Press Release: March 24, 2020
Increasing global population, improving economic conditions such as rising GDP & disposable incomes, expanding consumer appliances sector, and rapid growth of urbanization, coupled with lifestyle changes have led to considerable demand for frozen foods, ready-to-serve meals and beverages, which in turn is driving growth of the global commercial refrigeration equipment market.
Food Quality Protection Act in U.S., Food Safety Law of the People’s Republic of China, General Food Law Regulation, and Food Quality Policy in EU, are some of the regulatory standards that include directives for quality of food. Moreover, in December 2014, the EU introduced EU fluorinated greenhouse gas (F gas) regulation for phasing out Hydro-fluorocarbons (HFCs) and related product bans. The regulation includes the manufacturing process, service equipment, production, wholesale, and trade of F gas and related products. Such regulations are expected to generate demand for environmentally friendly alternatives for conserving edibles, in conjunction with compliance to food quality standards. This in turn, is expected to broaden growth prospects for the global commercial refrigeration equipment market. However, stringent environmental regulations against fluorocarbon refrigerants is likely to restrain the market. Fluorocarbon refrigerants adversely affect the ozone layer due to which, the governments of several countries worldwide such as, North America and Europe are imposing regulations to limit the use of fluorocarbon refrigerants.
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Proliferating businesses of frozen food and chilled products and substantial advancements in refrigeration systems are creating a conducive environment for growth of the global commercial refrigeration equipment market. Increasing number of women in the workforce, specifically in the Asia Pacific region, is expected to fuel demand for ready-to-eat food, primarily owing to the lack of the time spent on household activities. However, long product lifecycles and intense competition among manufacturers has led to significant decrease in the overall profit margins of industry participants.
Global Commercial Refrigeration Equipment Market, By Product Type:
Refrigerator and Freezer
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Key industry participants in the global commercial refrigeration equipment market include United Technologies Corporation, Ingersoll-Rand plc, Johnson Controls Incorporated, Daikin Industries Limited, Dover Corporation, Hussmann Corporation, AHT Cooling Systems GmbH, Ali SpA, Illinois Tool Works Incorporated, Emerson Electric Company, Leer Incorporated, True Manufacturing Company Incorporated, and Whirlpool Corporation among others.
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