Global Commercial Refrigeration Equipment

Expanding Food and Beverage Markets Drive Demand for Commercial Refrigeration Equipment

Global demand for commercial refrigeration equipment is forecast to rise 4.5% per year through 2022. Rising income levels in developing nations will spur increased spending on food and beverages, boosting sales of commercial refrigeration equipment.

Key Findings in the Global Commercial Refrigeration Equipment Study:

Asia/Pacific Region to Post Largest Demand Increase

Several developing countries in the Asia/Pacific region will rank among the world’s fastest growing markets for commercial refrigeration equipment through 2022. In particular, highly populous nations such as China, India, and Indonesia will represent major contributors to growth. Increased consumer spending levels and greater urbanization will expand the market base for commercial refrigeration products.

Food Retail and Foodservice Markets Growing

Expansion of food retail and foodservice markets will contribute to growth for a broad range of commercial refrigeration equipment products, with reach-in and walk-in coolers and freezers and display cases accounting for the largest shares of growth. Products used in foodservice applications will grow particularly quickly, as increases in income levels will have a significant impact on the ability of consumers to afford restaurant meals.

Tightening Environmental Regulations Spurring Replacement Sales

Increasingly stringent environmental regulations will provide a boost to commercial refrigeration equipment demand, as operators will be required to upgrade or replace outdated equipment. In the near-term, this impact will be more significant in developed countries. The most important global regulation impacting the industry, the Kigali Amendment to the Montreal Protocol, will take effect in developed nations beginning in 2019 and in most developing countries beginning in 2024.

Study Coverage

This study presents historical demand, production, and net exports data (2007, 2012 and 2017) and forecasts for 2022 by product (display cases, reach-in and walk-in refrigerators and freezers, beverage refrigeration equipment, ice machines, refrigerated vending machines, other equipment, and parts), and region (North America, Central and South America, Western Europe, Eastern Europe, Asia/Pacific, and Africa/Mideast). The study also evaluates company market share on a global basis and analyzes strategies of key industry players such as Dover, Hoshizaki, Panasonic, Qingdao Haier, and United Technologies.