Global Commercial Refrigeration Equipment Market is Expected to Reach $40,875 Million by 2020: P&S Market Research

Commercial refrigeration equipment market comprises revenues from display cases, walk-in coolers, beverages refrigeration, ice making machineries, parts and other equipment, such as vending machines, reach-in coolers, liquid chillers, and cryogenic refrigeration. The refrigeration equipment market is expected to witness high growth in developing countries of Asia-Pacific and Latin America. Rapid urbanization coupled with the expansion of supermarket, hypermarket and food retail chain in developing countries, such as India, China and Brazil, is expected to boost the global demand of commercial refrigeration equipment during the forecast period. North Americans spend nearly half of their food expenses outside their home and with busy lifestyle, it is expected to grow further during the forecast period. Display cases and beverage refrigeration are expected to be the two fastest growing segments during the forecast period; attributed mainly to rising food retail outlets and expanding overall floor area of the retail stores.

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Commercial refrigeration equipment distribution is achieved mainly through two channels – by employing one’s own sales service or/and by collaborating with autonomous wholesalers, such as agents, distributors, brokers, and dealers. The selection of the distribution channels depends largely on desired market coverage, the economy of scale of the manufacturer, and attributes of buyers, such as buyers’ volume, and location.

The developing countries, such as India, China, and Brazil, are among the world largest producers and consumers of food and dairy products. However, the markets as well as the upstream and downstream supply chain management in these regions are mostly unorganised. The food and beverage industry in the developing market suffer largely because of fragmented supply chains, low level of value addition, low economies of scale, and insufficiency of marketing infrastructure. This is hindering the acceptance of advanced and professional processing and distribution approach. In India, the organized retail constituted only 16% to 17% of the country’s total retail market in 2014. According to a study, out of about 85 million tons (MT) of vegetables and 45 MT of fruits being produced in India, only about four million tons of fruits and vegetables are transported in refrigerated vehicles.

The energy consumption rating of commercial refrigeration equipment is continuously improving over the years and it is expected to improve further with supportive government regulations and product innovation. The innovation in product design, refrigerant, and improvement in overall energy consumption facilitated the introduction of advanced and innovative commercial refrigeration products, such as multi deck display cabinets and open-front refrigeration cases, in last few years. However, the stiff regulation of the U.S. Environmental Protection Agency (EPA) and European Union towards the use of natural refrigerant over ‘F’ (fluorochemicals) gas refrigerant is one of the major hindrances for the commercial refrigeration equipment market.

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The developing countries of Asia-Pacific are following F-gas regulations leniently, as the manufacturers in the region lag required technology to deal with stiff ‘F’ gas elimination regulation. Brazil, Russia, India, China, and South Africa (BRICS) are still following the Kyoto Protocol to deal with the United Nations Environment Program (UNEP). However, with rising international pressure for the adoption of Montreal Protocol, phase out of ‘F’ gases as refrigerant in commercial refrigeration equipment in developing countries is expected in coming years.

The commercial refrigeration equipment market is fragmented with small number of large players and large number of small regional players. Some of the major players in the commercial refrigeration market include United Technologies Corporation, AB Electrolux, Daikin Industries Ltd., Johnson Controls Inc., Dover Corporation, and AHT Cooling Systems GmbH

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