Commercial Refrigeration Equipment Market is Projected to Experience Major Revenue Boost in Coming Years

Posted on 2019-07-22 by P&S Intelligence in Semiconductors, Technology, Telecommunications // 0 Comments

The commercial refrigeration equipment market is projected to reach $59,071.4 million by 2023. Development of organized retail and increasing demand for ready-to-eat food and beverages are the major factors driving market growth.

On the basis of application, the commercial refrigeration equipment market has been categorized into food service, food and beverage retail, food and beverage distribution, and others; wherein “others” category includes pharmacy refrigeration, genetic preservation, and medical diagnostic applications.

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The consumption of ready-to-eat products, beverages, and frozen food has increased considerably worldwide in the recent years, which is further boosting the demand for commercial refrigeration equipment.

The commercial refrigeration market was fragmented with top four companies, accounting for nearly 40% of the total market share in 2017. United Technologies Corporation was the largest player in terms of market share, owing to its global presence, superior power efficient refrigeration equipment, and well-diversified post-sale services.

In terms of value, APAC dominated the global commercial refrigeration equipment market, during the historical period, and is expected to witness the fastest CAGR of 9.3%, during the forecast period. This can be attributed to the ongoing industrialization efforts in developing countries such as China and India.

Food service refrigeration equipment for restaurants, hotels, hospitals, and other verticals are being widely deployed to store leftovers food, ingredients, frozen food, and prepped sauces to offer quality of food products to customers.

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Some of the key players operating in the commercial refrigeration equipment market are United Technologies Corporation, Hussmann Corporation, AB Electrolux, Frigoglass S.A.I.C., Dover Corporation, Daikin Industries Ltd., AHT Cooling Systems GmbH, Ali Group S.p.A., Illinois Tool Works Inc., and Johnson Control International PLC.

Global Commercial Refrigeration Equipment Market Segmentation

Market Segmentation by Equipment Type

Beverage Refrigeration
- Beverage cooling and dispensing units
- Drinking fountains
- Beer dispensing units
- Soda fountain equipment
- Others (juice dispenser and tailor-made beverage dispenser)
Walk-in Coolers
- Packaged unit
- Remote condensing unit
- Remote plant
Transportation Refrigeration Equipment
- Road
- Rail
- Marine
- Air
Parts
Display Cases
- Plug-in cases
- Remote cases
Ice Making Machineries
- Ice cube machineries
- Ice flake machineries
- Ice nugget machineries
Other Equipment (vending machines, cryogenic equipment, and liquid chiller)

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