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2021
Commercial Refrigeration Market

Commercial Refrigeration Market

by Product (Deep Freezers, Bottle Coolers, Storage Water Coolers, Commercial Kitchen Refrigeration, Medical Refrigeration, Chest Refrigeration, Others), and End-User (Full Service Restaurant & Hotels, Food Processing Industry, Hospitals, Retail Pharmacies, Supermarket/Hypermarket, Convenience Stores, Quick Service Restaurants and Others): Global Opportunity Analysis and Industry Forecast, 2021-2027
Update Available On-Demand

Report Code: A05036
Pages: 260
Jan 2021 | 16788 Views
Author(s) : Raju K , Roshan D
Tables: 119
Charts: 84
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COVID-19

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The commercial refrigeration market size was valued at $28.19 billion in 2019, and is projected to reach $35.25 billion by 2027, growing at a CAGR of 4.4% from 2021 to 2027. Asia-Pacific is one of the prominent regions in the market that accounted for approximately two-fifths of the total commercial refrigeration market share in 2019. Commercial Refrigeration is the process which of removing excess heat from a source or a material to maintain the temperature lower than its surrounding. Commercial refrigeration equipment are used for preserving food such as vegetables, fruits, meat, and other similar products by maintaining a specific temperature to increase the shelf life of a product. A large partition of the market for refrigerators is expected to be accounted in the near future due to replacement of existing equipment through energy efficient and sustainable technology equipment. Often some refrigeration equipment are specially designed to rapidly reduce the temperature of food from around 90°C to as low as 30°C, in a short time to eliminate the threat of bacterial growth.  The demand for packaged food is anticipated to increase at a moderate rate globally during the commercial refrigeration market forecast period. This is expected to increase the commercial refrigeration market demand in the near future. In addition, rise in food safety regulations is expected to boost the demand for commercial refrigeration during the analysis period. 

The commercial refrigeration market is driven by increase in demand for frozen & chilled products among the consumers due to change in lifestyle and rapid urbanization. In addition, rapid growth in the organized retail sector, such as increase in number of hypermarkets and supermarkets, further boosts the overall sales of commercial refrigerators; thereby leading to the growth of the market. However, need for frequent maintenance and potential technical issues arising due to lack of proper maintenance act as a major restraint for the market. Conversely, advancements in technology and rise in the number of quick service restaurants especially in the growing economies are expected to provide numerous opportunities for the market growth.

Commercial-Refrigeration-Market-2021-2027

The report segments the commercial refrigeration market based on product, end-user, and region. Based on product type, the market is divided into deep freezers, bottle coolers, storage water coolers, commercial kitchen refrigeration, medical refrigeration, chest refrigeration, and others. The others subsegment includes ice cubes, bottled water dispenser, visi coolers, refrigerated display cases, and beer dispensers. On the basis of end-user, it is classified into full service restaurant & hotels, food processing industry, hospitals, retail pharmacies, supermarket/hypermarket, convenience stores, quick service restaurants, and others. The others subsegment comprises catering services, institutional catering, event services, bakery, bars and pubs. Based on region, the commercial refrigeration is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Strong global concerns about the pandemic, coronavirus have largely but negatively influenced the global commercial refrigeration market. Moreover, due to the high demand and low supply trends, the prices and demand for baby food products rises in 2020 to overcome on economic instability. On the contrary, disruptions to the supply chain in shipping could lead to temporary shortages in the supply, putting upward pressure on prices in the short term.    

Based on product type, the chest refrigeration segment is expected to maintain its dominance in the global market during the forecast period. However, medical refrigeration is anticipated to gain traction in the near future, owing to increase in demand for commercial refrigeration in hospitals and various other medical facilities, especially in the emerging countries. The commercial refrigeration and medical refrigeration segments collectively accounted for approximately one-fourth of the total global commercial refrigeration market share in 2019.

Commercial Refrigeration Market
By Product

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The Chest Refrigeration segment held the major share of 26.6% in 2019

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Based on end user, the supermarket/hypermarket segment accounted for a maximum share in the global commercial refrigeration market in 2019 and is expected to remain dominant during the forecast period. However, the retail pharmacies segment is expected to experience rapid growth with a CAGR of 6% from 2021 to 2027.

Commercial Refrigeration Market
By End User

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Retail pharmacies segment witness a CAGR of 6% from 2021-2027

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Based on region, the commercial refrigeration market analysis has been carried across North America, Europe, Asia-Pacific, and LAMEA. An increase in demand for commercial refrigeration equipment in Asia-Pacific and LAMEA is expected in the near future, owing to the augment in industrialization and high degree of implementation of automation in this region. Moreover, rise in the number of food outlets coupled with increase in the number of retail pharmacies and experience centers such as supermarket and hypermarkets are expected to provide opportunities for growth for commercial refrigeration market. Asia-Pacific accounted for approximately two-fifths share of the total commercial refrigeration market in 2019 and is expected to remain dominant during the forecast period, with major growth expected in China, India, and the other developing countries. Rise in the number of full service restaurants, quick service restaurants as well as increase in the adoption of frozen food and confections are the major drivers fueling the commercial refrigeration market growth in these countries.

