Dublin, Nov. 05, 2024 (GLOBE NEWSWIRE) -- The "Commercial Refrigeration Equipment Market 2024-2033" report has been added to ResearchAndMarkets.com's offering.
Global demand for commercial refrigeration equipment is forecast to increase 5.4% per year to $52.9 billion in 2028.
This industry analyzes the more than $40 billion global commercial refrigeration equipment market. It presents historical supply and demand data (2013, 2018, and 2023) and forecasts (2028 and 2033), as well as annual data for the 2020-2027 period.
Commercial refrigeration equipment demand by product (display cases, reach-in and walk-in refrigerators and freezers, beverage refrigeration equipment, ice machines, refrigerated vending machines, other commercial refrigeration equipment, and replacement parts) is presented in value terms. The study also presents product demand by market (food and beverage retail, foodservice, food production, and other markets). The study also evaluates company market share and competitive analysis on industry competitors, including Ali Group, Daikin Industries, Dover, Epta, Haier Group, Hoshizaki, Panasonic, and Sanden Retail Systems. It also presents market share data by product and region. Data are provided in US dollars.
In real terms, growth is expected to accelerate due to:
- Rising personal incomes, allowing for increased consumer spending on frozen and refrigerated products
- Advances in manufacturing activity, particularly food and beverage and pharmaceutical production
- The construction of new stores, restaurants, shopping centers, airports, hotels, resorts, research facilities and other nonresidential buildings that employ refrigeration equipment
In addition, market value will be supported by the ongoing shift to higher value, more advanced models in order to meet new technical standards and environmental regulations.
Nearly 70% of Gains to be Concentrated in the Asia-Pacific Region & North America
The Asia/Pacific region and North America are expected to account for 37% and 32% of new global commercial refrigeration equipment demand through 2028, respectively:
- Demand in the Asia/Pacific region will be driven by China, which is expected to account for nearly half of Asia/Pacific market gains through 2028 as the country's output of food and beverages and pharmaceuticals grows at a healthy pace. The region will also see above average growth among a number of developing refrigeration equipment markets, such as India and Indonesia.
- Gains in North America will be driven by the US, where an improved outlook for nonresidential building construction will boost demand for refrigeration equipment in hotels, restaurants, educational buildings, and healthcare facilities.
The Commercial Refrigeration Equipment Market to be Heavily Impacted by New Regulations
Many countries are expected to adopt new technical standards, safety rules, and environmental regulations by 2028. These new standards will support technological innovation, in turn raising equipment prices while also spurring product sales. Because refrigeration machinery has a major impact on the environment, the adoption of new environmental regulations will continue apace:
- The EU adopted the new F-gas Regulation (EU) 2024/573 in February 2024. Building on its predecessors, the regulation was designed to phase out hydrofluorocarbons (HFCs), which are used in some refrigerants. Additionally, the EU is also looking at phasing out per- and polyfluoroalkyl substances (PFAS) which are used in some refrigerants. A proposal on a phase out is likely in the near term.
- The American Innovation and Manufacturing Act of 2020, administered by the US Environmental Protection Agency (EPA), aims to reduce the production and consumption of hydrofluorocarbons (HFCs) by 85% by 2036. As part of these regulations, manufacturers are transitioning to alternative refrigerants.
International Trade
While international trade of commercial refrigeration equipment is fairly extensive, it is still less prevalent than in many other durable goods manufacturing industries, as these products are often heavy and costly to ship. As a result, the industry is characterized by a number of regional production hubs that dominate trade markets in nearby countries. Major exporters in their respective regions include:
- China, South Korea, and Thailand in the Asia/Pacific region
- France, Germany, Italy, and a handful of other countries in Western Europe
- The US and, to a lesser extent, Mexico in North America
- Turkey in the Africa/Mideast region
- Brazil in Central and South America
While some wealthy high income nations are major exporters of commercial refrigeration equipment, most tend to be net importers of these products, as the relative simplicity of the technology involved has enabled shifts in production to developing countries with low labor costs (e.g., the shift from Western Europe to Eastern Europe).
Since 2000, major multinationals from the US, Western Europe, Japan, and South Korea increased their investment in manufacturing facilities in developing nations to take advantage of their fast-growing local markets and then to use lower production costs common in these countries to increase exports to neighboring nations. As foreign participation increased in industrializing nations, product development accelerated and investment in technological innovation. The rise in foreign investment reduced the reliance of some developing countries on external sources of supply (e.g., Thailand, Turkey).
Through 2028, the trade surplus of the Asia/Pacific region, Eastern Europe, and Western Europe are expected to increase:
- The Asia/Pacific region's trade surplus is expected to increase sharply through 2028 as its manufacturers continue to dominate the regional market and ramp up exports to other regions. Inflows of foreign capital and accelerating product development will also contribute to the improvement in the region's trade position.
- Western Europe's mature commercial refrigeration equipment industry is at the forefront of technological innovation, which will allow them to continue to dominate the regional market and increase exports to other parts of the world. Regional producers will benefit from the eventual stabilization of the conflict in Ukraine, rising domestic product sales, and additional export sales opportunities around the world. However, suppliers based in the area will also continue to invest in overseas production capacity.
- Eastern Europe will also see its trade position improve between 2023 and 2028 as manufacturers benefit from a rebound in domestic product sales and improving market conditions in Western Europe. They will also benefit from additional exports sales opportunities in other parts of the world. The quality of locally made machines will also continue to improve, boosting the international competitiveness of East European producers. However, sales of imported equipment will rise at a swift pace as market conditions improve throughout the region.
Key Topics Covered:
1. Executive Summary
2. Short-Term Analysis
- Economic Forecast
- Short-Term Commercial Refrigeration Industry Trends
3. Overview
- Study Scope
- Historical Market Trends
- Demand by Region
- Production by Region
- International Trade
- Pricing Patterns
4. Factors Impacting Commercial Refrigeration Equipment Demand
- Food & Beverage Industry Trends
- Food & Beverage Production
- Food & Beverage Retail
- Micro Market Vending
- Foodservice Industry Trends
- Food Delivery & Cloud Kitchens
- Technology & New Product Development
- Smart Technology
- Magnetic Refrigeration
- Regulatory Trends
- Montreal Protocol & Kigali Amendment
- Sustainability Initiatives
- Alternative Refrigerants
- Energy Efficiency
5. Products
- Display Cases
- Reach-In & Walk-In Refrigerators & Freezers
- Beverage Refrigeration Equipment
- Ice Machines
- Refrigerated Vending Machines
- Replacement Parts
6. Markets
- Demand by Market
- Food & Beverage Retail
- Foodservice
- Food & Beverage Production
- Other Markets
Companies Featured
- Ali Group
- Daikin Industries
- Dover
- Epta
- Haier Group
- Hoshizaki
- Panasonic
- Sanden Retail Systems
For more information about this report visit https://www.researchandmarkets.com/r/uo18rv
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