% of the total market in 2014, and is estimated to grow at
a CAGR of 7% from 2015 to 2022. Zero-emission technologies, an eco-friendly
application of transportation equipment segment coupled with low costs and
efficient fuel consumption is anticipated to fuel the segment in the near
future. Transportation refrigeration equipment segment include truck, shipping
containers and trailer systems. Hybrid electric systems and natural
refrigeration equipment are some of the innovative product of this segment. The
beverage equipment segment is expected to witness a significant growth on
account of growing restaurants business in the near future. Growing demand for
refrigerated vending machine in the emerging economies, on account of low labor
cost, is expected to become one of the key challenges for automated F&B
distribution in the near future.
Food service segment has
accounted for 32% of the overall revenue in 2014 and is estimated to grow with
a CAGR of 6.0% from 2015 to 2022. Food service segment was worth USD 8.5
billion in 2014 and is expected to witness significant growth, owing to increasing
demand for cold-storage and cascade refrigeration system for food and beverage
industry in the near future. Various application of food service segment
includes schools, restaurants, supermarkets, convenience stores, and other
food-serving facilities. Growing global food-trade has also generated high
demand for storing processed foods, seafood and frozen foods across various
region, which in turn will also boost growth in F&B supply chain
applications.
Asia Pacific refrigeration
equipment market is expected to witness significant growth and is estimated to
grow at a CAGR of 6.5% from 2015 to 2022. Asia Pacific refrigeration
equipment market is driven by high purchasing power of consumer, changing food
habit, rise in horticulture, growing processed food exports and prioritization
of cold-storage warehouses development for preserving food.
North America refrigeration
equipment market was worth of USD 10.0 billion in 2014 and is anticipated to
grow, owing to rising spending power and expansion of retail restaurants and
food outlets in the near future. Increasing capital investment and expenditures
in construction are also expected to boost sales in the U.S. Revival of
economic crisis coupled with increasing capital investment in the expansion of
retail sector has provided the appropriate momentum to the European market.
This in turn will also drive the commercial refrigeration equipment market in
the region.
Leading market players for
commercial refrigeration equipment include Johnson Controls, Daikin industries,
Illinois Tool Works Inc., Carrier, Ingersoll Rand Plc, Electrolux AB, Hussmann
Corporation and Dover Corporation. These industry participants are
concentrating on product development to reduce energy consumption and less GHG
(green house Gas) emission in the environment. Manufacturers are focusing on
M&A, development of green refrigerants, creating high brand-value and high
R&D expenditure to have competitive advantage over others in the existing
market.
Read detailed report or request for sample of this
research report:
No comments:
Post a Comment