Analysts have put a figure on the global commercial refrigeration equipment market, valuing it at some $39.1 billion (£30.3 billion) in 2016.
The figure, contained in a new report from Research & Markets, includes foodservice refrigeration as well as other types of refrigeration equipment produced for commercial use.
The report predicts further high growth for the sector thanks to strong demand from developing countries in Asia-Pacific and Latin America.
Rapid urbanisation, along with the expansion of supermarkets, hypermarkets and food retail chains, is expected to increase the demand of commercial refrigeration equipment over the next five years, with India, China and Brazil also cited as major buyers.
Closer to home the growth story is a little different, with manufacturers relying on the replacement market for expansion.
“The demand of commercial refrigeration equipment market in the developed areas is almost at its saturation state, owing to the lack of expansion opportunity for the commercial refrigeration equipment end users in these regions,” the report stated.
“With moderate or gradual population growth in most of the developed markets, the growth of commercial refrigeration equipment is mainly expected from the replacement units, which is mostly attributed to the government regulations towards safe refrigerant and continuously improving power consumption rating of the commercial refrigeration equipment.”
In the developing world, the consumption of ready-to-eat products, beverages and frozen foods has increased considerably in emerging countries over the past few years. The growth in disposable income, along with the increasing impact of western lifestyle has fuelled the acceptance of such products among the large middle-class consumers of these markets.
The changed food consumption trend is being supported by rapid expansion of supermarkets, hypermarkets, and food and restaurant chains around the world. The increased number of such stores has also forced small grocery retailers and unorganised restaurants to upgrade their infrastructure, with the changed market scenario.
The growth for the commercial refrigeration equipment market is largely gained by opening of the new retail outlets around the world, the report added.
Research & Markets said the global commercial refrigeration equipment market remained “fragmented”, with United Technologies Corporation (UTC) named as the overall market leader.
It also highlighted Johnson Controls, Daikin Industries, Dover Corporation, Hussmann Corporation, AB Electrolux, Frigoglass S.A.I.C., AHT Cooling Systems, Ali Group and ITW as other “major” competitors in the market.