Commercial Refrigeration Equipment Market demand Is Anticipated To Nearly Double By 2031, According To Future Market Insights
Worldwide sales of commercial
refrigeration equipment market demand , which witnessed an increase of
3.4% compared to 2018, will exceed US$46 billion in revenue by the end of 2019.
As a recent research study by Future Market Insights (FMI) shows, the
Commercial Refrigeration Equipment Market will develop at a moderate CAGR
between 2019 and 2029. Demand will be driven significantly by more
production of F&B products and preferential movement of consumers. We
aim to become a quick service restaurant (QSR) at the global level.
Sustainable and energy-efficient refrigeration systems will
become the standard across end-use industries, forcing manufacturers to
increase their investment in R&D and product innovation. Leveraging
energy efficient technologies to offer low global warming potential (GWP)
products with multiple features will be your ticket to gaining significant market
share in the long run.
To Know more@
https://www.futuremarketinsights.com/reports/us-commercial-refrigeration-equipment-market
Commercial Refrigeration Equipment Market Key Takeaways
- Sales
of commercial refrigeration equipment are increasing, driven by growing
demand for ready-to-eat products and expanding retail outlets.
- North
America and Europe will account for more than half of the market value
share by the end of 2029.
- The
food service sector will remain a major application for investment in
commercial refrigeration equipment market players.
- The
implementation of new refrigerant regulations such as the EPA 680 upgrade
and the Kigali amendment to phase out HFC refrigerants will have a
significant impact on market growth.
- The
higher average unit cost of freezers and refrigerators implied lower sales
compared to value profit, with approximately 2.6 million units sold in
2018.
- Glass
door merchandisers, which account for about a third of total sales,
continue to see relatively low revenue generation compared to freezers and
refrigerators.
- Sales
of beverage dispensers and display cases across end-use industries will
show modest year-over-year growth in 2019, accounting for nearly 16% of total
commercial refrigeration equipment sales that year.
Chinese players targeting the domestic market
The rapid adoption of alternative refrigerants to benefit
from regulatory standards along with the expansion of the F&B processing
industry in developed markets continues to contribute to the development of the
commercial refrigeration equipment market. The growth of the commercial
refrigeration equipment market in the Asia Pacific region has been driven by
the shift in Asian eating habits to Western convenience foods. The ability
to manufacture their own compressors gives Chinese companies a competitive edge
to gain an edge in their own markets with their own brands.
competitive trends
In 2018, the top four stakeholders, including Carrier
Corporation, Daikin Industries, Ltd., Danfoss A/S, and Hussman Corporation,
accounted for a total revenue share of 20-25%. The emergence of a large
number of smaller players in developing countries has created price
competition, and leading market players have lost profits. Market
segmentation will continue through 2029, driven by regional regulatory norms
and enhanced capabilities of regional participants.
Increased capital expenditure on refrigeration systems
The number of retail outlets worldwide has grown
significantly over the past decade. Major players in the retail sector are
expanding their presence in emerging markets in the Asia Pacific region,
particularly India and China, taking advantage of the growing consumer spending
power in these countries.
The retail market in developing countries is quite
fragmented. However, favorable government policies on investment in the
retail sector in developing countries such as India and China have led to
significant growth in the organized retail sector.
Changing Consumer Preference from FSR to QSR
The rapidly changing lifestyle and shift towards
westernization have shifted consumer preferences from full service restaurants
(FSRs) to quick service restaurants (QSRs). The number of quick service
restaurants has increased significantly in recent years. Consumer spending
on QSRs increased 4.1% between FY2005 and FY2015, bringing the total market
value in FY2015 to approximately $275 billion. Accordingly, overseas and
local companies are making significant investments in quick-service restaurant
equipment, such as showcases and vending machines.
Learn more about report content
This FMI Report is an extensive analysis of the Global
Commercial Refrigeration Equipment Market that provides actionable insights on
how the market growth will develop during the forecast period
2019-2029. The Commercial Refrigeration Equipment Market has been
segmented into various segments for analysis. Based on the type of
refrigeration equipment, application and region. This study provides
valuable information on the key competitive trends and most preferred
development strategies of the leading market brands.
Commercial Refrigeration Equipment Market SegmentationThe
Global Commercial Refrigeration Equipment Market is segmented in detail to
cover all aspects of the market and to present readers a complete market
intelligence approach.
by product
- beverage
refrigerator
- Freezer
and Refrigerator
- Freezers
and Chillers
- Refrigerator
- transport
refrigerator
- glass
door merchandiser
- showcase
- beverage
dispenser
- refrigerated
vending machine
- ice
machine
- ice
cream machine
by application
- food
service
- Food
and Beverage Retail
- Food
and beverage production
- food
and beverage distribution
by region
- North
America
- Latin
America
- Europe
- South
Asia
- East
Asia
- Oceania
- Middle
East and Africa
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