How Ready-to-Eat Food Is Fueling the Commercial Refrigeration Equipment Market Growth
The introduction of advanced technologies, development of organized retail, and increasing demand for ready-to-eat food and beverages are driving the growth of the commercial refrigeration equipment market. In 2017, the market generated a revenue of $41,396.7 million as per P&S Intelligence, and it is projected to witness a CAGR of 6.2% during the forecast period (2018–2023).
Commercial refrigeration equipment refers to large refrigerators and freezers used at supermarkets, restaurants, hypermarkets, and convenience stores to keep food fresh for a long time.
Talking of future opportunities, the introduction of the internet of things (IoT) technology in commercial refrigerators is also expected to bode well for the growth of the commercial refrigeration equipment market. It will help the refrigerators share real-time data related to temperature changes and other mishaps via the internet. For instance, if there is food spoilage, smell detectors in industrial refrigerators could alert retailers to remove the spoilt items.
Display cases, transportation refrigeration equipment, walk-in coolers, ice making machineries, beverage refrigeration, parts, and other equipment are the various categories when the market is segmented by equipment type. Among all, walk-in coolers led the growth of commercial refrigeration equipment market in 2017 with 23.0% revenue share.
Similarly, when segmented by application, the sector is categorized into food and beverage distribution, food and beverage retail, food service, and others. The 28.0% sales volume share of the food service category was the highest in 2017.
Therefore, due to the demand for such efficient and technologically advanced commercial refrigerators, the growth opportunities for commercial refrigeration equipment market players are predicted to increase.
Global Commercial Refrigeration Equipment Market Segmentation
Market Segmentation by Application
- Food Service
- Food and Beverage Distribution
- Food and Beverage Retail
- Others (pharmacy refrigeration, genetic preservation, medical diagnostic applications)
Market Segmentation by End-User
- Supermarkets
- Hotels/Restaurants and Catering
- Hypermarkets
- Convenience Stores
- E-commerce
- Others (hospitals, educational institutions, large pharmaceutical stores, and medical and life sciences)