May 22, 2018
WELLESLEY, Mass., May 22, 2018–Growth in the international food trade, rising time constraints, industry developments among restaurant chains and growth of global e-commerce will all help push expansion of the worldwide commercial refrigeration equipment market, according to a report by BCC Research.
The global market is expected to see a compound annual growth rate (CAGR) of 6.3% through 2022, when it could be worth $4.9 billion, according to the report Commercial Refrigeration Equipment: Global Markets and Technologies Through 2022.
Major players in the market include AHT Cooling Systems, Blue Star, Carrier, Daikin Industries, Electrolux, Fujimak, Hussmann, Illinois Tool Works, Ingersoll Rand, Johnson Controls International, Lennox International, Panasonic, Rockwell Industries, Standex International, Traulsen, Visible Energy and Whirlpool.
“Overall, the commercial refrigeration equipment market holds great opportunities for new entrants as well as existing players,” report author and BCC Research analyst Ritam Biswas said. “BCC Research has identified technological advances as the most important criteria for companies to survive in this market. Accordingly, the market is expected to see new technological evolutions as well as an increase in mergers and acquisitions in the coming years.”
Industry Challenges Include Volatile Fuel Costs, High Energy Consumption
Though growth through 2022 is generally seen to be positive, a number of factors may hinder expansion or limit industry progress. Chief among concerns are volatile fuel costs, which are a particular problem for the transport refrigeration segment, where any drastic movement can severely impact demand. In emerging regions, the high energy consumption use of many refrigeration units is limiting adoption among small retailers. To address this concern, manufacturers are moving toward the introduction of advanced and highly energy-efficient commercial refrigeration equipment.
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Commercial Refrigeration Equipment: Global Markets and Technologies Through 2022( ENG006A )
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