Global Commercial Refrigeration Equipment Market: Industry Analysis and Forecast to 2020, by Persistence Market Research

New York, NY, March 10, 2016 --(PR.com)-- Refrigeration is a process of moving heat from one location to another. The refrigeration process consists of various applications including household refrigerators, industrial freezers, cryogenics, and air conditioning. Refrigeration equipment is made up of four key components: evaporator, condenser, compressor and throttle valve. All the four components unite together to complete the refrigeration process. Compressor is used to compress low-pressure refrigerant vapor to high-pressure vapor which is delivered to the condenser. In a condenser, high-pressure vapor is condensed into high-pressure liquid which is passed through the throttle valve to become low-pressure liquid. After this, low-pressure liquid is conducted to the evaporator where heat exchanging occurs which helps in the creation of ice. The refrigeration cycle is completed once the ice is formed.

Commercial refrigeration equipment (CRE) is majorly used for refrigeration processes in food and beverage industry. Commercial refrigeration equipment is used for food storage and merchandising purposes by the food retail industry, such as grocery stores, supermarkets, convenience stores and specialty food stores. Commercial refrigeration equipment is also used by the foodservice industry, such as restaurants and cafeterias. Commercial refrigeration equipment includes self-contained and remote condensing commercial refrigerators, commercial freezers, commercial refrigerator-freezers and commercial ice-cream freezers as well as self-contained commercial refrigerators with transparent doors designed to pull-down temperature. In the 19th century, the Americans used ice-cubes to refrigerate food, due to lack of ice-storehouses and iceboxes. As these two became widely available, Americans started using axes and saw to harvest ice for their storehouses.

Commercial refrigerators such as freezers and refrigerator-freezers are used to chill perishable products on display at grocery stores or convenience stores, restaurants or other food retail and food service establishments. Due to constant cooling requirements of these products, commercial refrigeration equipment is generally operated for 24 hours per day. Larger sized commercial refrigerators used in grocery stores consumes up to 17,000 kilowatt of power per year, while a large commercial freezer can use up to 38,000 kilowatt of power per year. Dairy products constantly need refrigeration. Meats, poultry and fish also required to be kept in climate-controlled environments before being sold. Refrigeration also keeps fruits and vegetables fresh for a longer period.

Europe is the largest commercial refrigeration equipment market followed by Asia Pacific and North America. However, with strong growth during the forecasted period, Asia Pacific is expected to become the largest market by 2020.

Changing food consumption trends, rising international food trade and emergence of supermarkets and fast food chains are expected to drive the global commercial refrigeration equipments market. Additionally, continuous evolving technology and sea-food and processed food exports across the globe might provide ample growth opportunity for the global market. Rising fuel price may act as restraint for the global commercial refrigeration equipments market. Fuel is used to generate electricity to operate refrigeration equipments while transporting the food products to other parts of the globe. According to Statista (Statistics Company) average prices of crude oil increased from USD 77.4 per barrel in 2010 to USD 105.9 per barrel in 2013.

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Transportation refrigeration segment hold the major market share owing to the increasing international food trade across the globe. Under application segment, food service sector holds the major market share and is expected to show double digit growth rate during the forecasted period. Some of the major players operating in the global commercial refrigeration equipments market are Daikin Industries Ltd., Carrier Air conditioning & Refrigeration Ltd. (climate, controls and security unit of United Technologies Corporation), Dover Corporation, Illinois Tool Works Inc., Hussmann Corporation, Metalfrio Solutions, Inc., Interlevin Refrigeration Ltd, Ingersoll Rand Plc and Hubbard Products Ltd.

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