The latest round of reports into the commercial refrigeration market has been published, with several research firms weighing in with their predictions as to how the sector will progress over the next few years.
For instance, Zion Market Research analysts forecast that the segment will reach US$61.44bn (£48.78bn) by 2021. This takes into account major market players including AB Electrolux, Dover Corporation and ITW.
Elsewhere, Prescient & Strategic Intelligence (P&S Intelligence) projected that the market will only top US$59bn (£47bn) by 2023. It cites development of organised retail and increasing demand for ready-to-eat food and beverages as the major factors driving market growth.
P&S also surmised that the consumption of ready-to-eat products, beverages, and frozen food has increased considerably worldwide in the recent years, which is further boosting the demand for commercial refrigeration equipment. Rising disposable income, along with the increasing impact of western lifestyle has fuelled the acceptance of such products among the large middle-class consumers of developing countries.
In terms of value, APAC dominated the global commercial refrigeration equipment market during the period P&S analysed, and is expected to witness the fastest CAGR of 9.3%, during the forecast timescale. This can be attributed to the ongoing industrialisation efforts in developing countries such as China and India. Moreover, growing population and lucrative opportunities for foreign investments in the market in APAC are apparently playing pivotal role in the growth of the market, especially in the beverage refrigeration equipment segment.
P&S identified key players operating in the commercial refrigeration equipment market as United Technologies, Hussmann, AB Electrolux, Frigoglass, Dover Corporation, Daikin Industries, AHT Cooling Systems GmbH, Ali Group, ITW and Johnson Control International.
Finally, ResearchAndMarkets.com has just published the “Commercial Refrigeration Equipment – Global Market Outlook (2017-2026)” report.
According to this, the global commercial refrigeration equipment market accounted for US$40.12bn (£31.85bn) in 2017 and is expected to reach US$98.86bn (£78.5bn) by 2026, growing at a CAGR of 10.5% during the forecast period.
This research analyst believes that factors such as growing usage of advanced technologies such as magnetic refrigeration and growing demand for packaged food and beverages are fuelling the market growth. However, it cautioned that high installation costs associated with commercial refrigerators are hampering the market. In addition, rapid growth in the organised retail sector, such as increase in number of hypermarkets and supermarkets, provides opportunities for the players in the market.
Amongst applications, the foodservice sector is expected to grow its market share significantly during the forecast period, according to ResearchAndMarkets.com. A rising number of food chains and growing utilisation of fast food will boost the demand for this equipment in the foodservice industry.
By geography, the report detailed that Asia Pacific is anticipated to witness significant progress, growing at a high CAGR. Factors influencing regional growth include continuous evolving technology, increasing international food trade, changing food consumption trends and a rise in horticulture and seafood.
But for catering equipment dealers involved in providing refrigeration equipment, whichever prediction is taken as gospel will still mean they can potentially gain a slice of the (cold) growing pie.