Study #: 3831 | Published: 04/2020 | Pages: 198 | Individual User License: US$ 5,300

The outbreak of COVID-19 in the US is expected to have a mixed effect on commercial refrigeration equipment in 2020, with the overall impact expected to be a slight decline compared to 2019.

Key Findings in the Commercial Refrigeration Equipment Study:

Demand for commercial refrigeration equipment in the US is expected to increase 2.7% per year through 2024 to $11.7 billion, supported by continued upgrades and replacement of aging systems, as the large existing stock of equipment results in most sales being replacement oriented.

The continued introduction of high-end equipment that improves product performance and efficiency or that includes technological features that appeal to shoppers (such as interactive displays) will also contribute to value growth.

Shifting Consumer Shopping Trends Providing Opportunities for Refrigeration

Consumer shopping patterns are trending toward e-commerce and in-store or curbside pickup, which remain a key investment area for equipment suppliers serving the foodservice, food and beverage retail, and food and beverage distribution markets:

  • In foodservice, the growing number of establishments collaborating with food delivery apps enables these establishments to maintain or expand revenue opportunities, especially as the number of consumers dining in restaurants declines.
  • In retail settings, operators are adding display cases or reach-ins at the front of the store to display products to consumers awaiting pick up. New retail establishments are also being designed to include additional refrigeration equipment needed to keep in-store and curbside pickup orders fresh while they await fulfillment.
  • In the distribution market, suppliers are investing in expanding the infrastructure needed for e-commerce purchases and fresh food delivery because of the substantial untapped potential. There are still logistical and consumer perception concerns that need to be addressed before delivery of perishable food items is common, but, over the long term, demand for refrigerated equipment is likely to shift from retail to distribution as more food purchases are made via e-commerce rather than in physical stores.

Ban on R-22 to Have Small – But Not Significant – Impact on Equipment Sales Through 2024

Beginning in January 2020, there is a total ban in the US on the production or import of virgin R-22. However, there is still a significant stock of virgin and reclaimed R-22 in the US that can be used to service existing equipment. As a result, prices for the refrigerant are not expected to increase significantly in the short term, allowing many owners of R-22 based equipment to postpone replacing their systems for now.


