Commercial Refrigeration Equipment Market Analysis, Opportunity, Growth Driver, Application, Regional Demand, Forecasts, 2024
Category: #headlines  By Rahul Varpe  Date: 2020-05-18
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Commercial Refrigeration Equipment Market Analysis, Opportunity, Growth Driver, Application, Regional Demand, Forecasts, 2024

Commercial refrigeration equipment market has been expanding its horizon with the surging global demand for safer and sustainable food preservation techniques. Along with the provision of cooling at diverse storage conditions, equipment manufacturers are also focusing on minimizing the harmful environment impact of the refrigerants. Mandatory rollouts, especially across developed nations, for banning fluorocarbon based refrigeration that in turn leads to ozone depletion, are expected to further augment the revenue graph of commercial refrigeration equipment market in the years ahead. The size of Commercial Refrigeration Equipment Market was registered at USD 30 billion in the year 2017 and is anticipated to cross USD 35 billion by 2024.

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The U.S. has been forecast to be a rather lucrative growth hub for this vertical, the reason of which can be aptly attributed to the expanding food and beverage sector in the region. The country is remnant of upgraded production services such as microprocessor-based controller, improvised materials, and smart defrost systems. In addition, the efforts of regional players to reduce labor costs by transiting the production facilities overseas will also complement the market outlook.

As per estimates, the U.S. commercial refrigeration equipment market size stood at an appreciable USD 10 billion in 2017. On account of the increasing consumer expenditure on food and the changing meal consumption trends, in tandem with the robust expansion of food service industry in the nation, U.S. commercial refrigeration equipment market is forecast to garner quite some proceeds in the years ahead.

Industry Growth Drivers:

  1. Growing demand for meat and dairy products
  2. Product development initiatives due to technological advancements
  3. Increasing investments in food & beverages industries in North America
  4. Growing demand for transportation refrigeration in Europe
  5. Growing floriculture industry in France
  6. Increasing demand for frozen food and vegetables in Asia Pacific
  7. Rapid growth of retail sector and cold food chains in Asia Pacific and Latin America
  8. Growth of e-commerce sector in India & China
  9. Increasing focus on food safety and energy saving in Middle East
  10. Growing focus of governments to reduce food wastage in Africa
  11. Shift of manufacturing facilities towards India, China, and Brazil

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Despite the appreciable growth of this vertical, commercial refrigeration equipment industry has been facing a couple of restraints putting a dampener on its development. One of the major challenges faced by prominent contenders of this market is the rapidly slow deployment rate of technologically-advanced devices instead of conventional devices, that has been taking place on account of the requirement of huge capital investments. Driven by the escalating prices, F&B SMBs – local markets and grocery outlets for example, have been particularly reluctant to adopt these advanced devices, consequently posing a threat to the growth of this vertical.

It is however, prudent to mention that the development of zero emission technology by major players in order to mitigate the environmental issues will ensure that commercial refrigeration equipment market share continues to soar in the years ahead. Aided by the numerous research and development activities by prominent players and the increasing demand from the food and beverages sector.

 

 

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About Author

Rahul Varpe

Rahul Varpe    

Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products ...

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