As demand for fresh and perishable food products is expected to increase, manufacturers in the food and beverage industry witness increasing demand for refrigeration system. Preservation of food products from spoilage is expected to rev up adoption of commercial refrigeration system globally. According to a recently compiled report by Future Market Insights, the global commercial refrigeration system is expected to witness a robust growth over the forecast period, 2014-2020.
Market Dynamics: Surge in demand for preservation of food and beverage products in the residential and commercial industry has led to an upsurge in demand for commercial refrigeration systems globally. The commercial refrigeration systems are likely to witness significant demand in the super markets, specialty food stores, grocery stores, and convenience stores. In addition to the food distribution services, the commercial refrigeration system witness significant demand in the food service industry including cafeteria, and restaurants. Increasing demand for storing beverage and food products in at low temperature to maintain its shelf life has further led to an upsurge in demand for commercial refrigeration system. Recent trends suggest that various end users are customers prefer customization of the refrigeration system. Expansion of tier I and tier II cities in several developing regions is likely to contribute towards growth of the global commercial refrigeration system market significantly. The report reveals that the international food trade among in various regions has led to change in the consumption pattern of food among consumers. These factors are likely to fuel demand for the transportation refrigeration system.
Segmentation Analysis: The global market of commercial refrigeration system is segmented in terms of various types of refrigerants that are hydro fluorocarbon (HFC), inorganic refrigerants that include carbon dioxide and ammonia, arehydro chlorofluorocarbon (HCFC), and hydrocarbon (HC). The report reveals that the refrigerants market is expected to register 5% to 7% CAGR in the global market through 2020.
By product type, the global market of commercial refrigeration system has been segmented as transportation refrigeration, freezers & refrigerators and beverage refrigeration. The transportation refrigeration segment is further segmented as shipping containers refrigeration system, trailer refrigeration system, and truck refrigeration system.
Regional Analysis: North America among other regions is expected to represent a dominant market in terms of revenue, followed by Europe and APAC. Changing preferences of the consumer regarding the dining food, and growth of the food and services industry is expected to fuel growth of the commercial refrigeration system market in North America. The commercial refrigeration system market in Europe is expected to witness robust growth globally attributed to growing expansion of the retail chain, and surge in demand for frozen food products.
Market Players : Leading market players operating in the global commercial refrigeration market are Dover Corporation, Hussmann, Daikin, Ingersoll Rand PLC, Traulsen, AHT Cooling System GmbH, Johnson Controls Inc, Panasonic Corporation, and Berkshire Hathaway Inc. Major market players are increasingly focusing on strategies such as mergers and acquisitions, joint ventures in order to expand and establish a robust presence in the market. Moreover, through these strategies, the market players are increasingly focusing on enhancing the distribution network.
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