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Table of Contents

1. Executive Summary

2. Factors Affecting Demand

Study Scope

Impact of the COVID-19 Pandemic

Food E-Commerce Outlook

Regulatory & Environmental Issues

Refrigerant Regulations & Their Impact

Energy Efficiency Regulations

Technology Trends

Smart Technology

Energy Efficiency

3. Supply & Demand

Key Findings

Historical Demand

Foreign Trade

Trade Balance

Imports

Exports

Production Outlook

New & Aftermarket Demand

Demand by Product

Price Trends

4. Transportation Refrigeration Systems

Scope

Supply & Demand

Historical Market Trends

Demand by Type & Market

Shipping Container Systems

Trailer Refrigeration Systems

Truck Refrigeration Systems

Manufacturers

5. Refrigerators & Freezers

Scope

Supply & Demand

Historical Market Trends

Demand by Type

Reach-In Refrigerators & Freezers

Walk-In Refrigerators & Freezers

Manufacturers

6. Beverage Refrigeration Equipment

Scope

Supply & Demand

Historical Market Trends

Demand by Type

Drinking Fountains

Soda Fountain Equipment

Beverage Cooling & Dispensing Equipment

Beer Dispensing Equipment

Manufacturers

7. Display Cases

Scope

Supply & Demand

Historical Market Trends

Demand by Type

Normal Temperature Display Cases

Low Temperature Display Cases

Manufacturers

8. Other Equipment & Parts

Other Commercial Refrigeration Equipment

Supply & Demand

Demand by Type

Ice Machines

Liquid Chillers

Cryogenic Equipment

Refrigerated Vending Machines

All Other Commercial Refrigeration Equipment

Parts for Commercial Refrigeration Equipment

9. Markets

Key Findings

Commercial Refrigeration Equipment Demand by Market

Food & Beverage Distribution

Scope

Food & Beverage Distribution Outlook

Commercial Refrigeration Equipment Demand by Segment

Food & Beverage Retailers

Scope

Food & Beverage Retailer Sales Outlook

E-Commerce & Direct to Consumer Food Retail

Commercial Refrigeration Equipment Demand by Product

Foodservice

Scope

Foodservice Revenue Outlook

Commercial Refrigeration Equipment Demand by Product

Food & Beverage Production

Scope

Food & Beverage Production Outlook

Commercial Refrigeration Equipment Demand by Product

Other Markets

Scope

Demand by Product

10. Industry Structure

Key Findings & Industry Composition

Market Share

Marketing & Distribution

Mergers & Acquisitions

List of Industry Participants

11. Appendix

Scope

Definitions

Abbreviations

Freedonia Methodology

Study-Specific Methodology

Sources

Associations & Agencies

Related Studies

Macroeconomic Assumptions

Economic Environment

Demographic Trends

Commercial Building Construction

Commercial Building Improvements & Repairs

Retail Sales Outlook


List of Tables

3. Supply & Demand

Table 3-1 | Commercial Refrigeration Equipment Supply & Demand, 2009 - 2029 (million dollars)

Table 3-2 | Commercial Refrigeration Equipment Shipments by Product, 2009 - 2029 (million dollars)

Table 3-3 | New & Aftermarket Demand for Commercial Refrigeration Equipment, 2009 - 2029 (million dollars)

Table 3-4 | Commercial Refrigeration Equipment Demand by Product, 2009 - 2029 (million dollars)

Table 3-5 | Select Commercial Refrigeration Equipment Prices, 2009 - 2029 (dollars per unit)

4. Transportation Refrigeration Systems

Table 4-1 | Transportation Refrigeration System Supply & Demand, 2009 - 2029 (million dollars)

Table 4-2 | Transportation Refrigeration System Demand by Type & Market, 2009 - 2029 (million dollars & thousand units)

Table 4-3 | Shipping Container Refrigeration System Demand, 2009 - 2029 (million dollars & thousand units)

Table 4-4 | Trailer Refrigeration System Demand, 2009 - 2029 (million dollars & thousand units)

Table 4-5 | Truck Refrigeration System Demand, 2009 - 2029 (million dollars & thousand units)

5. Refrigerators & Freezers

Table 5-1 | Commercial Refrigerator & Freezer Supply & Demand, 2009 - 2029 (million dollars)

Table 5-2 | Commercial Refrigerator & Freezer Demand by Type, 2009 - 2029 (million dollars)

Table 5-3 | Reach-In Commercial Refrigerator & Freezer Supply & Demand by Type & Market, 2009 - 2029 (million dollars & thousand units)

Table 5-4 | Walk-In Commercial Refrigerator & Freezer Supply & Demand by Market, 2009 - 2029 (million dollars)

6. Beverage Refrigeration Equipment

Table 6-1 | Beverage Refrigeration Equipment Supply & Demand, 2009 - 2029 (million dollars)

Table 6-2 | Beverage Refrigeration Equipment Demand by Type & Market, 2009 - 2029 (million dollars)

Table 6-3 | Drinking Fountain Supply & Demand, 2009 - 2029 (million dollars & thousand units)

Table 6-4 | Soda Fountain Supply & Demand, 2009 - 2029 (million dollars & thousand units)

Table 6-5 | Beverage Cooling & Dispensing Equipment Supply & Demand, 2009 - 2029 (million dollars & thousand units)

Table 6-6 | Beer Dispensing Equipment Supply & Demand, 2009 - 2029 (million dollars)

Table 6-7 | Major Manufacturers of Beverage Refrigeration Equipment

7. Display Cases

Table 7-1 | Display Case Supply & Demand by Type, 2009 - 2029 (million dollars)

