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MARKET INSIGHTS


Commercial refrigeration market set to surge


The global market for commercial refrigeration equipment is anticipated to be worth US$ 51.8 Bn by the end of 2022, according to a recent report by Future Market Insights (FMI).


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y the end of 2022, the market for commercial refrigeration equipment is anticipated to be worth US$ 51.8 Bn,


with sales increasing 3.9% year over year. By 2028, it is anticipated that the global market for commercial refrigeration equipment will be worth US$68.3 billion, growing at a compound annual growth rate (CAGR) of 4%. (2022-2028). As indicated by a recent research study


from FMI, the market for commercial refrigeration equipment will progress at a moderate CAGR over 2022 – 2029. Sustainable and electricity-efficient refrigeration structures are set to emerge as a norm throughout the end-use industries, which ought to compel manufacturers to boom their investments in R&D and product innovations. Leveraging power-green technologies to


offer low global warming capacity (GWP) merchandise with wealthy functionalities will be the price tag to capturing vast marketplace proportion ultimately. Witnessing an uptick of 3.4% over 2021, the worldwide sales of commercial refrigeration equipment will exceed revenues worth US$51Bn by 2022 end. The demand would be prominently driven by greater production of F&B goods and a preferential shift of consumers towards quick service restaurants (QSRs), at a global level. The demand for NH3/CO2


cascade systems


is also slated to go up gradually due to the advantages they offer for food processing and low-temperature distribution facilities. These benefits include low operating costs (as they use less energy per ton of


refrigeration compared to other systems), lower capital and compliance costs, optimal food quality, and increased throughput. Commercial refrigeration equipment market key takeaways: Q Growing demand for ready-to-eat products and expanding retail outlets are driving the sales of commercial refrigeration equip- ment.


Q North America and Europe would collec- tively account for over half of the market value share by 2029 end.


Q The food services sector will remain prominent application area to invest in, for commercial refrigeration equipment market players.


Q The enforcement of new refrigerant regu- lations such as the EPA 680 Upgrade, and the Kigali Amendment for the phase-down of HFC refrigerants will largely impact the market growth.


Q The higher average unit cost of freezers & refrigerators allude lower volume sales vis- à-vis value gains, with just about 2.6 million unit sales in 2021.


Q Glass door merchandizers that account for around a third of total volume sales contin- ue to see relatively low revenue generation as compared to freezers & refrigerators.


Q Sales of beverage dispensers and display cases across end-use industries will show a moderate increase year-over-year in 2022, which will collectively represent nearly 16% of total commercial refrigeration equip- ment sales in that year.


Manufacturers who are keeping the innovation quotient high and providing turn-key solutions to meet regulatory requirements, with safety to end users at the core, will be rewarded in the long run.


Chinese players striving to win home market 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.


Competition Trends


In 2021, the top stakeholders including Carrier Corporation, Daikin Industries, Danfoss A/S, and Hussman Corporation collectively accounted for 20-25% revenue share. The emergence of a large number of small players in developing countries has resulted into price competition, with leading market players losing their profit margins. Market fragmentation will continue through 2029, driven by regional regulatory norms and enhanced capabilities of the local players.


18 October 2022 • www.acr-news.com


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