New York, Sept. 24, 2019 (GLOBE NEWSWIRE) -- The advancements in refrigeration technologies coupled with changing food habits is expected to propel the demand for Commercial Refrigeration Equipment Market.
The global commercial refrigeration equipment market is forecast to reach USD 53.23 Billion by 2026, according to a new report by Reports and Data. Refrigeration is the process in which excess heat is removed from any source or material to maintain the temperature lower than its surroundings.
Commercial refrigeration equipment finds its application in preserving food such as fruits, vegetables, meat, and other goods by maintaining very low temperature and enhancing the shelf life of the good. Energy-efficient and sustainable technology equipment is replacing the existing equipment. Some refrigerant equipment is designed to reduce the temperature of the heated food in a short period to eliminate the issue of bacterial proliferation.
The growing demand for frozen products among the consumers has increased owing to the rapid urbanization and changing lifestyle. Rapid growth in the number of hypermarkets and supermarkets boosts the overall sales of commercial refrigerators; thus propelling the growth of the market. However, the high cost of installation associated with commercial refrigerators and reduction in the replacement rates for commercial refrigeration equipment is anticipated to hamper the market growth. Advancements in technology and rise in the number of quick-service restaurants are expected to provide lucrative opportunity for market growth.
The Clean Air Act in the U.S. states that all Chlorofluorocarbon (CFC) and hydrochlorofluorocarbon (HCFC) refrigerants must be recovered, recycled, and reclaimed during servicing and repairs. The impact of these refrigerant types on the environment is a cause of serious concern and governments across the globe are taking initiatives to limit their application.
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Further key findings from the report suggest
- The growing demand for ready-to-eat food and the increase in the number of supermarkets and hypermarkets are the major driving factors of the commercial refrigeration equipment market.
- Refrigerator and freezer held a market share of 21.4% in the year 2018. These type of equipment has various walk-in and reach-in freezers. Walk-in freezers have the highest demand, especially in restaurants and hotels. The rise in the number of food manufacturers, and the need to preserve food at a certain temperature is encouraging the growth of the segment.
- Fluorocarbons are forecasted to hold the largest market share of 39.2% in the year 2026. Most refrigerants have fluorocarbons in their equipment and concerns regarding its impact on the environment are diminishing its sales. Stringent regulations by the government are encouraging the market to shift towards natural refrigerant-based systems.
- Supermarkets and hypermarkets are forecasted to grow with a CAGR of 6.3% during the forecast period. The organized retail sector cannot survive without commercial refrigeration equipment. New generation grocery stores constantly look and adopt advanced and more efficient commercial refrigeration equipment systems to save overall cost.
- The Asia Pacific region held a market share of 35.5% in the year 2018. The ongoing industrialization in the emerging nations of the region, growth in population, and changes in food habits are boosting the market for commercial refrigeration equipment. The growing food and beverage industries are also supporting the growth of the market.
- Key participants include Carrier Corporation, Heatcraft Worldwide Refrigeration, Baltimore Aircoil Company, Henry Technologies, Emerson Electric Company, Carnot Refrigeration, Danfoss, Bitzer, Hillphoenix, and Rockwell Industries Limited, among others.
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Segments covered in the report:
For the purpose of this report, Reports and Data have segmented into the global Commercial Refrigeration Equipment market on the basis of product type, refrigerant type, application, and region:
Product Type Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2016-2026)
- Refrigerator & Freezer
- Transportation Refrigeration
- Refrigerated Display Case
- Beverage Refrigeration
- Ice Cream Merchandiser
- Refrigerated Vending Machine
Refrigerant Type Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2016-2026)
- Fluorocarbons
- Hydrocarbons
- Inorganics
Application Industry Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2016-2026)
- Hotels and Restaurants
- Convenience Stores
- Market Size & Projection
- Bakeries
- Supermarkets & Hypermarkets
- Others
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Regional Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2016-2026)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
- Brazil
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