Refrigeration: Retail and Foodservice Growth

Refrigeration

The commercial refrigeration equipment market was estimated to exceed USD31bn in 2015 and increasing demand for packaged food and beverages with high growth in hospitality industry has led to significant industry growth. Furthermore, the growing trend towards consumer dining out and ongoing expansion of retail chains across the globe, including Europe and Asia Pacific, is contributing to the overall industry growth.

Dan Orehov

Stringent regulations and increasing concern over the use of refrigerants with high global warming potential are expected to provide several growth opportunities for advancement in commercial refrigeration technology. According to the latest report by Grand View Research (GVR), magnetic refrigeration system is a green technology that requires low maintenance cost and has higher energy efficiency, saving up to 30% of the total energy consumption as reported by the U.S. Department of Energy. Moreover, Zero emission of hazardous gases and decreased operational costs are some of the other factors driving demand for this technology over the conventional cooling technologies. “However, rising crude oil and fuel prices is expected to hamper the industry growth. The transportation refrigeration segment accounted for a majority of the market and is expected to decline due to rising fuel prices. However, the development of zero-emission technologies delivering environmental benefits without burdening operators with additional costs and lower fuel consumption is e...

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