Dublin, Oct. 05, 2021 (GLOBE NEWSWIRE) -- The "Commercial Refrigeration Equipment Global Market Report 2021: COVID-19 Impact and Recovery to 2030" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the global commercial refrigeration equipment market as it emerges from the COVID-19 shut down.
The global commercial refrigeration equipment market is expected to grow from $59.21 billion in 2020 to $60.36 billion in 2021 at a compound annual growth rate (CAGR) of 1.9%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $76.63 billion in 2025 at a CAGR of 6.1%.
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Where is the largest and fastest growing market for the commercial refrigeration equipment ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The Commercial Refrigeration Equipment market global report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider commercial refrigeration equipment market, and compares it with other markets.
The market characteristics section of the report defines and explains the market.
The market size section gives the market size ($b) covering both the historic growth of the market, the impact of the COVID-19 virus and forecasting its recovery.
Market segmentations break down market into sub markets.
The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the impact and recovery trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
Competitive landscape gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
The commercial refrigeration equipment market section of the report gives context. It compares the commercial refrigeration equipment market with other segments of the commercial refrigeration equipment market by size and growth, historic and forecast.
Major players in the commercial refrigeration equipment market are Dover Corporation, Daikin Industries Ltd., Carrier Commercial Refrigeration Inc., Johnson Control Inc., and Haier Group Corp.
The commercial refrigeration equipment market consists of sales of commercial refrigeration equipment by entities (organizations, sole traders, and partnerships) that produce commercial refrigeration equipment such as refrigerators and freezers used in supermarkets, convenience stores, restaurants, and commercial kitchens.
Companies are concentrating on incorporating the latest technologies such as artificial intelligence, 5G, and machine learning into the commercial refrigeration equipment for decreasing electrical consumption, improved preventive maintenance, and better customer experience. For instance, in August 2020, Axiom Cloud and Turn tide Technologies collaborated to stimulate AI in Commercial refrigeration. Axiom will license divisions of its IoT infrastructure to Turn tide to support Turn tide's mission to reduce the 25% of global electricity consumption that is misused by legacy motors. Furthermore, in May 2019, the UTStarcom company launched the goBox together with China Mobile Group Zhejiang Company (Hangzhou), its first 5G-powered smart commercial refrigerator. The smart vending machine, goBox created a new way of shopping with an enhanced buying experience, driving greater consumption per transaction. The device is enabled by a powerful system platform supported by 5G, mobile cloud, and artificial intelligence.
The commercial refrigeration equipment market covered in this report is segmented by product type into refrigerator & freezer; refrigerated display cases; beverage refrigeration; ice cream merchandiser; refrigerated vending machine, by application into hotels & restaurants; supermarkets & hypermarkets; convenience stores; bakery.
In February 2019, Daikin Industries, Ltd, a Japan-based manufacturer of air conditioning units HVAC-R systems, filtration systems, and chemicals, through its subsidiary Daikin Europe N.V has acquired AHT Cooling Systems GmbH for approximately $656 million (€579 million). This acquisition enabled Daikin Industries, Ltd to be a one-stop provider offering complete coordination of air conditioning and refrigeration products as it has added AHT Cooling Systems GmbH products and services relating to air conditioning and commercial equipment. It also strengthens the expansion of Daikin Industries, Ltd in Europe, and natural refrigerant portfolio as AHT Cooling Systems GmbH focuses on natural refrigerant like propane-based equipment. AHT Cooling Systems GmbH is an Austria-based provider of refrigerator and freezer systems for retail and industry.
The increasing demand for frozen & chilled products from consumers is anticipated to drive the commercial refrigeration market. Preference for frozen & chilled products have increased due to changing lifestyle, accelerated urbanization, and benefits offered by frozen products such as longer shelf life, convenience, reduced food preparation & clean up time. As per the study of the American Frozen Food Institute (AFFI) released in May 2020, there is a significant growth in the purchase of frozen products among consumers with 70% of consumers buying more frozen food than usual during the COVID-19 situation. Frozen food sales increased to 80% in the week of March 15 and 94% in the week of March 22 when compared to the same weeks in 2019. Frozen and chilled products are stored in commercial refrigerators in supermarkets, hypermarkets, and refrigerated trucks from where they are bought and transported. This is likely to generate a higher requirement for commercial refrigeration equipment for storing, which propels the growth of the market.