Table 7-2 | Display Case Demand by Type & Market, 2009 - 2029 (million dollars)

Table 7-3 | Normal Temperature Display Case Supply & Demand by Type, 2009 - 2029 (million dollars & thousand units)

Table 7-4 | Low Temperature Display Case Supply & Demand by Type, 2009 - 2029 (million dollars & thousand units)

8. Other Equipment & Parts

Table 8-1 | Other Commercial Refrigeration Equipment Supply & Demand, 2009 - 2029 (million dollars)

Table 8-2 | Other Commercial Refrigeration Equipment Demand by Product, 2009 - 2029 (million dollars)

Table 8-3 | Ice Machine Supply & Demand by Market, 2009 - 2029 (million dollars & thousand units)

Table 8-4 | Liquid Chiller Supply & Demand by Type & Market, 2009 - 2029 (million dollars)

Table 8-5 | Cryogenic Equipment Supply & Demand, 2009 - 2029 (million dollars)

Table 8-6 | Refrigerated Vending Machine Supply & Demand by Type & Market, 2009 - 2029 (million dollars & thousand units)

Table 8-7 | All Other Commercial Refrigeration Equipment Supply & Demand, 2009 - 2029 (million dollars)

Table 8-8 | Commercial Refrigeration Equipment Parts Supply & Demand by Market, 2009 - 2029 (million dollars)

9. Markets

Table 9-1 | Commercial Refrigeration Equipment Demand by Market, 2009 - 2029 (million dollars)

Table 9-2 | Food & Beverage Distribution Commercial Refrigeration Demand by Segment, 2009 - 2029 (million dollars)

Table 9-3 | Food & Beverage Retail Indicators, 2009 - 2029

Table 9-4 | Food & Beverage Retail Commercial Refrigeration Equipment Demand by Product, 2009 - 2029 (million dollars)

Table 9-5 | Foodservice Indicators, 2009 - 2029 (billion dollars & thousand units)

Table 9-6 | Foodservice Commercial Refrigeration Equipment Demand by Sector & Product, 2009 - 2029 (million dollars)

Table 9-7 | US Food & Beverage Shipments, 2009 - 2029 (billion dollars)

Table 9-8 | US Fresh Produce Production, 2009 - 2029 (billion dollars & billion pounds)

Table 9-9 | Food & Beverage Production Commercial Refrigeration Equipment Demand by Product, 2009 - 2029 (million dollars)

Table 9-10 | Other Commercial Refrigeration Equipment Markets: Demand by Product, 2009 - 2029 (million dollars)

10. Industry Structure

Table 10-1 | US Commercial Refrigeration Equipment Sales by Company, 2019 (million dollars)

Table 10-2 | Selected Mergers & Acquisitions

11. Appendix

Table 11-1 | Relevant Industry Codes

Table 11-2 | Relevant HS Codes

Table 11-3 | Abbreviations & Acronyms Used in Study

Table 11-4 | Refrigerants Mentioned in Study

Table 11-5 | Macroeconomic Indicators, 2009 - 2029 (billion 2012 dollars)

Table 11-6 | Population & Households, 2009 - 2029 (million persons)

Table 11-7 | Commercial Building Construction Expenditures, 2009 - 2029 (billion dollars & billion 2012 dollars)

Table 11-8 | Commercial Building Improvement & Repair Expenditures, 2009 - 2029 (billion dollars & billion 2012 dollars)

Table 11-9 | Retail Sales, 2009 - 2029 (billion dollars)


List of Figures

1. Executive Summary

Figure 1-1 | Key Trends in the US Commercial Refrigeration Equipment Market

2. Factors Affecting Demand

Figure 2-1 | Commercial Refrigeration Equipment: Potential Impact of COVID-19 on Demand, 2008 - 2024 (million dollars)

