World refrigeration equipment market is growing
According to JARN1, the global refrigeration market value – including services such as installation and maintenance but excluding air conditioning – reached USD 96.3 billion in 2017, showing an increase of about 4.6% compared with 2016. Of the total, commercial applications hold the largest market share with USD 61.3 billion. Industrial applications and transportation amounted respectively to 29.6 and 5.4 billion USD.
The commercial refrigeration equipment market represents a total of 41.3 billion USD. It splits into refrigerated display cases (20.4 billion USD), beverage coolers (5.7), ice machines (3.3), vending machines (2.4), other commercial equipment such as refrigerators, freezers, condensing units and relevant components (9.5). In terms of regions, North America is the largest commercial refrigeration equipment market in the world with a market value of 13.4 billion USD, followed by Asia (10.6) which overtook Europe (9.7) and other markets (7.6).
According to the Food Marketing Institute, total supermarket sales in 2017 amounted to 682.7 billion USD. Of this total, the sales value of perishable food, needing refrigeration, reached 267.9 billion USD, rising by 10.2% year on year.
The commercial refrigeration equipment market has also seen some growth accordingly. In this way, in the United States, the display case market has experienced a growth superior to 10%, with 821.000 units in 2017. 755.000 units were sold in Europe, 385.000 in China, 319.000 in India and 302.000 in Japan.
1 JARN Special Issue, 25 September 2018