DUBAI, United Arab Emirates, March 01, 2022 (GLOBE NEWSWIRE) -- The Commercial Refrigeration Equipment Market is anticipated to witness a considerable value CAGR of 4.0% during the period of 2022 and 2029Witnessing an uptick of 3.4% over 2021, the worldwide sales of commercial refrigeration equipment will exceed revenues worth US$ 51,771.3 Mn by 2022 end.
As indicated by a recent research study of Future Market Insights (FMI), the Commercial Refrigeration Equipment Market will progress at a moderate CAGR over 2022 - 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 Market Value (2021A) | US$ 49,813.9 Mn | |
| Commercial Refrigeration Equipment Market Estimation (2022E) | US$ 51,771.3 Mn | |
| Commercial Refrigeration Equipment Market Forecast (2029F) | US$ 68,283.9 Mn | |
| Value CAGR (2022-2029) | 4.0% | |
| Collective Value Share: Top 3 Countries (2022E) | 36.8% | |
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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.
COMMERCIAL REFRIGERATION EQUIPMENT MARKET KEY TAKEAWAYS
- Growing demand for ready-to-eat products and expanding retail outlets are driving the sales of commercial refrigeration equipment.
- North America and Europe would collectively account for over half of the market value share by 2029 end.
- The food services sector will remain prominent application area to invest in, for commercial refrigeration equipment market players.
- The enforcement of new refrigerant regulations such as the EPA 680 Upgrade, and the Kigali Amendment for the phase-down of HFC refrigerants will largely impact the market growth.
- The higher average unit cost of freezers & refrigerators allude lower volume sales vis-à-vis value gains, with just about 2.6 million unit sales in 2021.
- Glass door merchandizers that account for around a third of total volume sales continue to see relatively low revenue generation as compared to freezers & refrigerators.
- Sales of beverage dispensers and display cases across end-use industries will show a moderate increase year-over-year in 2022, which will collectively represent nearly 16% of total commercial refrigeration equipment sales in that year.
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Scope of the Report
| Attribute | Details |
| Forecast Period | 2022-2029 |
| Historical Data Available for | 2014-2021 |
| Market Analysis | USD Million for Value and (‘000) Units for Volume |
| Key Regions Covered | North America, Latin America, Europe, APEJ, MEA, Japan |
| Key Countries Covered | US, Canada, Brazil, Mexico, Germany, Italy, France, U.K., Spain, , Russia, Poland, Turkey, South Africa, Japan, China, India , Australia, New Zealand. |
| Key Segments Covered | By Product Type , By Application, By Region |
| Key Companies Profiled |
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| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
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 2021, 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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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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