U.S. Commercial Refrigeration Industry to Witness 3.2% CAGR Increase by 2025 – FMI
The latest market report from Future Market Insights (FMI) entitled “Commercial Refrigeration System Market: U.S. Industry Analysis and Opportunity Assessment, 2015-2025” presented key points on the commercial refrigeration industry in the country. The report noted that the value of the commercial refrigeration systems market in the United States is expected to grow at a compound annual growth rate of 3.2 percent within the forecast period.
The units that fall under the commercial refrigeration category are described as refrigerators with remote or self-contained condensing units. These types of refrigerators are specifically designed for commercial use and users can manage the unit by choosing from a wide range of temperature control options. Commercial refrigeration equipment is primarily used in establishments such as supermarkets, distribution houses and warehouses, food and beverage production units, food service industries, and convenience stores. This market also includes products such as vending machines, beverage refrigeration systems, containers, ice machines, and walk-in and reach-in refrigerators.
In an article, TheNews reported that some of the key factors that are anticipated to boost the commercial refrigeration industry from 2016 to 2025 include the following:
- Increasing demand for chilled and frozen products
- Expansion of cold chain capacity
- Technological advancements in commercial refrigeration systems
- Rebates for energy-efficient products and practices
By application, the commercial refrigeration market in the United States is divided into various categories namely foodservice, food and beverage distribution, food and beverage retail, and food and beverage production. This market is also classified into product type and is divided into six classes: transportation and refrigeration systems, refrigerator and freezers, beverage refrigeration equipment, refrigerated display cases, ice machines, and refrigerated vending machines.
In 2014, the foodservice segment posted the highest share (30%) in terms of value in the commercial refrigeration systems industry. This segment is expected to remain in the lead in the industry within the forecast period.By product type, the transportation refrigeration systems category is anticipated to increase with the highest compound annual growth rate of 5.5 percent within the forecast period.
The Southeast Asian region shows the highest and largest market potential for this industry, followed by the Middle-east and Far West regions.
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