Global Packaged Refrigeration Market 2017-2021

Overview of the global packaged refrigeration market

Technavio’s market research analyst predicts the global packaged refrigeration market to grow steadily at a CAGR of above 4% by 2021. One of the major drivers responsible for the growth of this market is the rise in demand for frozen food. Frozen food is a major application of commercially packaged refrigeration systems. The increasing demand for frozen food will directly impact the demand for packaged refrigeration systems. The major reason for the growth of the frozen food market is the changing lifestyle and dynamics of the society. The rising demand for frozen food prompts supermarkets and other retail outlets to store these products, thereby increasing the refrigeration requirement. Also, the increase in retail outlets across the globe will augment growth in the global packaged refrigeration market during the forecast period.

One of the latest trends gaining traction in this market is the increasing pressure requirements for packaged refrigeration components. It is observed that there is a significant consumer preference of packaged refrigeration system components that can handle higher pressure conditions. This is to facilitate the use of higher efficiency systems, such as the transcritical CO2 systems. Also, as the trend is moving toward more eco-friendly and higher efficiency systems, such as CO2 systems and transcritical CO2 systems, the need for higher pressure components will rise. Moreover, the use of higher pressure systems will also eliminate the need for backup systems. These advantages will, in turn, drive growth in the global packaged refrigeration market during the forecast period.

Competitive landscape and key vendors

The global packaged refrigeration market is highly competitive and fragmented, owing to the presence of numerous global and regional players. Regional players find it difficult to compete with the established refrigeration unit manufacturers, especially in terms of quality, technology, and pricing. The competitive environment in this market is likely to intensify further, with the increase in product/service extensions and technological innovations.

Leading vendors in the market are –

• Carrier
• DAIKIN INDUSTRIES
• Johnson Controls
• LG Electronics
• Samsung Electronics
• Whirlpool

Other prominent vendors in the packaged refrigeration market include Emerson Electric, Electrolux, Haier, Intertek, Master-Bilt, Middleby, Panasonic, CIMCO Refrigeration, and Star Refrigeration.

Segmentation by end-user and analysis of the packaged refrigeration market

• Residential
• Commercial
• Industrial

During 2016, the residential sector dominated the packaged refrigeration market and accounted for a major part of the overall market share. Key factor responsible for the growth of this segment is high penetration of the residential packaged refrigeration systems (refrigerators) in households across the globe.

Geographical segmentation and analysis of the packaged refrigeration market

• Americas
• APAC
• EMEA

In this market study, analysts have estimated APAC to dominate the packaged refrigeration market during the forecast period. Factors such as the rising number of refrigeration unit retailers extending their base to the rural areas and making it more accessible for villages to acquire home appliances and the development of the food and beverage industry are the major contributors to the dominance of this segment in the global refrigeration equipment market.

Key questions answered in the report include

• What will the market size and the growth rate be in 2021?
• What are the key factors driving the global packaged refrigeration market?
• What are the key market trends impacting the growth of the global packaged refrigeration market?
• What are the challenges to market growth?
• Who are the key vendors in the global packaged refrigeration market?
• What are the market opportunities and threats faced by the vendors in the global packaged refrigeration market?
• Trending factors influencing the market shares of the Americas, APAC, and EMEA.
• What are the key outcomes of the five forces analysis of the global packaged refrigeration market?

Technavio also offers customization on reports based on specific client requirement.

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