Commercial Refrigeration Equipment Market Boom a Result of Economic Prosperity

In 15 years between 2002 and 2017, the average national per capita income around the world grew from $4,600 to $8,800, the World Bank reports. This has led to a significant increase in the spending power of people, which is helping them buy slightly costlier stuff, such as packed and ready-to-eat food products and beverages.

Hence, with the rising demand for ready-to-eat and packaged foods and beverages, the growth of commercial refrigeration equipment market is predicted to reach $59.0 billion by 2023, at a 6.2% CAGR during the forecast period (2018–2023). Such equipment is available as walk-in coolers, transportation refrigeration systems, display cases, beverage refrigeration equipment, ice making machinery, and parts.

Among these, the highest demand during 2013–2017 was for beverage refrigeration equipment, due to the technological advancements in such systems and changing consumer preference regarding hospitality. Food service, food and beverage retail, and food and beverage distribution are the major purposes for which such equipment is used. Historically, firms dealing in food service accounted for the highest adoption of such devices, due to the importance of instant food availability at hotels and restaurants.

With the increase in the number of such establishments, the demand for commercial refrigeration equipment for food service continues to boom. During the forecast period, the fastest growth in the usage of these systems would be for food and beverage retail.

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In fact, the growth of the organized retail sector is one of the primary reasons behind the increasing sale of equipment for commercial-scale refrigeration. In most nations, people in cities enjoy a higher purchasing power than those in rural areas. With the rapid urbanization, particularly in emerging economies, such as Brazil, India, and China, the demand for frozen and ready-to-eat stuff is rising.

Hence, as people’s demand for packaged, frozen, and ready-to-consume food products rises, so would the installation of refrigeration equipment at hypermarkets, supermarkets, and retail stores that offer such stuff.

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Development of Organized Retail Driving Commercial Refrigeration Equipment Market Globally

In 2017, the global commercial refrigeration equipment market generated a value of $41,396.7 million and is expected to advance at a 6.2% CAGR during the forecast period (2018–2023). The market is witnessing growth due to the rising demand for ready-to-eat products and beverages and development of organized retail. 

The freezers and refrigerators that are utilized for storage, merchandizing, and commercial retail within hypermarkets, convenience stores, supermarkets, restaurants, and other commercial spaces are referred to as commercial refrigeration equipment.

There has been a major transformation in the refrigeration technology in the past few years, as manufacturers have shifted from fluorinated gases (F-gases) to natural refrigerants. Geographically, developed countries in Europe and North America are on the verge of completely eliminating the use of F-gases from their commercial refrigeration equipment.

For instance, a key player in the commercial refrigeration equipment market, Carrier Corporation, changed the technology of its MiniCO2OL commercial refrigerator series quite early by replacing F-gases with natural refrigerants, such as carbon dioxide.

The manufacturing cost of MiniCO2OL refrigerators is quite low, compared to similar F-gas-based equipment. The cost-efficiency factor of such natural refrigerant-based equipment is increasing their demand among small and medium-scale food retailers.

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On the other side, developing countries in Asia-Pacific (APAC) have not yet phased out F-gases, because manufacturers here are yet to get their hands on advanced technology for F-gas elimination. But, considering the CAGR forecasted in the region (9.3% in terms of revenue), it is being assumed that manufacturers will be able to acquire the technology and do away with F-gases.

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