Supermarket Perimeter - February 2022 - 59

INSIDER
OPERATIONS
Kitchen United
TECHNOLOGY
Inventory
management
REFRIGERATION
by Andy Nelson
THE GLOBAL REFRIGERATION
EQUIPMENT MARKET is set to
grow at a 6.1% CAGR clip over the
next several years, but growth
will likely be hampered by high
initial costs and by subsequent
repair costs.
Those are among the findings
of a new report by Bangalore,
India-based market research
specialist Business Research
Co., " Commercial Refrigeration
Equipment Global Market Report
2021: COVID-19 Impact and
Recovery to 2030. "
The refrigeration equipment
market grew at a slow rate of
1.9% CAGR from 2020 to 2021,
reaching $60.4 billion, largely due
to Covid impact.
" The growth is mainly due
to the companies rearranging
their operations and recovering
from the COVID-19 impact,
which had earlier led to
restrictive containment measures
involving social distancing,
remote working, and the
closure of commercial activities
that resulted in operational
challenges, " according to
the report.
Going forward, however,
growth should recover, averaging
6.1% CAGR to hit $76.6 billion
in 2025.
" The increasing demand for
frozen and chilled products from
consumers is anticipated to drive
the commercial refrigeration
market, " according to the report.
" Preference for frozen and chilled
products have increased due to
changing lifestyle, accelerated
urbanization, and benefits
offered by frozen products
such as longer shelf life,
convenience, reduced
food preparation and
cleanup time. "
Frozen and chilled
products stored in
commercial refrigerators
in supermarkets,
hypermarkets, and refrigerated
trucks are likely to generate
a higher requirement for
commercial refrigeration
equipment for storing, which
propels the growth of the market.
That growth, however, will be
tempered by high equipment,
installation and repair costs
of equipment, according to
the report.
" For instance, the total
cost of the walk-in cooler
including installation ranges
from $3,000 to $9,000. In
addition to this, the average
cost of commercial refrigeration
equipment repair falls
between $100 and $325. This
high cost of the equipment,
installation, and maintenance are
extremely unaffordable to smaller
retailers who rent these services
or opt for non-commercial
variants, which hinders the
growth of the commercial
refrigeration equipment market. "
Companies are concentrating
on incorporating the latest
technologies such as artificial
intelligence, 5G, and machine
learning to decrease electrical
consumption, improve
preventive maintenance,
and provide better customer
experience.
For example, Axiom Cloud
and Turntide Technologies have
collaborated to stimulate AI in
commercial refrigeration.
The
commercial
refrigerator market
is poised for 6.1%
CAGR growth over
the next several
years.
supermarketperimeter.com
FEBRUARY 2022 - 59
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Supermarket Perimeter - February 2022

Table of Contents for the Digital Edition of Supermarket Perimeter - February 2022

Supermarket Perimeter - February 2022 - Intro
Supermarket Perimeter - February 2022 - 1
Supermarket Perimeter - February 2022 - 2
Supermarket Perimeter - February 2022 - 3
Supermarket Perimeter - February 2022 - 4
Supermarket Perimeter - February 2022 - 5
Supermarket Perimeter - February 2022 - 6
Supermarket Perimeter - February 2022 - 7
Supermarket Perimeter - February 2022 - 8
Supermarket Perimeter - February 2022 - 9
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