High equipment and installation cost of equipment is expected to hinder the commercial refrigeration equipment market's growth. For instance, the total cost of the walk-in cooler including installation range from $3,000 to $9,000. In addition to this, the average cost of commercial refrigeration equipment repair falls between $100 and $325. This high cost of the equipment, installation, and maintenance are extremely unaffordable to smaller retailers who rent these services or opt for non-commercial variants, which hinders the growth of the commercial refrigeration equipment market.
Key Topics Covered:
1. Executive Summary
2. Commercial Refrigeration Equipment Market Characteristics
3. Commercial Refrigeration Equipment Market Trends and Strategies
4. Impact of COVID-19 on Commercial Refrigeration Equipment
5. Commercial Refrigeration Equipment Market Size and Growth
5.1. Global Commercial Refrigeration Equipment Historic Market, 2015-2020, $ Billion
5.1.1. Drivers of the Market
5.1.2. Restraints on the Market
5.2. Global Commercial Refrigeration Equipment Forecast Market, 2020-2025F, 2030F, $ Billion
5.2.1. Drivers of the Market
5.2.2. Restraints on the Market
6. Commercial Refrigeration Equipment Market Segmentation
6.1. Global Commercial Refrigeration Equipment Market, Segmentation by Product Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
6.2. Global Commercial Refrigeration Equipment Market, Segmentation by Application, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
6.3. Global Commercial Refrigeration Equipment Market, Segmentation by Refrigerant Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7. Commercial Refrigeration Equipment Market Regional and Country Analysis
7.1. Global Commercial Refrigeration Equipment Market, Split by Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7.2. Global Commercial Refrigeration Equipment Market, Split by Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
8. Asia-Pacific Commercial Refrigeration Equipment Market
9. China Commercial Refrigeration Equipment Market
10. India Commercial Refrigeration Equipment Market
11. Japan Commercial Refrigeration Equipment Market
12. Australia Commercial Refrigeration Equipment Market
13. Indonesia Commercial Refrigeration Equipment Market
14. South Korea Commercial Refrigeration Equipment Market
15. Western Europe Commercial Refrigeration Equipment Market
16. UK Commercial Refrigeration Equipment Market
17. Germany Commercial Refrigeration Equipment Market
18. France Commercial Refrigeration Equipment Market
19. Eastern Europe Commercial Refrigeration Equipment Market
20. Russia Commercial Refrigeration Equipment Market
21. North America Commercial Refrigeration Equipment Market
22. USA Commercial Refrigeration Equipment Market
23. South America Commercial Refrigeration Equipment Market
24. Brazil Commercial Refrigeration Equipment Market
25. Middle East Commercial Refrigeration Equipment Market
26. Africa Commercial Refrigeration Equipment Market
27. Commercial Refrigeration Equipment Market Competitive Landscape and Company Profiles
27.1. Commercial Refrigeration Equipment Market Competitive Landscape
27.2. Commercial Refrigeration Equipment Market Company Profiles
27.2.1. Dover Corporation
126.96.36.199. Products and Services
188.8.131.52. Financial Performance
27.2.2. Daikin Industries Ltd.
184.108.40.206. Products and Services
220.127.116.11. Financial Performance
27.2.3. Carrier Commercial Refrigeration Inc.
18.104.22.168. Products and Services
22.214.171.124. Financial Performance
27.2.4. Johnson Control Inc.
126.96.36.199. Products and Services
188.8.131.52. Financial Performance
27.2.5. Haier Group Corp
184.108.40.206. Products and Services
220.127.116.11. Financial Performance
29. Key Mergers and Acquisitions in the Commercial Refrigeration Equipment Market
29. Commercial Refrigeration Equipment Market Future Outlook and Potential Analysis
For more information about this report visit https://www.researchandmarkets.com/r/b6lm1d
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