The Future of Portable Refrigeration Storage
“Refrigeration is the process of removing excess heat from space and transferring the same to the environment. It is well known that spoilage of food, beverages, and many other products are reduced at a lower temperature. Thus in order to preserve many types of perishable products from spoilage and keep them fresh for a longer duration, commercial refrigeration systems are used where the temperature is maintained at a level much below than that of its surroundings.”- Future Market Insights
According to the report by Future Market Insights, the United States refrigerants markets (which are used in refrigeration systems) are expected to grow at a CAGR (compound annual growth rate) of 5% to 7%. The use of refrigerants is leading to the greenhouse effect and is giving way to the use of green refrigerants in the commercial refrigeration market. The commercial refrigeration equipment market size was $29 billion (USD) in 2014, and is estimated to reach $46.4 billion (USD) by 2022. The growth in the international food trade between nations due to change in the food consumption pattern amongst consumers is driving the demand for transportation refrigeration systems. The global commercial refrigeration systems market is estimated to grow almost two-fold during the forecast period and register double-digit CAGR. North America is the dominant commercial refrigeration systems market in terms of revenue share, followed by APAC and Europe.
The North American refrigeration equipment market was worth of $10 billion (USD) in 2014 and is anticipated to grow, due to rising spending power and expansion of retail restaurants and food outlets in the near future.
The food service segment has accounted for 32% of the overall revenue in 2014 and is estimated to grow with a CAGR of 6% from 2015 to 2022. The food service segment was worth $8.5 billion (USD) in 2014 and is expected to witness significant growth. This is due to the increasing demand for cold storage and cascade refrigeration systems for the food and beverage industry. An increase in the global food trade has also generated a high demand for storing processed foods, seafood, and frozen foods across various regions, which in turn will also boost growth in F&B supply chain applications.
The significant growth in the food and service industry is a direct result of consumers changing their preference for dining food. Evolving industrialization and high disposable income have resulted in significant changes in food consumption patterns over the past few years. Ongoing advancements in cooling technologies are facilitating the growing frozen food industry. The growing work culture, busy lifestyles, high disposable incomes and availability of ready-to-eat preserved food are fueling the need for efficient storage for frozen foods in the market. The commercial refrigeration equipment market will get a boost due to the growth of the hospitality industry and the demand for ready-to-eat food. Rising numbers of grocery stores, supermarkets, and specialty food stores are also expected to boost industry growth.
People are increasingly becoming more concerned about our environment and global warming. There is an increase in awareness about emissions of various global warming gases. This will open doors for innovation in refrigeration technology. The commercial refrigeration market is seeing an increase in the use of solar powered systems and will play a major role addressing energy scarcity issues. Utilization of advanced refrigerants and energy efficient systems are a growing trend in the global commercial refrigeration systems market.
The transportation refrigeration equipment segment which includes truck, shipping containers, and trailer systems have accounted for 19% of the total market in 2014, and is estimated to grow at a CAGR of 7% from 2015 to 2022. This growth is anticipated to be driven by zero-emission technologies, coupled with low costs and efficient fuel consumption. Hybrid electric systems and natural refrigeration equipment are some of the innovative products of this segment. The beverage equipment segment is expected to witness a significant growth on account of growing restaurant businesses in the near future.
Portable Refrigeration Storage has 20′ refrigerated containers and 40′ refrigerated containers that are electric instead of diesel. Our electric refrigerated containers don’t emit any harmful pollutants into the atmosphere and are considered a “green” cold storage solution(when compared to diesel powered units). Electric refrigerated containers are also much quieter and far more cost effective than diesel powered refrigeration.
Our 20’ walk-in coolers are a great alternative for folks that do not have 3-phase power available on-site. They are equipped with an environmentally friendly “all electric” Heat Craft™ cooling system.
Call us at (888) 939-5820 to speak with a refrigeration specialist today. You can also complete an online quote request and someone will get back to you with information regarding our “green” environmentally friendly cold storage solutions.
Written on November 30, 2016