This market research report identifies Carrier, Daikin, Danfoss, and ITW as the some of the leading vendors in the global commercial refrigeration market. A comprehensive analysis of this market is also presented by product (walk-in coolers, display cases, beverage refrigerators, ice-making machinery, and others) and by geography (APAC, Europe, North America, and ROW).
Overview of the commercial refrigeration market
Extensive research carried out by the analysts at Technavio has shown that the commercial refrigeration market will witness steady growth at a moderate CAGR of more than 5% during the forecast period. Rapid urbanization and changing lifestyles and preferences have led to an augmented demand for ready-to-eat packaged foods among the urbanized population. Moreover, factors such as the rising constraints of time due to a hectic work schedule, increasing number of middle-class households, and increasing number of females in the workforce will also contribute to this market’s growth over the coming years. Additionally, the rising demand for frozen foods and vegetables in different regions across the globe will also drive this market’s growth over the coming years.
One of latest trends gaining significant traction in the market is rapid technological advances like temperature and operation controls in refrigerators. The new technology uses a digital controller to control features like automated defrost, anti-short cycling, and temperature control. For example, the China Refrigeration Exhibition, held in 2016, unveiled the new Wi-Fi-enabled energy monitoring cloud fridge that maintains energy efficiency and monitors services, especially for the hospitality and food and beverage industry. The new product is a component for commercial refrigerators and includes features like Wi-Fi connectivity and automatic temperature regulation. The product is also capable of measuring and controlling the consumption of energy by the refrigerator components. In the coming years, most commercial refrigerators will be retrofitted with cloud fridge products and deployed extensively in supermarkets, hypermarkets, hospitals, and hotels, which will, in turn, boost this market’s growth.
Competitive landscape and key vendors
The global commercial refrigeration market is partially fragmented with the presence of several small- and medium-sized players in the market. The increasing focus on R&D activities and investments by market leaders ensure that product innovation is always the top priority. While the leading players have larger resources and diversified distribution networks across the world, smaller companies are entering the market mostly in the developed regions. In addition to intense competition, the market will witness various product differentiation strategies to survive in the competition. The majority of smaller vendors lack a strong retail presence, which limits mostly to the online space.
Key vendors in this market are
- Carrier
- Daikin
- Danfoss
- ITW
Other prominent vendors in the market include Emerson Electric, Haier, Honeywell, Hussmann, Imbera Foodservice, Intertek, Johnson Controls, Master-Bilt, Middleby, Nor-Lake, Panasonic, Tecumseh, and Williams Refrigeration.
Product segmentation and analysis of the commercial refrigeration market
- Walk-in coolers
- Display cases
- Beverage refrigerators
- Ice-making machinery
During 2015, the walk-in coolers segment was one of the highest revenue contributing products in the commercial refrigeration market. Walk-in coolers are available in low and medium temperature ranges and have refrigerated spaces that can be easily walked into. These coolers are used to maintain pre-cooled products at the refrigerated temperature. However, they are not recommended to cool stored products instantly. The recent increase in the number of supermarkets and hypermarkets around the world will contribute to this segment’s growth until the end of 2020.
Geographical segmentation and analysis of the commercial refrigeration market
- APAC
- Europe
- North America
- ROW
In terms of geography, the APAC region dominated the commercial refrigeration market and will continue to lead the market over the coming years. APAC is the prime investment destination for commercial refrigeration equipment vendors due to the presence of growing economies like India and China. The growing demand for frozen and packaged foods from developing countries and a significant increase in purchasing power in the region will impel this market’s growth in the region until the end of 2020.
Source:
www.technavio.com
