Innovations to Gather Momentum in Commercial Refrigeration Equipment Market as End Users Lean on Greater Efficiency and Greener Technologies: FMI

VALLEY COTTAGE, N.Y. – The worldwide commercial refrigeration equipment market will grow 3.4% in 2019 to total US$ 46 billion, up from US$ 44.8 billion in 2018, according to Future Market Insights (FMI).

FMI analysts expect commercial refrigeration equipment sales to remain strong going forward, driven by greater production of F&B goods and preferential shifts towards quick service restaurants (QSRs) that align with today’s ‘on-the-go’ culture. Analysts also expect sustainable and energy-efficient refrigeration systems to become a norm across the end-use industries, which should compel manufacturers to increase their investments in R&D and product innovations.

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“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,” said the FMI analyst. “Manufacturers who are keeping the innovation quotient high and providing turn-key solutions to meet regulatory requirements, with safety to end users at their core, will be rewarded in the long run. Leveraging energy-efficient technologies to offer low global warming potential (GWP) products with rich functionalities will be the ticket to capturing significant market share as well.”

Sales of Beverage Dispensers and Display Cases to Ramp up in 2019

Higher average unit cost of freezers & refrigerators allude lower volume sales vis-à-vis value gains, with just 2.6 million unit sales in 2018. On the one hand, glass door merchandizers, which account for 33% share of total sales, continue to represent relatively low revenue as compared to freezers & refrigerators.

Preview Of 2019 Analysis and Review of Commercial Refrigeration Equipment Market by Product – Beverage Refrigerator, Freezers & Refrigerators, Transportation Refrigerators, Glass Door Merchandizers, Display Cases, Beverage Dispensers, Refrigerated Vending Machines, Ice Machines, and Ice Cream Machines for 2019 – 2029:https://www.futuremarketinsights.com/reports/us-commercial-refrigeration-equipment-market

FMI forecasts that sales of beverage dispensers and display cases across end-use industries will show a 4% increase year-over-year in 2019, which will collectively represent ~16% of total commercial refrigeration equipment sales in that year.

Market Gains Driven by Foodservice and F&B Retail Expansion

As the dine out culture gains prominence worldwide, in the view of greater urbanization, increased spending level, and changing consumer behavior commercial refrigeration equipment sales are set to remain high across foodservice industry. The FMI study finds that sales will also ramp up in F&B retail chains, representing ~29% share in 2018.

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However, as supermarkets and hypermarkets emerge as energy-intensive businesses, market players could possibly face tough times to meet the new regulatory requirements. A focus on energy-efficient technologies with minimal environmental impact will thus remain an important add-on to the stakeholders’ marketing strategies.

North America, Europe, and China to Record the Largest Sales in 2019

North America (28%), Europe (24%), and China (13.5%) are set to exhibit the largest sales of commercial refrigeration equipment in 2019. In developed markets, rapid acceptance of alternative refrigerants to benefit from regulatory standards along with expansion of F&B processing industries continue to contribute to the development of the commercial refrigeration equipment market.

The growth of Asia Pacific’s commercial refrigeration equipment market was influenced by a shift of Asian eating habits towards western-style convenience food. With the ability to manufacture their own compressors, Chinese companies are gaining competitive edge to reign supreme in their home market with indigenous brands.

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In 2018, the top four stakeholders including Carrier Corporation, Daikin Industries, Ltd., Danfoss A/S, and Hussman Corporation collectively accounted for 20-25% revenue share. The emergence of large number of small players in developing countries has resulted into price competition, with large and dominant market players losing their profit margins. Market fragmentation will continue through 2029, driven by regional regulatory norms and enhanced capabilities of the local players.

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