LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global commercial refrigeration market provides an analysis on the most important trends expected to impact the market outlook from 2016-2020. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
Abhay Sinha, a lead analyst from Technavio says, “The world has been witnessing rapid urbanization in recent years. This expansion in urbanized population is introducing new lifestyle habits and developing preferences for international cuisines. The urbanized population is demanding more ready-to-eat packaged foods.”
The global commercial refrigeration market was valued at USD 34.43 billion in 2015 and is likely to reach USD 45.06 billion by 2020, growing at a CAGR of 5.53% during 2015-2020. The growth in the market is due to the changing lifestyles of the population in developing economies and the replacement demand from developed economies like North America. The re-manufacture of refrigerated display cases also drive the market for commercial refrigeration equipment. The emergence and acceptance of e-commerce in countries like China and Australia also impact the market for commercial refrigeration equipment. The market is expected to grow in the future, with the walk-in cooler segment capturing the major market share. The market is driven by emerging economies and is expected to be led by APAC, followed by Europe and North America during the forecast period.
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The top four emerging trends driving the global commercial refrigeration market according to Technavio research analysts are:
- Growing M&A
- Growth of e-commerce in emerging markets
- Technological advances
- Environmental mandates
The global commercial refrigeration market comprises an array of international and regional vendors such as Carrier, Daikin, Danfoss, and ITW. These vendors compete intensely among each other to gain greater market shares. Several strategic alliances and M&As are in the pipeline during the forecast period. Major market players have started to forge strategic alliances with small, regional, and large companies to increase their market shares.
Growth of e-commerce in emerging markets
The penetration of e-commerce is increasing in emerging economies, which is expected to boost the sales and growth of commercial refrigerators in these regions. E-commerce is well suited for stocking and offering more product selections. The e-commerce sector has the highest growth potential in APAC and the Middle East and Africa. The emerging markets will be the key segments of the growing e-groceries sector. This will increase the demand for warehouses and cold storages.
The growth of cold storages due to the development of e-commerce and e-groceries will boost the commercial refrigeration market in emerging markets. Retailers in India, are launching online groceries services, as half a billion Indians are smartphone users. The development of the online e-commerce is caused by the growing consumer preference for online shopping over supermarkets and the hypermarkets.
The global commercial refrigeration market is at a growth stage and is experiencing rapid technological advances like temperature and operation controls in refrigerators. This technology uses a digital controller to control features like automated defrost, anti-short cycling and temperature control. Earlier, these features were not available in one controller, as a thermostat was needed for temperature control, a separate defrost controller for defrosting, and a relay for anti-short cycling.
The refrigerator systems deployed in supermarkets use approximately 3,500 pounds of refrigerants and leaks 18%-22% of their refrigerant charge each year. These refrigerant leaks contribute to global warming and incur additional costs for vendors. To overcome with these features, vendors have introduced green direct expansion technology, which manages the maintenance of these refrigeration systems, increasing cost-effectiveness and reducing the impact on the environment.
“Environmental regulations on commercial refrigerants play a key role in the commercial refrigeration market. HFCs, known as R-22 are recommended to be completely phased out by 2020 in stages. These refrigerants contain chlorine, which depletes the ozone layer. Although all commercial refrigeration equipment purchased after 2010 utilizes alternative refrigerants, most equipment installed before 2020, especially refrigerated display cases and liquid chillers, uses R-22,” asserts Abhay.
The key vendors are as follows:
- Illinois Tool Works (ITW)
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