Table of Contents
The report presents historical demand data (2005, 2010 and 2015) plus forecasts for 2020 and 2025 by market and product. The study also considers market environment factors, assesses the industry structure, evaluates company market share and profiles 43 US industry players.
US demand to rise 3.1% anually through 2020
US demand for commercial refrigeration equipment is forecast to rise 3.1 percent per year through 2020 to $11.3 billion, moderating from the 2010-2015 period, when growth was bolstered by a rebound in sales after the economic recession. Despite this slowdown, suppliers are expected to benefit from the phaseout of R-22 refrigerant scheduled to occur in 2020, as this will prompt commercial refrigeration equipment operators to either retrofit their equipment to use an acceptable alternative refrigerant, which will increase parts demand, or to replace their existing equipment, which will boost system sales. A number of alternative refrigerants can be used instead of R- 22, and retrofitting is the less costly option for operators. However, installing new systems is more energy efficient.
HFCs are currently the most commonly used alternative to HCFC refrigerants. However, HFCs have a high global warming potential, and as a result government regulators continue to seek other refrigerant options. For example, in July 2015 the US Environmental Protection Agency issued a final rule regarding HFC use, outlawing the use of certain HFCs in a number of commercial refrigeration systems. The final rule has various target dates depending on the type of equipment, with some as early as July 2016, while others will not become effective until January 2020. Certain HFC blends, HFOs and natural refrigerants (e.g., ammonia, carbon dioxide, propane) are among the currently acceptable alternatives and are seeing greater usage.
Commercial refrigeration equipment sales growth will also be aided by more stringent minimum energy efficiency standards for certain products, most notably reach-in and walk-in refrigerators and freezers. These standards will become effective on all products made after June 2017 and will result in many producers using higher quality and more expensive materials, which will raise average equipment prices and increase 2020 demand in value terms. Continued growth in food and beverage shipments will also boost overall demand gains.
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