Commercial Refrigeration Equipment Market to Surge to $61.44 Billion by 2021
The global commercial refrigeration equipment market was valued at $36.63 billion in 2015, and is expected to generate revenue of $61.44 billion by the end of 2021, growing at a compound annual growth rate (CAGR) of slightly over 9 percent between 2016 and 2021, according to a report from Zion Market Research.
The report notes that commercial refrigeration equipment is mainly used for food and beverage storage and merchandising purposes by the food wholesale industry, such as supermarkets, specialty food stores, grocery stores, and convenience stores. It is also used in restaurants and cafeterias. Some of the different types of commercial refrigeration units include reach-in refrigerators and freezers, walk-in refrigerators and freezers, undercounter refrigerators, refrigerated merchandisers, and bar refrigeration.
The global commercial refrigeration equipment market is being primarily driven by the rising number of hypermarkets, specialty food stores, and supermarkets across the globe. Another major driving factor is changing food consumption trends and rising international food trade. However, environmental regulations and increasing fuel costs are restraints that may limit the growth of the market. Nonetheless, consolidation of warehouses and the growth of cold supply chains are likely to open new avenues for commercial refrigeration equipment market growth in the near future.
North America is expected to see stable growth through the next few years. The U.S. is by far the leading commercial refrigeration equipment market by country in North America. Increasing consumer demand is expected to encourage an expansion in the number of restaurants in the U.S. Government mandates for energy-efficient products and year-on-year increasing demand for frozen products will be mainly responsible for the growth of the market. California, Texas, and Florida represent an enormous growth opportunity for refrigerated systems due to the high density of restaurants and convenience stores in these states.
Asia-Pacific is expected to be the fastest growing market for commercial refrigeration equipment during the forecast period. Asia-Pacific was the largest revenue contributor in 2015 and accounted for 34 percent share of the global commercial refrigeration equipment market. Within Asia, China will continue to be the world’s fastest growing market. Moreover, the consumption of ready to eat products and frozen food has increased significantly in the emerging countries over the past few years. Additionally, technological advancement in emerging countries such as Russia, Taiwan, Brazil, India, and China is encouraging growth.
The European market is heading towards maturity and is expected to witness steady growth. Germany is expected to be the largest market during the forecast period owing to the increasing development activities of popular retail chains in this region. However, environmental regulations may pose a challenge to market growth.
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