Commercial Refrigeration Equipment Market to Grow 1.4x by 2029, Covid-19 Outbreak Generates Growth Opportunities in Food and Healthcare Industries – Future Market Insights
*Commercial refrigeration equipment manufacturers continue to invest strongly in product and technology development to consolidate market position in a competitive landscape.*
*DUBAI, UAE / ACCESSWIRE / August 24, 2020 /* The commercial refrigeration equipment market is expected to expand 1.4 x between 2019 and 2029, with strong demand particularly from the food sector. The coronavirus pandemic is likely to have a marginal impact on the industry as applications in the healthcare and food & beverage sector sustain growth through the crisis period. On the other hand, disruptions in component and refrigerant supply chains will prove challenging to market players.
"Strict regulations associated controlling the environmental impact of harmful refrigerants that contribute to global warming are generating major growth opportunities to the worldwide commercial refrigeration equipment market, in terms of emission and performance standards, throughout the forecasting period," says the FMI study.
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*Commercial Refrigeration Equipment Market - Important Takeaways*
· Reach-in devices remain highly sought-after, driven largely by demand from the food service and hospitality industry.
· Food processing and production application are contributing significantly to revenues, owing to bias towards replacement and low maintenance practices.
· North America remains a major contributor to the global commercial refrigeration equipment market, with major infrastructure investments in retail and food service sectors.
*Commercial Refrigeration Equipment Market - Driving Factors*
· Strict implementation of food quality and safety regulations in retail and food service businesses is a key influencer in market growth.
· Innovations in eco-friendly components and refrigerant chemicals are bolstering sales and adoption prospects.
*Commercial Refrigeration Equipment Market - Leading Constraints*
· High installation cost of new refrigeration equipment is a major factor slowing down sales figures.
· Long lifecycle and low replacement rates of commercial refrigeration equipment limits revenue streams.
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*Expected Impact on Market by Coronavirus Outbreak*
The coronavirus pandemic will have a moderate impact on the operations of the commercial refrigeration equipment industry, largely owing to disruptions in supply chains and restricted production of refrigerant chemicals and essential components. In addition, demand is also likely to be hit by closed food service businesses during the pandemic. However, the industry is likely to benefit from strong demand in essential segments such as the food & beverage production and processing industries, the healthcare and pharmaceutical sector, and the logistics market, which will minimize losses during this period substantially, and aid a steady recovery.
*Competition Landscape*
Some of the leading players participating in the commercial refrigeration equipment market are AHT Cooling Systems GmbH, Daikin Industries Ltd., Electrolux AB, Carrier Corp., Whirlpool Corp., Dover Corp., Danfoss A/S, Hussman Corp., Illinois Tool Works Inc., and Innovative Display Works.
Players in the commercial refrigeration equipment are seeking strategic expansion and acquisition activities to widen portfolios and production capabilities in an intensely competitive market scenario.
For instance, Daikin Industries Ltd has announced its intentions to acquire AHT Cooling Systems GmbH for an 881 million Euro valuation. KeepRite Refrigeration is in collaboration with Longview Economic Development Corp. for the expansion of a 57,000 sq. ft. production facility for US$4.5 million. Demark-based Tefcold has announced acquisition of refrigeration wholesaler Nosreti Velkoobchod to boost distribution in Czech and Slovakia.
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*SOURCE: *Future Market Insights
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