Commercial refrigeration equipment are used in restaurants, supermarkets, convenience stores, etc. New technologies and regulations are leading to the development of commercial refrigeration with energy efficiency that has a very low impact on the environment. Self-contained and remote condensing, among these, food service establishments are increasingly using commercial refrigeration equipment that are self-contained. Because the self-contained refrigerators have a system combined into a single physical unit. Meanwhile, refrigerators that are remote condensed are witnessing increased demand from the supermarket.
As refrigeration systems used by grocery stores and stores are expensive. Moreover, in case of sudden breakdown, there is a considerable risk to the inventory. Hence, companies are working on introducing eco-friendly refrigeration system with the feature to save power, thereby, saving the cost on initial investment and power. Energy management strategies by food-service providers and supermarkets are resulting in the purchase of energy star products. Hence, manufacturers are also focusing on introducing new technologies in commercial refrigeration equipment to minimize the energy consumed by the equipment. Anti-short cycling, automatic temperature control and automated defrost are some of the features being included in the commercial refrigeration equipment. Moreover, refrigerator equipment replacement and retrofit are also taking place on a large scale in the global commercial refrigeration equipment market.
As per the study by Persistence Market Research (PMR), the global market for commercial refrigeration equipment is anticipated to see a steady growth during 2017-2026. The global commercial refrigeration equipment market is also likely to exceed the value of US$ 45,000 Million revenue by 2026 end.
Refrigerator and Freezer to Witness Highest Sales in the Global Market for Commercial Refrigeration Equipment
Based on the product type, refrigerator and freezer are likely to account for the highest sales during the forecast period. By 2026 end, refrigerator and freezer are projected to surpass US$ 13,000 Million in terms of revenue.
On the basis of application, commercial refrigeration equipment is anticipated to find the largest application in food service. Towards the end of 2026, food service is projected to reach close to US$ 14,000 Million revenue. Meanwhile, food and beverage retail is also likely to witness an impressive growth in the global commercial refrigeration equipment market.
North America to Witness the Highest Growth in the Global Market for Commercial Refrigeration Equipment
Between 2017 and 2026, North America followed by Asia Pacific Excluding China (APEC) is likely to witness significant growth, North America by the end of 2026 is projected to exceed US$ 12,000 Million in terms of value. The commercial refrigeration industry in North America sees CO2 as a mainstream technology in refrigeration. Manufacturers of commercial refrigeration equipment in the U.S. are involved in some type of CO2 project. Moreover, the biggest reason behind choosing CO2 is to achieve the corporate sustainability goal. Meanwhile, increasing development of retail stores and supermarkets in Asia Pacific is also driving the demand for commercial refrigeration equipment.
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Major Players in the Global Commercial Refrigeration Equipment Market
Leading companies included in the report that are currently active in the global market for commercial refrigeration equipment are Whirlpool Corporation, United Technologies Corporation, Standex International Corporation, Daikin Industries, Ltd., AHT Cooling Systems GmbH, Fujimak Corporation, Electrolux AB, Qingdao Haier Co. Ltd., Panasonic Corporation, Manitowoc Company, Inc., Dover Corporation, and Illinois Tool Works Inc.
For more insights on the global commercial refrigeration equipment market, write in to Persistence Market Research analysts at media@persistencemarketresearch.com
