The global commercial refrigeration market was valued at more than $34 billion in 2015 and is expected to surpass $45 billion by 2020, says Technavio.
Technavio has announced its latest market research report on commercial refrigeration for the forecast period, 2016-2020. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the global commercial refrigeration market during the forecast period. Some of the top vendors listed in this industry analysis include Carrier, Daikin, Danfoss, and ITW.
In terms of geographical analysis, APAC is expected to account for the largest share of the global market owing to the presence of growing economies like India and China.
“The growth of the e-commerce industry has a positive impact on the sales of commercial refrigerators. The e-commerce sector has the highest growth potential in regions like APAC and the Middle East and Africa. The emerging markets will be the key segments of the growing e-groceries sector. This will increase the demand for warehouses and cold storages. The rise in a number of cold storages due to the development of e-commerce and e-groceries is expected to propel the demand for commercial refrigerators over the next few years,” says Abhay Sinha, a lead analyst at Technavio.
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The new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Increasing shelf area of perishable food items
Urbanized population from across the globe is developing a preference for ready-to-eat packaged foods. Some of the factors that create the demand for frozen foods include the rising constraints of time due to hectic work schedule, growing sizes of middle-class families, and rise in the female participation in the workforce. Furthermore, higher disposable incomes are prompting people to purchase products from one-stop shops. This leads to an upsurge in demand for commercial refrigerators to store chilled and packaged food materials in supermarkets and hypermarkets, leading to the growth of the market.
Red oceans in food and beverage industry
Supermarkets play a central role in providing consumers access to nutritious and affordable food. Also, supermarkets drive the growth of the economy in developed countries. The demand for frozen food, chilled beverages, and other items leads to an increase in the demand for commercial refrigerators to store them. Given the rise in population, the demand for supermarkets is growing. End-users are estimated to spend an average of $30 in one trip to a supermarket.
Growing demand for commercial refrigerators
Increasing the penetration of refrigeration equipment in the market can help preserve perishable food items and reduce food wastage. The storage potential of a perishable food item decreases with the rise in temperature. Perishable food also tends to get wasted during onboarding and transportation. Refrigerated storage cabinets are a key element of mobile refrigeration systems that refrigerate products during transportation. The growth of refrigerated storage cabinets is derived from the growing demand for frozen and packaged food products.
Some of the other prominent vendors identified in this report are Emerson Electric, Haier, Honeywell, Hussmann, Imbera Foodservice, Intertek, Johnson Controls, Master-Bilt, Middleby, Nor-Lake, Panasonic, Tecumseh, and Williams Refrigeration.
This research report includes an in-depth analysis, market shares, and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, and key financials. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Commercial Refrigeration Market 2016-2020‘. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Refrigerated Cabinet Market 2016-2020
- Global Refrigerator Market 2016-2020
- Global HVAC Refrigerant Market 2016-2020
- Refrigerated Transportation Market in the US 2015-2019
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