According to a new report published by Allied Market Research, titled, “Commercial Refrigeration Market by Product Type, and End-User: Global Opportunity Analysis and Industry Forecast, 2018-2026,” the commercial refrigeration market size was valued at $27,110.0 million in 2018 and is projected to reach $37,410.1 million by 2026, growing at a CAGR of 4.1% from 2019 to 2026.
Asia-Pacific is one of the prominent regions in the market that accounted for approximately two-fifths of the total commercial refrigeration market share in 2018. Commercial refrigeration equipment are devices used in the commercial sector to preserve food items and beverages such as vegetables, fruits, meat, beer, and other similar products by maintaining a specific temperature. This helps increase the shelf life of the product making it relevant for purchase for a longer duration. Most commercial refrigeration systems are designed to reduce temperature over a period while there are some refrigeration equipment that are specially designed to quickly reduce the temperature of food from around 90C to as low as 30C, in short time. The quick change in temperature helps eliminate the threat of bacterial growth and maintain the freshness of the food items for extended periods.
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The global market of commercial refrigeration is driven by increasing demand for frozen & chilled products among the consumers due to changes in lifestyle and rapid urbanization. Moreover, advancements in the organized retail sector coupled with an increase in the number of hypermarkets and supermarkets further boost the growth of the commercial refrigeration market. However, problems such as the need for frequent maintenance and potential technical issues arising due to lack of proper maintenance, act as the major restraint for the commercial refrigeration market. On the contrary, advancements in technology and rise in number of food outlets and quick service restaurants especially in the growing economies provide numerous opportunities for the commercial refrigeration market.
Based on type, the chest refrigeration segment was the highest contributor to the global market. However, medical refrigeration is expected to grow at the fastest CAGR of 5.1% through the commercial refrigeration forecast period reaching $3,452.2 million by 2026. This is attributed to the rapid growth of retail pharmacy across the globe.
According to the commercial refrigeration market analysis, based on end-user, the supermarket/hypermarket segment accounted for a maximum share in the global market in 2018 and is expected to remain dominant during the forecast period. However, the retail pharmacies segment is expected to experience rapid growth with a CAGR of 5.7% from 2019 to 2026.
Based on region, the commercial refrigeration industry is analyzed across North America, Europe, Asia-Pacific, and LAMEA. An increase in demand for commercial refrigeration equipment in Asia-Pacific and LAMEA is expected in the near future, owing to the augment in industrialization and high degree of implementation of automation in this region. Moreover, rise in the number of food outlets coupled with increase in the number of retail pharmacies and experience centers such as supermarket and hypermarkets, are expected to provide opportunities for growth global market.
Key Findings of the Commercial Refrigeration Market :
Based on type, the chest refrigeration segment in the market is expected to grow at a CAGR of 4.2% from 2019 to 2026.
Based on region, Asia-Pacific is projected to maintain its lead position throughout the forecast period, growing at a CAGR of 4.7%.
Based on end-user, the supermarket/hypermarket segment accounted for more than one-fourth of the share of the total in the global commercial refrigeration market in 2018.
Based on region, China is expected to occupy a major share in the Asia-Pacific market in 2026.
Based on end-user, the retail pharmacies segment is expected to grow at a CAGR of 5.7% from 2019 to 2026.
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Asia-Pacific accounted for approximately two-fifths of the share of the total commercial refrigeration market in 2018 and is expected to remain dominant during the forecast period, with major growth expected in China, India, and the other developing countries. Rise in the number of full service restaurants, quick service restaurants as well as increase in the adoption of frozen food and confections are major drivers fueling the commercial refrigeration market growth in this region.
The key players profiled in the report include United Technologies Corporation, Daikin Industries Ltd., Illinois Tool Works Inc. (ITW), Johnson Controls International Plc, Dover Corporation, AB Electrolux, Panasonic Corporation, Ali Group Srl, Frigoglass S.A.I.C., and Haier Electronics Group Co., Ltd