The increasing environmental concerns regarding harmful emissions which has produced by refrigerators such as chlorofluorocarbons (CFC) and hydro-chlorofluorocarbons (HCFC) have led to the establishment of standards. These rules are promoting the adoption of energy-efficient equipment for commercial refrigeration in retail application. According to the Clean Air Act which has launched by the U.S. Environment Protection Agency, mandates the normalized application of low Global Warming Potential refrigerants in the commercial sector. Such regulatory measures influence commercial refrigerator manufacturers to improve energy-efficient refrigerants to decrease the impact of greenhouse emissions. This will help the market to grow during the forecast period.
According to Data Bridge Market Research the Commercial Refrigeration Equipment in Retail Application accounted for USD 6,505.00 million in 2021, and expected to reach USD 9,983.14 million by 2029. The market is expected to grow with a CAGR of 5.50% in the forecast period of 2022 to 2029.
“Growing demand for frozen and chilled products is expected to drive the market growth”
The growing demand for frozen and chilled products among consumers is expected to propel the growth of the market. Preference for frozen and chilled products have augmented due to accelerated urbanization, changing lifestyle and benefits offered by frozen products such as convenience, reduced food preparation, longer shelf life and clean-up time. According to the data of the American Frozen Food Institute (AFFI) which has released in 2020, there is a substantial growth in the buying of frozen products among consumers with 70 percent more than usual during the COVID-19 situation. Frozen food sales augmented to 80 percent in the week of March 15 and 94 percent in the week of March 22 as compared to the same weeks in 2019. Chilled and frozen products are stored in commercial refrigerators in hypermarkets, supermarkets and refrigerated trucks from where they are transported and bought. This is expected to create a higher requirement for commercial refrigeration equipment in retail application for storing, which drives the growth of the market.
What restraints the growth of commercial refrigeration equipment in retail application market?
“High costs associated with commercial refrigeration equipment in retail application”
The growth of the commercial refrigeration equipment in retail application market is anticipated to be hindered by the high maintenance costs of the machines or product. As these equipment’s are constructed to serve on the commercial basis, the equipment are built to cover a sizes and large space. The cost of maintenance and purchasing of the huge equipment becomes the detaining factor for the market growth.
Segmentation: Commercial Refrigeration Equipment in Retail Application Market
The commercial refrigeration equipment in retail application market is segmented on the basis of type, refrigerant type, application and end-user.
- On the basis of type, the commercial refrigeration equipment in retail application market is segmented into blast chiller, refrigerators and freezers, transportation refrigeration, refrigerated display case, beverage refrigeration, ice cream merchandiser, and refrigerated vending machine.
- Based on refrigerant type, the commercial refrigeration equipment in retail application market is segmented into fluorocarbons, hydrocarbons, inorganic.
- On the basis of application, the commercial refrigeration equipment in retail application market is segmented into food service, food and beverage distribution, food and beverage retail, other.
- On the basis of end-user, the commercial refrigeration equipment in retail application market is segmented into food processing industry, food service industry, full service restaurant and hotels, quick service restaurants, catering services.
Regional Insights: North America is expected to dominate the commercial refrigeration equipment in retail application market
North America dominates the market and is expected to grow significantly owing to the presence of large number of manufacturer and exporter of this product in this region. Furthermore, high adoption rates of eco-friendly and energy-efficiency refrigerant regulation in Canada, and increased purchasing power of consumers are some of the major factors which are expected to boost the market growth in this region.
- In addition, the Asia-Pacific region is likely to register highest growth rate during the forecast period of 2022 to 2029 because of growing adoption in local retail chains in China, India and Japan in this region. Moreover, increasing need for processed and frozen foods in urban areas will further increase the growth of the market in this region.
Recent Development: Commercial Refrigeration Equipment in Retail Application Market
- In 2020, Turn tide Technologies and Axiom Cloud collaborated to encourage AI technology in Commercial refrigeration. Axiom will license of its IoT infrastructure to support Turn tide's mission to decrease the 25 percent of electricity consumption globally that is misused by legacy motors.
- In 2021, Ronin Equity Partners which is a US-based private equity firm has acquired with QBD US-based manufacturer of commercial refrigeration equipment. For an undisclosed amount. This acquisition extends the application of QBD's green cooling deck concept and spreads our reach into new end user industries.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-commercial-refrigeration-equipment-in-retail-application-market
The Prominent Key Players Operating in the Commercial Refrigeration Equipment in Retail Application Market Include:
- Emerson Electric Co. (U.S.)
- Carrier. (U.S.)
- Bharat Refrigerations. (India)
- Danfoss (Denmark)
- GEA Group Aktiengesellschaft (Germany)
- Heatcraft Worldwide Refrigeration (U.S.)
- Daikin Industries LTD, (Japan)
- Western Refrigeration Private Limited. (India)
- BITZER SE (Germany)
- Johnson Controls. (Ireland)
- Advansor A/S (Denmark)
- MAYEKAWA MFG. CO., LTD. (Japan)
- Baltimore Aircoil Company (U.S.)
- Hillphoenix (U.S.)
- Carnot Refrigeration. (U.S.)
- Rockwell Industries Limited (U.S.)
- Beijer Ref AB (Sweden)
- Green & Cool, A Carrier Company. (Sweden)
- Hussmann Corporation. (U.S.)
- Henry Group Industries (China)
Above are the key players covered in the report, to know about more and exhaustive list commercial refrigeration equipment in retail application market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Commercial Refrigeration Equipment in Retail Application Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
