Increasing demand for packaged food and beverages coupled with growing hospitality sector is expected to drive the commercial refrigeration equipment market growth over the next six years. The food consumption preferences are increasingly shifting toward healthy diets, increasing the demand for frozen foods. According to the Academy of Nutrition & Dietetics, frozen fruits and vegetables lock up more nutrients than the fresh ones that are consumed after a few hours of picking. This trend has resulted in the accelerated growth of commercial refrigeration equipment market growth.
The market is also being influenced positively due to the acceptance of natural refrigerants, a rapidly expanding processed food industry and efforts towards attaining energy efficiency in advanced countries. Another important factor driving the growth of this market is the huge demand for the cold storage of various food and beverage products. In the pharmaceutical industry, R&D initiatives pertaining to the manufacturing of new drugs require industrial refrigeration equipment for storing samples. However, rising costs of fuel is expected to restrict revenue growth of the market. Manufacturers of industrial refrigeration equipment are concentrating on designing environment friendly products that have a greater chilling efficiency.
Industrial refrigeration system market is expected to reach USD 24.58 billion by 2024, at a CAGR of 4.79%, from its estimated market size of USD 18.59 billion in 2018. The growth is driven by the ongoing shift toward natural refrigerant-based and energy-efficient refrigeration systems due to strict regulations, and the strengthening of cold chain infrastructure in developing countries, especially across APAC.
North America held the largest share of the industrial refrigeration system market in 2017, followed by Europe and APAC. The US held the largest share of the North American industrial refrigeration system market owing to strong demand from refrigerated warehouse, and food and beverage processing industries. North America has the presence of key market players that export their refrigeration systems to domestic and international end-user markets.
Some of the key players operating in the commercial refrigeration equipment market are United Technologies Corporation, Hussmann Corporation, AB Electrolux, Frigoglass S.A.I.C., Dover Corporation, Daikin Industries Ltd., AHT Cooling Systems GmbH, Ali Group S.p.A., Illinois Tool Works Inc., and Johnson Control International PLC.