The commercial refrigeration system consists of various equipment such as compressor, condenser, evaporator, expansion devices, etc. The function of refrigerator equipment is to remove the heat of the hot vapor refrigerant dispensed from the compressor. The evaporator is used in the low-pressure side of a refrigeration system. The commercial refrigerator majorly used equipment that is capable of operating at or above 32F.
The global commercial refrigeration equipment market expected to increase market value by USD 48.86 billion with exponential CAGR in the forecast period from 2020-2027. The market demand for commercial refrigeration equipment is fueling due to the development of restaurant chains and organized retail (supermarkets and hypermarkets) and the increasing demand for the ready-to-eat product.
The progress in the demand for commercial refrigeration equipment will be driven by the increase in capital, driving the growth of the investment environment and retail food industry. Advancement will drive by increased capital investment in the climate and expected growth of commercial refrigeration users in the food and food retail industry with heavy equipment. Food industry participants will strive to reduce operating costs and improve refrigeration efficiency equipment, helping to drive sales.
With the development of various industries, the requirements for refrigeration equipment are becoming higher and higher. In addition to the new environmental protection demands of traditional large-scale commercial systems, more commercial systems use ammonia as a refrigerant.
Moreover, in developing countries, consumers living in urban areas have higher disposable incomes than consumers in rural areas. In recent years, the developed countries’ governments have proposed new development projects for smart city areas. Therefore, as the level of urbanization increases, the demand for refrigeration equipment in food retail, medium-sized grocery stores, supermarkets, and first- and second-tier supermarkets will also increase.
The market share for commercial refrigeration equipment is rising mainly due to the growing stringency of regulations based on rising concerns regarding the use of harmful refrigerants. That results in global warming are providing substantial growth opportunities to the commercial refrigeration equipment market. Magnetic systems use green technology that has high energy efficiency and requires low maintenance. Moreover, these systems are capable of saving 30% energy and reduced emission of hazardous gases and minimizes the operational cost.
The demand for healthy and less time-consuming food is fueling the market share for commercial refrigeration equipment across the world. It is mainly due to the rising and changing working culture in the developed countries and urban cities where a large number of women are working. Thus, their busy schedules increased the adoption of packaged food, mainly meat, seafood, and dairy products. Moreover, coupled with an increase in dairy product consumption, it has fueled the use of cheese, butter, and other products.
Based on the Product type, the global commercial refrigeration equipment market segmented into Refrigerator & Freezer, Transportation Refrigeration, Refrigerated Display Cases, Beverage Refrigeration, Ice Cream Merchandiser, Refrigerated Vending Machine. The transportation refrigerated segment estimated to dominate the maximum share of the global commercial refrigeration equipment market. It is mainly due to the emerging market demand for ready-to-eat food, packaged food, and meat and seafood. The need for keeping fresh and improving the shelf of perishable food transportation refrigerator is fueling the market demand for the global commercial refrigeration equipment market. Moreover, with rising urbanization, the rising food retail industry is also increasing the transportation refrigerator market share.
Based on the refrigerant type, the global commercial refrigeration equipment market classified into Fluorocarbons, Hydrocarbons, Inorganics. The fluorocarbons segment dominated the largest market share in the global commercial refrigeration equipment market. The commercial refrigeration equipment majorly includes CFC-12, HCFC-22, CFC-500, and 502 R-12 used for medium temperature applicants such as meat, dairy, and coolers. Fluorocarbons contain organic compounds that consist of fluorine and carbon. HFCs are used to absorb and trap heat or infrared radiation in the lower atmosphere. Therefore, the demand for the global commercial refrigeration equipment market is emerging with the use of fluorocarbons.
Based on the application, the global commercial refrigeration equipment market segmented into Hotels & Restaurants, Supermarkets & Hypermarkets, Convenience Stores, Bakery. The hotel & restaurant segment contributes the largest share in the global commercial refrigeration equipment market. The demand for various commercial refrigeration equipment such as refrigerator vending machines and other display machines are rising for storing beverages and used as selling points in a hotel and acts as micro markets. Moreover, the propelling market share captured by FMCG products that include ready to eat food such as sandwiches, salads, beverages is contributing to the hotel & restaurants segment.
Based on geography, the global commercial refrigeration equipment market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia Pacific is the world’s fastest-growing global commercial refrigeration equipment market, accounting for the highest share. It is mainly due to an increasing disposable income of the consumer; adoption of consumer appliance increases the market share for the commercial refrigeration equipment market. Moreover, the growing manufacturing sector is also fueling the market share for the global commercial refrigeration equipment market.
Companies such as Dover Corp, Daikin Industries Ltd, Carrier Commercial Refrigeration, Inc, Johnson Control, Inc., Haier Group Corp, and others are key players in the global commercial refrigeration equipment market.
By Product Type
By Refrigerant Type