About Commercial Refrigeration
Refrigeration is used to preserve perishable food items and ensure food safety. The products offered in the global commercial refrigeration market find application in the commercial, industrial, and residential sectors. The market for commercial registration equipment is driven by regulatory standards on labeling, energy performance, refrigerants, and others. The global commercial refrigeration market offers various types of commercial refrigerators such as refrigerated storage cabinets or display cases, ice-making machinery, and walk-in coolers.
Technavio’s analysts forecast the global commercial refrigeration market to grow at a CAGR of 5.53% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global commercial refrigeration market for 2016-2020. To calculate the market size, the report considers the revenue generated from of the below-mentioned types of commercial refrigeration equipment used for different applications:
Technavio Announces the Publication of its Research Report – Global Commercial Refrigeration Market 2016-2020
Technavio recognizes the following companies as the key players in the global refrigeration market: Carrier, Daikin, Danfoss, and ITW
Other Prominent Vendors in the market are: Emerson Electric, Haier, Honeywell, Hussmann, Imbera Foodservice, Intertek, Johnson Controls, Master-Bilt, Middleby, Nor-Lake, Panasonic, Tecumseh, and Williams Refrigeration
Commenting on the report, an analyst from Technavio’s team said: “The penetration of e-commerce is increasing in emerging economies, which is expected to boost the sales and growth of commercial refrigerators in these regions. E-commerce is well suited for stocking and offering more product selections. The e-commerce sector has the highest growth potential in APAC and the Middle East and Africa. The emerging markets will be the key segments of the growing e-groceries sector. This will increase the demand for warehouses and cold storages. The growth of cold storages due to the development of e-commerce and e-groceries will boost the commercial refrigeration market in emerging markets. Retailers in India, are launching online groceries services, as half a billion Indians are smartphone users. The development of the online e-commerce is caused by the growing consumer preference for online shopping over supermarkets and the hypermarkets.”
According to the report, one-third of the total food production in the world is perishable, which decays over time in the absence of proper refrigeration. Every year, about 30% of the overall food production gets wasted in developing regions such as APAC and Africa. Africa has the highest rate of the food wastage with 45%-48% of the food wasted due to the absence of refrigerators every year. Increasing the penetration of refrigeration equipment in the region can help preserve perishable food items and reduce food wastage. The storage potential of a perishable food item decreases with the rise in temperature.
Further, the report states that the most common raw materials used in the manufacturing of commercial refrigeration equipment include aluminum, copper, and steel. These materials have volatile prices that affect manufacturers as well as the end-user segments. The expanding demand-supply gap in the last few years has led to the increase in the cost of the raw materials.
Carrier, Daikin, Danfoss, ITW, Emerson Electric, Haier, Honeywell, Hussmann, Imbera Foodservice, Intertek, Johnson Controls, Master-Bilt, Middleby, Nor-Lake, Panasonic, Tecumseh, Williams Refrigeration.