The commercial refrigeration equipment market is set to grow at a 4% CAGR by 2029, driven by F&B demand and innovation in energy-efficient systems.
Witnessing an uptick of 3.4% over 2018, the worldwide sales of commercial refrigeration equipment will exceed revenues worth US$ 46 Bn by 2019 end. As indicated by a recent research study of Future Market Insights (FMI), the market for commercial refrigeration equipment will progress at a moderate CAGR over 2019 – 2029. The demand would be prominently driven by greater production of F&B goods and a preferential shift of consumers towards quick service restaurants (QSRs), at a global level.
Commercial Refrigeration Equipment Marke equipment will exceed revenues worth US$ 46 Bn by 2019 end, likely to surge at a vigorous 4 % CAGR during the assessment period 2019 -2029.
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The global demand for commercial refrigeration equipment witnessed a massive downfall in the first half of 2020 on account of lockdown and social distancing barriers implemented due to the spread of coronavirus disease throughout the world. Big as well as small manufacturing companies went through the worst phase and suffered heavy losses in 2020. To overcome the previous losses, business firms in 2021 are focusing on research and developments to ensure uniqueness in their services.
Sustainable and energy-efficient refrigeration systems are set to become a norm across the end-use industries, which should compel manufacturers to increase their investments in R&D and product innovations. Leveraging energy-efficient technologies to offer low global warming potential (GWP) products with rich functionalities will be the ticket to capturing significant market share in the long run.
“Manufacturers who are keeping the innovation quotient high and providing turn-key solutions to meet regulatory requirements, with safety to end users at the core, will be rewarded in the long run.”
Commercial Refrigeration Equipment Market gains will be driven by foodservice and F&B retail expansion. As the dining out culture continues to gain prominence, commercial refrigeration equipment sales are set to remain high across foodservice industry. Sales will also ramp up in F&B retail chains, and currently represent nearly 29% share in market.
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Commercial Refrigeration Equipment Market Key Takeaways
Chinese Players Striving to Win Home Market
In developed markets, rapid acceptance of alternative refrigerants to benefit from regulatory standards along with expansion of F&B processing industries continue to contribute to the development of the commercial refrigeration equipment market. The growth of Asia Pacific’s commercial refrigeration equipment market was influenced by a shift of Asian eating habits towards western-style convenience food. With the ability to manufacture their own compressors, Chinese companies are gaining competitive edge to reign supreme in their home market with indigenous brands.
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Competition Trends
In 2018, the top four stakeholders including Carrier Corporation, Daikin Industries, Ltd., Danfoss A/S, and Hussman Corporation collectively accounted for 20-25% revenue share. The emergence of a large number of small players in developing countries has resulted into price competition, with leading market players losing their profit margins. Market fragmentation will continue through 2029, driven by regional regulatory norms and enhanced capabilities of the local players.
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The article discusses the growth and trends in the commercial refrigeration equipment market projected to grow at a 4% CAGR by 2029.
The market is expected to grow at a 4% CAGR, driven by increased demand in the F&B sector and innovations in energy-efficient technologies.
North America and Europe are expected to collectively account for over half of the market value share by 2029.
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