New York, NY -- (SBWIRE) -- 04/30/2019 -- The introduction of advanced technologies, development of organized retail, and increasing demand for ready-to-eat food and beverages are driving the growth of the commercial refrigeration equipment market. In 2017, the market generated a revenue of $41,396.7 million as per P&S Intelligence, and it is projected to witness a CAGR of 6.2% during the forecast period (2018–2023). Commercial refrigeration equipment refers to large refrigerators and freezers used at supermarkets, restaurants, hypermarkets, and convenience stores to keep food fresh for a long time.

Display cases, transportation refrigeration equipment, walk-in coolers, ice making machineries, beverage refrigeration, parts, and other equipment are the various categories when the market is segmented by equipment type. Among all, walk-in coolers led the commercial refrigeration equipment market in 2017 with 23.0% revenue share. Similarly, when segmented by application, the sector is categorized into food and beverage distribution, food and beverage retail, food service, and others. The 28.0% sales volume share of the food service category was the highest in 2017.

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The increasing demand for frozen and ready-to-eat food is fueling the domain growth. In developing countries, the lifestyle is changing; people are moving toward Western habits and culture. Additionally, most people here are working, due to which the demand for ready-to-eat and frozen food is increasing. With growing purchasing power and increasing impact of Western lifestyle, such products have been widely accepted by the middle-class consumers in developing countries. And, this is boosting the growth of hypermarkets, supermarkets, and restaurant chains, which is, in turn, driving the commercial refrigeration equipment market.

There has been a major transformation in the refrigeration technology in the past few years, as manufacturers have shifted from fluorinated gases (F-gases) to natural refrigerants. Geographically, developed countries in Europe and North America are on the verge of completely eliminating the use of F-gases from their commercial refrigeration equipment. For instance, a key player in the commercial refrigeration equipment market, Carrier Corporation, changed the technology of its MiniCO2OL commercial refrigerator series quite early by replacing F-gases with natural refrigerants, such as carbon dioxide.

The manufacturing cost of MiniCO2OL refrigerators is quite low, compared to similar F-gas-based equipment. The cost-efficiency factor of such natural refrigerant-based equipment is increasing their demand among small and medium-scale food retailers. On the other side, developing countries in Asia-Pacific (APAC) have not yet phased out F-gases, because manufacturers here are yet to get their hands on advanced technology for F-gas elimination. But, considering the CAGR forecasted in the region (9.3% in terms of revenue), it is being assumed that manufacturers will be able to acquire the technology and do away with F-gases.

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Talking of future opportunities, the introduction of the internet of things (IoT) technology in commercial refrigerators is also expected to bode well for the growth of the commercial refrigeration equipment market. It will help the refrigerators share real-time data related to temperature changes and other mishaps via the internet. For instance, if there is food spoilage, smell detectors in industrial refrigerators could alert retailers to remove the spoilt items. With such advancements in technology, retailers are expected to be drawn to commercial refrigeration equipment even more in the future.

Therefore, due to the demand for such efficient and technologically advanced commercial refrigerators, the growth opportunities for commercial refrigeration equipment market players are predicted to increase.