Valued at 30.94 billion dollars in 2015, forecasters predict the size of the global commercial refrigeration equipment market will grow at 5.6% CAGR from 2016 to 2023.
Explaining the findings in more detail, market research company Global Market Insights said: “Food consumption patterns have evolved over the past few years, mainly due to decreasing dietary deficiency prevalence, overall economic development, and enhancement in the food industry supply chain.”
The report, which was published earlier this year, revealed that, “Rapid growth of the global frozen food market is also likely to drive global commercial refrigeration equipment market revenue.”
Looking to the future, the report said: “Recent developments and research activities on various alternatives available suggest potential for improvements in noise levels, compactness, and other environmental aspects.”
Industry trends include implementation of zero-emission transport refrigeration systems in order to bring these products up to modern emissions standards. Introduction of advanced products such as open front cases, multi-deck display cabinets incorporating LEDs and proximity sensors is expected to provide high growth prospects over the forecast period.
Fuel prices have also impacted the world commercial refrigeration equipment market price trend said the report, particularly in the transportation refrigeration equipment sector.
Transport refrigeration equipment market demand said the report, is largely influenced by transportation costs and trade patterns. The segment is forecast to grow at 6.8% CAGR from 2016 to 2023. “Changes in consumer spending, globalisation in food trade patterns encouraged by development of motorway networks, coupled with unrivalled levels of flexibility offered by roadways is poised to increase the penetration of refrigerated vehicles”, it said, adding that the growing number of supermarkets and retail outlets – the result of changing food habits – is expected to fuel commercial refrigeration equipment market growth.
“Increasing demand for walk-in coolers for food storage and merchandising in food sales and service applications is expected to drive adoption of these components over the next few years,” it said.
Exhibiting at the HVAC & Refrigeration Show
Despite all the signs pointing toward a positive future for the commercial refrigeration market, the report also suggests that there is no room for complacency: “Establishing brand value is essential for sustaining and advancing in the industry. Commercial refrigeration equipment market share is characterised by a considerable degree of competition. Barriers to entry are high on account of significant capital investment, R&D expenditure, and need to meet regulations set forth by governing bodies.”
Whether a company is looking to get a foothold in the UK market, maintain a brand presence, or launch a new product and grow market share, exhibiting at The HVAC & Refrigeration Show is key.
Not only is it the UK’s only commercial exhibition for air conditioning, heating, ventilation, heat pumps and refrigeration, including refrigerated transport, it’s returning to the city of London from 23-25 January 2018 at London’s ExCel Centre, placing it within easy reach of big business.
Event manager Karena Cooper comments: “Moving to ExCel will generate new commercial opportunities, with more visitors from all over the country.”
Bringing brands to life
New initiatives have been put in place for the HVAC & Refrigeration Show, designed to engage key brands and reach industry nationally and internationally.
The HVAC & Refrigeration Show will feature a series of three working lunches over the duration of the show in the new ‘Business Hub’. Sponsors will be invited to give a short pre-lunch talk and network informally with invited guests over lunch.
A three day series of live debates on key issues including:
- Smart cities – future markets
- Supermarkets – greener technologies, smart stores
- Hotels – Looking at new designs/new legislation and intelligent solutions
A panel of guest speakers from manufacturing, industry figures and retail sectors will be invited to present on these issues, also in the new ‘Business Hub’
The Institute of Refrigeration (IOR) will hold its annual conference at the show for the second time in 2018.
Besides a fantastic line-up of exhibitors, The HVAC & Refrigeration Show will feature CPD accredited programmes in two seminar theatres – the HVACR Theatre and the Training & Skills Theatre, sponsored by Toshiba.
Both will offer a three day programme, with The Training & Skills Theatre featuring speakers from UK and European Associations, with the Institute of Refrigeration and WorldSkills UK presentations taking centre stage.