The U.S. commercial refrigeration systems market is on an upward growth trajectory due to several reasons. The use of compatible commercial refrigeration systems to attain the desired level of refrigeration, government initiatives to support the utilization of environment-friendly refrigerants, and R&D into the development of energy-efficient products are reasons driving this market. The adoption of Internet of Things (IoT) for the distribution of refrigeration needs for process efficiency is gaining momentum in the U.S. commercial refrigeration systems market.
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Commercial refrigeration systems are designed specifically for commercial use with temperature control ranging from -18°C to +10°C. Commercial refrigeration systems are mainly installed in supermarkets, hypermarkets, warehouses and distribution centers, food and beverage production units, foodservice industry, and convenience stores. Ice machines, beverage refrigeration equipment, trailers, containers, trucks, vending machines, refrigerated display cases, and walk-in and reach-in refrigerators are major products of commercial refrigeration systems.
Medium-sized, Small-sized Players Contend to Gain Foothold in Market
The commercial refrigeration systems market in the U.S. will rise at a 3.2% CAGR from 2015 to 2025. An ever-increasing demand for frozen and chilled products, extension of cold chain capacity, R&D for advancements in commercial refrigeration systems, and government rebates on energy-efficient products are the major factors driving the U.S. commercial refrigeration equipment market.
In this market, a drop in the rate of replacement of commercial refrigeration systems and strict government regulations in place for the design configuration of these systems is challenging the growth of tier II & III players. Customization of commercial grade refrigeration systems holds promise for tier II & tier III players to gain a strong foothold in the market, thereby creating a competitive threat for tier I players.
To counter this, key players are devising strategies to strengthen their market position. These players are focused on both organic and inorganic growth to further strengthen their market standing. Also, the acquisition of HVAC (heating, ventilation, and air conditioning) contractors has added a new dimension to the market’s growth. This has expanded the customer base of commercial refrigeration systems market for new growth opportunities.
Some top players that have a significant presence in the U.S. market for commercial refrigeration systems are Daikin Industries Ltd., Whirlpool Corporation, Dover Corporation, Hussmann Corporation, Manitowoc Company Inc., Illinois Tool Works Inc., Standex International Corporation, United Technologies, Ingersoll-Rand Plc, Lennox International Inc., and Emerson Electric Co.
Transportation Refrigeration Systems are Dominant Product Segment of U.S. Commercial Refrigeration Systems Market
In 2014, the food service application segment held the largest share of 30% in the U.S. market for commercial refrigeration systems. Products such as ice machines and beer dispensing machines play a pivotal role in the expansion of the food service industry. These products are important to serve the refrigeration needs of the rising number of food service restaurants and the increasing per capita food consumption in the U.S.
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Transportation refrigeration systems are significantly important in the U.S. market for commercial refrigeration systems. This product segment is expected to rise at a CAGR of 5.5% from 2015 to 2025 due to an increase in the cold chain handling capacity in the U.S. The Southeast region is the largest market for commercial refrigeration systems in the U.S. followed by the Middle-east and Far West regions. Florida, California, and Texas display immense potential for refrigeration systems due to a high density of convenience stores and restaurants in these states to serve a high volume of tourists every year.