The commercial refrigeration equipment market is anticipated to reach a value of US$ 51.8 billion by the end of 2022, a rise of 3.9% year over year. By 2028, a CAGR of 4% is predicted to have increased the market for commercial refrigeration equipment to a value of US$ 68.3 billion. (2022-2028)
In 2020, commercial refrigeration systems will account for 40% of the global refrigeration equipment market. Commercial refrigerators and freezers will see increased sales as investments in the food and beverage industry increase in the coming years.
The commercial refrigeration equipment market is expected to shift towards natural refrigerant-based systems because of the potential for large energy savings, and the implementation of stringent regulations worldwide for phasing out ozone-depleting substances, such as hydrofluorocarbons (HFCs) and hydrochlorofluorocarbons (HCFCs).
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Witnessing an uptick of 3.4% over 2021, the worldwide sales of commercial refrigeration equipment will exceed revenues worth US$ 51 Bn by 2022 end. As indicated by a recent research study of Future Market Insights (FMI), the market for commercial refrigeration equipment will progress at a moderate CAGR over 2022 - 2028. The demand would be prominently driven by greater production of F&B goods and a preferential shift of consumers towards quick service restaurants (QSRs), at a global level.
The demand for NH3/CO2 cascade systems is also slated to go up gradually due to the advantages they offer for food processing and low-temperature distribution facilities. These benefits include low operating costs (as they use less energy per ton of refrigeration compared to other systems), lower capital and compliance costs, optimal food quality, and increased throughput.
Sustainable and energy-efficient refrigeration systems are set to become a norm across the end-use industries, which should compel manufacturers to increase their investments in R&D and product innovations. Leveraging energy-efficient technologies to offer low global warming potential (GWP) products with rich functionalities will be the ticket to capturing significant market share in the long run.
Commercial Refrigeration Equipment Market Key Takeaways:
• Growing demand for ready-to-eat products and expanding retail outlets are driving the sales of commercial refrigeration equipment.
• North America and Europe would collectively account for over half of the market value share by 2022 end.
• The food services sector will remain prominent application area to invest in, for commercial refrigeration equipment market players.
• The enforcement of new refrigerant regulations such as the EPA 680 Upgrade, and the Kigali Amendment for the phase-down of HFC refrigerants will largely impact the market growth.
• The higher average unit cost of freezers & refrigerators allude lower volume sales vis-à-vis value gains, with just about 2.6 million unit sales in 2021.
• Glass door merchandizers that account for around a third of total volume sales continue to see relatively low revenue generation as compared to freezers & refrigerators.
• Sales of beverage dispensers and display cases across end-use industries will show a moderate increase year-over-year in 2022, which will collectively represent nearly 16% of total commercial refrigeration equipment sales in that year.
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