3. Supply & Demand

Figure 3-1 | Commercial Refrigeration Equipment Product Trends

Figure 3-2 | Commercial Refrigeration Equipment Demand, 2002 - 2019 (million dollars)

Figure 3-3 | US Trade in Commercial Refrigeration Equipment, 2002 - 2019 (million dollars)

Figure 3-4 | Commercial Refrigeration Equipment Imports by Source, 2002 - 2019 (million dollars)

Figure 3-5 | Commercial Refrigeration Equipment Exports by Destination, 2002 - 2019 (million dollars)

Figure 3-6 | Commercial Refrigeration Equipment Shipments, 2002 - 2024 (million dollars)

Figure 3-7 | Commercial Refrigeration Equipment Demand by Product, 2009 - 2029 (million dollars)

4. Transportation Refrigeration Systems

Figure 4-1 | Types of Transportation Refrigeration Systems

Figure 4-2 | US Trade in Transportation Refrigeration Systems, 2002 - 2019 (million dollars)

Figure 4-3 | Transportation Refrigeration System Demand, 2002 - 2019 (million dollars)

Figure 4-4 | Transportation Refrigeration System Demand by Type, 2009 - 2029 (million dollars)

5. Refrigerators & Freezers

Figure 5-1 | Types of Commercial Refrigerators & Freezers

Figure 5-2 | US Trade in Commercial Refrigerators & Freezers, 2002 - 2019 (million dollars)

Figure 5-3 | Commercial Refrigerator & Freezer Demand, 2002 - 2019 (million dollars)

Figure 5-4 | Commercial Refrigerator & Freezer Demand by Type, 2009 - 2029 (million dollars)

6. Beverage Refrigeration Equipment

Figure 6-1 | Types of Beverage Refrigeration Equipment

Figure 6-2 | US Trade in Beverage Refrigeration Equipment, 2002 - 2019 (million dollars)

Figure 6-3 | Beverage Refrigeration Equipment Demand, 2002 - 2019 (million dollars)

Figure 6-4 | Beverage Refrigeration Equipment Demand by Type, 2009 - 2029 (million dollars)

Figure 6-5 | Types of Drinking Fountains

7. Display Cases

Figure 7-1 | Types of Display Cases

Figure 7-2 | US Trade in Display Cases, 2002 - 2019 (million dollars)

Figure 7-3 | Display Case Demand, 2002 - 2019 (million dollars)

Figure 7-4 | Display Case Demand by Type, 2009 - 2029 (million dollars)

8. Other Equipment & Parts

Figure 8-1 | Other Types of Commercial Refrigeration Equipment & Parts

Figure 8-2 | US Trade in Other Commercial Refrigeration Equipment, 2002 - 2019 (million dollars)

Figure 8-3 | Other Commercial Refrigeration Equipment Demand by Product, 2009 - 2029 (million dollars)

9. Markets

Figure 9-1 | Commercial Refrigeration Equipment Market Trends

Figure 9-2 | Commercial Refrigeration Equipment Demand by Market, 2009 - 2029 (million dollars)

10. Industry Structure

Figure 10-1 | Commercial Refrigeration Equipment Market Share, 2019 (billion dollars)

Figure 10-2 | Commercial Refrigeration Equipment: Leading Supplier, 2019

Figure 10-3 | Commercial Refrigeration Equipment: Second Leading Supplier, 2019

Figure 10-4 | Commercial Refrigeration Equipment: Third Leading Supplier, 2019

Figure 10-5 | Commercial Refrigeration Equipment: Fourth Leading Supplier, 2019

Figure 10-6 | Commercial Refrigeration Equipment: Fifth Leading Supplier, 2019

11. Appendix

Figure 11-1 | Annual Growth in Real GDP, 2000 - 2019, Compared to 1980 - 2005 Average (percent)

Figure 11-2 | Annual Population Growth, 2004 - 2019 (percent)


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