The commercial refrigeration market is set to grow to over $36 billion by 2018, according to a new study.
According to the World Commercial Refrigerant Equipment study, the demand for commercial refrigeration equipment is predicted to increase by 4.7 percent annually, leading to grow to $36.5 billion. This demand will come from advances to industrialisation and modernising food retail in developing countries such as China and India, to match increasing standards of living. China in particular will continue to be the world’s fastest growing commercial refrigeration market over the next four years due to development in its food industry.
Demand will also increase in developed countries due to improved economic conditions.According to the study, commercial refrigerant equipment purchases were postponed due to unstable economies between 2003 to 2008.
The growth of the commercial refrigerant market will also come from changes in refrigerant and efficiency laws and regulations (such as the F-Gas regulations in Europe and the R22 phase out), rising ownership of household refrigerators and freezers in developing countries and reach-in and walk-in refrigerators and freezers.
Reach-in and walk-in refrigerators and freezers will add to the demand of commercial refrigeration market due to the retrofitting of current equipment to be more energy efficient in developed countries and the performance of maintenance on existing stock in developing countries.
The World Commercial Refrigeration Equipment study presented data over ten years (2003 to 2013) as well as predictions for 2018 and 2013. These predictions were made by looking at commercial refrigeration product, world region and 21 countries in total. The study also analyses environment factors, company market share and global competitors.
A copy of the World Commercial Refrigeration Equipment study can be found here.