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In 2017, the global commercial refrigeration equipment market generated a value of $41,396.7 million and is expected to advance at a 6.2% CAGR during the forecast period (2018–2023).The market is witnessing growth due to the rising demand for ready-to-eat products and beverages and development of organized retail. The freezers and refrigerators that are utilized for storage, merchandizing, and commercial retail within hypermarkets, convenience stores, supermarkets, restaurants, and other commercial spaces are referred to as commercial refrigeration equipment.
On the basis of equipment type, the commercial refrigeration equipment market is categorized into transportation refrigeration equipment, beverage refrigeration, ice making machineries, walk-in coolers, display cases, parts, and other equipment (cryogenic equipment, vending machines, and liquid chiller).
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Out of these, the largest share of the market (23.0%) was held by the category of walk-in coolers in 2017, in terms of value. This category is further divided into remote plant, packaged unit, and remote condensing unit. The packaged unit accounted for the major share of the market during the historical period (2013–2017).
When application is taken into consideration, the commercial refrigeration equipment market is classified into food & beverage distribution, food service, food & beverage retail, and others (which include genetic preservation, pharmacy refrigeration, and medical diagnostic applications). Among these, the market was dominated by the food service application during the historical period, both in terms of value and volume. This was because the food service refrigeration equipment is being extensively utilized in restaurants, educational institutions, hotels, hospitals, and fast food joints for preserving and maintaining the food quality.
A major driving factor of the commercial refrigeration equipment market is the development of organized retail in supermarkets, restaurant chains, and hypermarkets. In emerging economies, such as Brazil, India, and China, the swift urbanization is projected to result in the growing demand for refrigeration equipment in the food retail industry, hypermarkets, tier 2 and tier 1 restaurants, and medium sized grocery stores, in the coming years. Moreover, the rising demand for frozen foods, which is due to the changing lifestyle of people in developing nations, is also expected to boost the requirement for refrigeration.
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There has been a major transformation in the refrigeration technology in the past few years, as manufacturers have shifted from fluorinated gases (F-gases) to natural refrigerants. Geographically, developed countries in Europe and North America are on the verge of completely eliminating the use of F-gases from their commercial refrigeration equipment. For instance, a key player in the commercial refrigeration equipment market, Carrier Corporation, changed the technology of its MiniCO2OL commercial refrigerator series quite early by replacing F-gases with natural refrigerants, such as carbon dioxide.
Some of the other key players operating in the commercial refrigeration equipment market are Hussmann Corporation, AB Electrolux, Frigoglass S.A.I.C., AHT Cooling Systems GmbH, Ali Group S.p.A., and Illinois Tool Works Inc.
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