Commercial Refrigeration Equipment Industry Revenue Will Exceed 40.87 Billion

Posted by Marsh William on February 8th, 2018

Global Commercial Refrigeration Equipment Market is projected to grow at a CAGR of 5.6% over the forecast period (2016 to 2024). By 2024, market revenues would exceed USD 40 billion. This may be attributed to changing food consumption patterns triggered by rapid industrialization and technological advancements.

Escalating intake of frozen foods spurs demand for refrigeration of food on a commercial scale. Innovative technology makes possible remote monitoring of products to check refrigerant leak, high liquid levels, abnormal system pressures, etc. Increase in specialty food outlets, hypermarkets, and supermarkets also contribute to a favourable market outlook. These places are equipped with advanced products like multi-deck display cabinets and open front cases, having LEDs and proximity sensors.

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The market is segmented into products, applications, and regions. Products consist of beverage refrigeration, refrigerators & freezers, transportation refrigeration equipment, parts, and others. Beverage refrigeration could rise due to a boom in restaurants across the globe. Transportation held about 20% of the market in 2015. Zero-emission technologies and efficient fuel consumption are some of the trends that should propel this segment’s growth till 2024.

Applications are split into food service, food & beverage retail, food & beverage production, food & beverage distribution, and others. Food service segment includes food-serving facilities such as restaurants, schools, supermarkets, and convenience stores. It is estimated to increase owing to robust demand of cold-storage and cascade refrigeration system in the food & beverage industry in the coming years.