Refrigerants are defined as chemicals that act as a heat transfer medium in the cooling equipment. They function on the principle of transferring heat by absorbing heat at low temperature and pressure and releasing it at high temperature and pressure. The commercial refrigeration equipment refers to refrigerators and freezers used in supermarkets, restaurants, convenience stores, and commercial kitchens. Increase in the number of applications of commercial refrigeration equipment, especially in emerging economies, is projected to drive the growth of the commercial refrigeration equipment market.
The commercial refrigeration equipment market is projected to grow from USD 33.58 billion in 2018 to USD 45.45 billion by 2023, at a CAGR of 6.2%, between 2018 and 2023. The growth of the market can be attributed to the improving consumer lifestyles and flourishing food and healthcare industries, growing cold chain market, and increasing use of advanced technologies, for instance, magnetic refrigeration. Stringent regulations against the use of fluorocarbon refrigerants is a restraint in the market.
The hotels and restaurants segment of the commercial refrigeration equipment market, based on application industry, is projected to lead the market during the forecast period. The commercial refrigeration equipment is widely utilized in the hotels & restaurants industry. All types of commercial refrigeration equipment/products, namely, refrigerator, freezer, display cases, vending machines, and ice cream merchandiser are consumed in hotels and restaurants.
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The commercial refrigeration equipment for refrigerated transport, based on product type, is one of the essential links in the cold chain system for the distribution of food commodities, such as bakery & confectionery products, dairy products, beverages, fresh fruits & vegetables, ice creams, frozen dairy products, processed meat, and fish & seafood products. The growth of the refrigerated transport market is attributed to the technological advancements in refrigerated transport systems and equipment, increasing globalization, and a surge in demand for temperature-controlled food systems and containers across the globe.
The hydrocarbon segment is estimated to be the fastest-growing refrigerant type segment of the commercial refrigeration equipment market. Hydrocarbon gases, such as propane, isobutane, pentane, and isopentane are used as refrigerants for cooling in the industrial, commercial, and domestic applications. Unlike inorganic refrigerants, Hydrocarbon (HC) refrigerants are flammable, which makes them unsafe for use in some applications. However, countries in the EU have proved that hydrocarbon refrigerants can be used with a degree of reliability similar to other gases. They are gaining popularity due to their low Global Warming Potential (GWP). Hence, hydrocarbon refrigerants are likely to have high growth potential in the near future as high demand for low GWP products is anticipated.
Asia Pacific is the largest market for commercial refrigeration equipment. The increasing population in the region, improving economic conditions, such as rising GDP & disposable incomes, and a booming consumer appliances sector have led to growth in the commercial refrigeration equipment market in the region.
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