Description:
The increasing demand for smart refrigerators is stimulating high growth within the global commercial food refrigeration equipment market. This trend is further intensified by the increasing utilization of emerging Internet of Things or IoT technologies, which bolsters the innovations in the domain of smart refrigeration development. While currently this marketplace is being dominated by leading stalwarts in the global commercial food refrigeration equipment market, such as Danfoss, Haier, and Samsung, many upcoming and regional players are also investing in the development of new age smart refrigerators.
The manufacturers and players operating within the landscape of the global commercial food refrigeration equipment market offer various types of products, including beverage dispensers, ice cream cabinets, bakery display cases, ice machines, display cases, deli display cases, ice cream machines, refrigerated wending machines, and refrigerators and freezers, among others. The most dominant segment, i.e. refrigerators and freezers can be further classified into blast freezers and other freezers as well as refrigerator products, such as reach in refrigerators and freezers, beverage refrigerators, walk in refrigerators and freezers, and glass door merchandisers, among others.
Changing Food Consumption Habits Fuels Development of Innovative Solutions in the Commercial Food Refrigeration Equipment Market
The changing trends pertaining to consumers’ food consumption habits as well as the increasing activities in the international food trade sector are driving the development of the global commercial food refrigeration equipment market. The growth within the global commercial food refrigeration equipment market is also driven by the increasing demand for processed frozen food products across the globe. This trend is also bolstered by the globally rising demand for fresh fruits and vegetables that is driving the demand for innovative refrigeration solutions in the global commercial food refrigeration equipment market. Other significant drivers for the growth in the global commercial food refrigeration equipment market include the rapid urbanization as well as the increasing standard of living and the disposable income amongst conusmers from developed as well as developing regions in the world.
Major applications for the products and solutions in the global commercial food refrigeration equipment market include food and beverage distribution, food and beverage retail, and food services, among others. The increasing demand from the food and beverage distribution sector is fuelling the traction in the global commercial food refrigeration equipment market. Furthermore, the increasing demand for commercial refrigerators that feature practical designs from supermarkets as well as hypermarkets is driving the growth within the global commercial food refrigeration equipment market.
Players in Commercial Food Refrigeration Equipment Market Launching New Innovative Products
The leading incumbent manufacturers and players operational within the landscape of the global commercial food refrigeration equipment market include Daikin Industries, Ltd., Dover Corporation, Illinois Tool Works, Inc., Metalfrio Solutions S. A., Carrier Corporation, Blue Star Limited, Danfoss A/S, Hussmann International, Inc., Bitzer, Lennox International, Inc., and Standex International Corporation, among others. While the landscape of the global commercial food refrigeration equipment market is dominated by several leading international manufacturers and players, the presence of multiple small and regional players intensifies the competition in the industry.
The major manufacturers and players operating in the global commercial food refrigeration equipment market are adopting several corporate growth strategies to get ahead for their competitors. Some of these include strategic collaborations with other players to expand their product portfolios, increased investments in the research and development activities, and resulting product innovations. For example, a range of new gas coolers intended for CO2 applications for the global commercial food refrigeration equipment market by BITZER in July of 2021. Elsewhere, a new A2L ready condensing unit multi refrigerant was launched by Danfoss A/S in May of 2021.
The leading manufacturers and players keep investing in new and smart technologies in order to develop advanced and next gen products and solutions. Furthermore, the players in the global commercial food refrigeration equipment market are also seen strengthening their overseas sales channels in order to penetrate new and previously untapped regional markets.
Source: Transparency Market Research