Refrigeration is the process of removing heat from a substance or from an enclosed space in order to lower the temperature. Refrigeration is majorly used to store food at a low temperature, thus preventing it from the destructive action of yeast, bacteria, and mold. Several perishable food products are frozen, allowing them to be preserved for months or even years with very little loss in flavor, nutrition, and change in the appearance. Refrigeration of food is one of the vital elements for almost every household across the globe, in order to reduce the amount of food wastage.
Increasing Number of Foodservice Restaurants to Propel U.S. Commercial Refrigeration Systems Market
For food and beverage companies, refrigeration is very important if they want to store various products with the least possible damage. Whether it is in small or large companies or in households, the requirement of cold storages has drastically increased across diverse markets and regions. Commercial refrigeration systems refer to refrigerators comprising self-contained or remote condensing units. These refrigerators are specifically designed for commercial use with a vast range of temperature control options (especially from -18°C to +10°C).
The U.S. commercial refrigeration systems market can be classified on the basis of application into food and beverage production, food and beverage distribution, food and beverage retail, and foodservice. In 2014, the foodservice segment led the market, accounting for a 30% share in the U.S. commercial refrigeration systems market. This segment is estimated to remain in the leading position in the next few years, owing to the substantial contribution from the beer dispensing equipment and ice machines sub-segments. In addition, the growing number of foodservice restaurants in the U.S. and the growing per capita income are further estimated to augment the growth of this segment in the near future.
Increasing Rebates on Energy-Efficient Products to Boost Demand for Commercial Refrigeration System
The U.S. market for commercial refrigeration systems is estimated to register a healthy 3.20% CAGR between 2015 and 2025. The expansion of cold chain capacity and increasing demand for chilled and frozen products are the key factors anticipated to augment the growth of the U.S. commercial refrigeration systems market in the next few years. In addition, the technological developments in commercial refrigeration systems and increasing rebates on energy-efficient practices and products are further estimated to fuel the growth of the market U.S. market for commercial refrigeration systems in the coming years. These trends are projected to create potential opportunities for commercial refrigeration system distributors, manufacturers, and HVAC contractors.
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Furthermore, the rapid adoption of Internet of Things, several government initiatives to encourage the use of eco-friendly refrigerants, and compatible refrigeration systems in order to enhance system output are some of the key trends in the U.S. commercial refrigeration systems market that are projected to drive the market in the next few years. On the other hand, the stringent regulations by governments and the falling replacement rate of commercial refrigeration equipment are expected to curtail the growth of the market. These factors are posing major challenges for the II-tier and III-tier market players.