Refrigeration is the process of removing excess heat from space and transferring the same to the environment. It is well known that spoilage of food, beverages, and many other substances is reduced at a lower temperature. Thus to preserve many types of perishable products from spoilage and keep them fresh for a longer duration, a commercial refrigeration system is used where the temperature is maintained at a level much below that of its surroundings.
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The commercial refrigeration system market is segmented based on application in food& beverage production, food & beverage retail, food & beverage distribution, and the food storage & service industry where refrigeration systems are used for commercial purposes. The refrigeration system is extensively used in grocery stores, supermarkets, convenience stores and speciality food stores. The food service industry on the other hand includes restaurants and cafeterias. Customization of refrigeration systems as per the customer’s demand is a key trend in the global commercial refrigeration system market. Expanding food retail chains mostly in tier II and tier I cities in developing regions is significantly driving growth in the commercial refrigeration system market.
The global commercial refrigeration system market is also segmented based on refrigerant types that are hydro chlorofluorocarbon (HCFC), hydrofluorocarbon (HFC), hydrocarbon (HC), inorganic which includes ammonia and carbon dioxide. The refrigerants markets which are used in refrigeration systems are expected to grow at a CAGR of 5 to 7% and fuel the growth of the global refrigeration system market. The use of refrigerants is leading to the greenhouse effect and is giving way to the use of green refrigerants in the commercial refrigeration system market.
Major players in the global commercial refrigeration system market include Hussmann, Dover Corporation, Ingersoll Rand PLC, Daikin, AHT Cooling System GmbH, Traulsen, Berkshire Hathaway Inc, Johnson Controls Inc, and PanasonicCorporation. Key players have adopted strategies including joint ventures along with mergers and acquisitions to expand globally and are simultaneously improving their distribution network to establish a strong market presence.
The commercial refrigeration system market is witnessing a significant uptake in the commercial sector especially due to growing hotels, restaurants and organised retail showrooms. The research report presents a comprehensive assessment of the commercial refrigeration system market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to categories such as market segments, geographies, applications, and types.
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The report covers exhaustive analysis on:
- Market Segments
- Market Dynamics
- Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
The global commercial refrigeration system market is segmented based on product types such as beverage refrigeration, freezers & refrigerators and transportation refrigeration. Transportation refrigeration system consists of trailer refrigeration system, truck refrigeration system, and shipping containers refrigeration system. The growth in the international food trade between nations due to change in the food consumption pattern amongst consumers is driving the demand for the transport refrigeration system.
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Regional analysis includes:
- North America
- Latin America
- Asia Pacific
- Western Europe
- Eastern Europe
- Middle East & Africa
The global commercial refrigeration system market is estimated to grow almost twofold during the forecast period and register double-digit CAGR. North America is the dominant commercial refrigeration system market in terms of revenue share followed by APAC and Europe. Growth in the food and service industry and changing consumer preferences for dining food in North America are driving growth in the commercial refrigeration system market domestically.
The European commercial refrigeration system market on the other hand is estimated to show significant growth with rising demand for frozen food items and expansion of retail chain in this region. The commercial refrigeration system market is witnessing the increasing use of solar-powered systems and this technology is anticipated to play a major role in addressing energy scarcity issues. The utilization of advanced refrigerants and energy-efficient systems are some of the upcoming trends in the global commercial refrigeration system market. More use of commercial refrigeration systems in horticulture processes and seafood exports is expected to fuel the demand of the global refrigeration system market.