Global Commercial Refrigeration Equipment Market– Overview
Increase in the number of retail outlets for perishable items has given rise to the global Commercial Refrigeration Equipment Market Size. Market Research Future, a firm which specializes in market reports related to the Consumer and Retail sector among others, recently published a report on this market. The market is set to develop following an exceptional revenue growth with an outstanding CAGR per cent in the forecast period.
Development of retail chains and their outlets have led to development of the market at a rapid pace. Development of commercial kitchens where high capacities of refrigeration devices are required has also been of the sources of demand source. Increase in the investment in the sector has caused the sector to branch out towards different applications.
Commercial Refrigeration Equipment Industry Segments
The market for commercial refrigeration equipment market is segmented based on:
Type: Display cases, walk-in coolers, beverages refrigeration, ice-making machineries, parts and others. Display cases and beverage refrigeration devices are the most growing type of this segment.
Applications: Hospitals, bars, food service, hotels, and food and beverages preservation. Food service and hotels are the major sector for this industry.
End Users: Food manufacturing industries, hyper market and supermarket. Supermarkets are leading the segment in a major way as compared to other end users.
Detailed Regional Analysis
The market for commercial refrigeration equipment includes regions such as Europe, North America, Asia Pacific, and rest of the world (ROW). The North American market dominates the Global Commercial Refrigeration Equipment industry with the biggest market share, accounting for millions in revenue and is expected to grow tremendously by 2027. The Asia-Pacific has exceeded North America in 2015 to become the largest market for commercial refrigeration equipment and expected to grow at an optimistic CAGR. The European market for Commercial Refrigeration Equipment is expected to grow at an influential CAGR in the forecast period even though the market in Europe is heading towards the maturity.
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Commercial Refrigeration Equipment Market Competitive Analysis:
With companies aiming to capture a considerable share of the market segment as early as possible, experimentation with various advantage points is being seriously considered and implemented. Due to this, the sector is undergoing considerable transformation which has accelerated the growth pace of the sector. The best long-term growth opportunities for this sector can be harnessed by ensuring ongoing process improvements and maintaining financial flexibility to invest in the optimal strategies. The industry players in the segment are effectively utilizing their primary resources to initiate long lasting growth changes. A trend of volume-driven growth has been observed in the market of late with the development of different varieties of product types.
The prominent companies that are involved in industry are United Technologies Corporation, Hussmann Corporation, AB Electrolux, Frigoglass S.A.I.C to name a few.
Commercial Refrigeration Equipment Industry Updates:
Jan 2018 Filta Group Holdings has recently sold its refrigeration and HVAC maintenance and repair business to Scotia Cooling Solutions. Filta group who is into providing services to commercial kitchens, stated that the sale is for a cash consideration up to £125,000 and comprises Filta Refrigeration’s net assets of £99,719 and additional payments relating to finance leases. Scotia Cooling Solutions which is a Livingston-based company has also taken on all refrigeration and HVAC related engineers, vehicles and current contracts.