Commercial Refrigeration Market
By Region

2027
Asia-pacific 
North America
Europe
Lamea

The Asia-Pacific region helds the higest market share of 40.0% in 2019

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Players in the commercial refrigeration industry have adopted acquisition as their key strategy to increase their market share and to remain competitive in the market. The leading players in the commercial refrigeration market have also focused on product launch, partnership, and collaboration as a key strategy to gain significant market share globally. The key players profiled in the commercial refrigeration market report include, United Technologies Corporation, Daikin Industries Ltd., Illinois Tool Works Inc. (ITW), Johnson Controls International Plc, Dover Corporation, AB Electrolux, Panasonic Corporation, Ali Group Srl, Frigoglass S.A.I.C., and Haier Electronics Group Co., Ltd. 

Key benefits for stakeholders   

  • The report provides a quantitative analysis of the current commercial refrigeration market trends, estimations, and dynamics of the market size from 2019 to 2027 to identify the prevailing commercial refrigeration market opportunities.
  • The key countries in all the major regions are mapped based on their market share.
  • Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
  • In-depth analysis and the commercial refrigeration market size and segmentation assists in determining the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global industry. 
  • Market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players in the commercial refrigeration industry. 

Commercial Refrigeration Market Report Highlights

Aspects Details
By Product Type
  • Deep Freezers
  • Bottle Coolers
  • Storage Water Coolers
  • Commercial Kitchen Refrigeration
  • Medical Refrigeration
  • Chest Refrigeration
  • Others
By End User
  • Full Service Restaurant & Hotels
  • Food Processing Industry
  • Hospitals
  • Retail Pharmacies
  • Supermarket/Hypermarket
  • Convenience Stores
  • Quick Service Restaurants
  • Others
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (Germany, France, UK, Italy, Spain, Rest of Europe)
  • Asia-Pacific  (China, India, Japan, Australia, Rest of Asia-Pacific)
  • LAMEA  (Brazil, UEA, Saudi Arabia, Rest of LAMEA)
Key Market Players AB ELECTROLUX, DAIKIN INDUSTRIES LTD., DOVER CORPORATION, FRIGOGLASS S.A.I.C., HAIER ELECTRONICS GROUP CO., LTD., ILLINOIS TOOL WORKS INC., JOHNSON CONTROLS INTERNATIONAL PLC, PANASONIC CORPORATION, UNITED TECHNOLOGIES CORPORATION, ALI GROUP S.R.L.
 

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Based on the interviews of various top-level CXOs, the global commercial refrigeration market is witnessing moderate growth rate, due to rise in demand for frozen products among consumers. Rapid development of the organized retail sector, such as increase in number of hypermarkets and supermarkets, further boosts the overall sales of commercial refrigerators.

Asia-Pacific is anticipated to garner maximum share in the global commercial refrigeration market, owing to rise in number of full service restaurants & quick service restaurants as well as shift in preference toward frozen food & confectioneries.

However, need for frequent maintenance and potential technical issues arising due to lack of proper maintenance limit the adoption of commercial refrigerators, thereby hampering the growth of the market, globally.

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FREQUENTLY ASKED QUESTIONS?

A. The global commercial refrigeration market was valued at $28,197.1 million in 2019, and is projected to reach $35,258.5 million by 2027, registering a CAGR of 4.4% from 2021 to 2027.

A. The CAGR of Commercial Refrigeration Market is 4.4%.

A. Kindly raise an inquiry on the portal and our salesperson will get in touch with you with available purchase options.

A. United Technologies Corporation, Daikin Industries Ltd., Illinois Tool Works Inc. (ITW), Johnson Controls International Plc, Dover Corporation, AB Electrolux, Panasonic Corporation, Ali Group S.r.l., Frigoglass S.A.I.C., and Haier Electronics Group Co., Ltd are the top Companies in the market.

A. Product and End user are the two segment of the commercial refrigeration market.

A. Surge in adoption of refrigerated and frozen food & confectioneries and rise in number of fast food outlets and experience centers are the major trends which will shape the market in the future.

A. Asia-Pacific region holds the maximum market share of the Global Commercial Refrigeration market.

A. Increase in concerns related to maintenance is the major effecting factor of the market.

A. The COVID-19 pandemic has negatively impact the Commercial Refrigeration market in 2020.

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