New York, NY -- (SBWire) -- 03/08/2021 --The global commercial refrigeration equipment market is forecast to reach USD 53.23 Billion by 2026, according to a new report by Reports and Data. Refrigeration is the process in which excess heat is removed from any source or material to maintain the temperature lower than its surroundings.
The Clean Air Act in the U.S. states that all Chlorofluorocarbon (CFC) and hydrochlorofluorocarbon (HCFC) refrigerants must be recovered, recycled, and reclaimed during servicing and repairs. The impact of these refrigerant types on the environment is a cause of serious concern and governments across the globe are taking initiatives to limit their application.
The influential players of the Commercial Refrigeration Equipment market that are included in the report are:
Carrier Corporation, Heatcraft Worldwide Refrigeration, Baltimore Aircoil Company, Henry Technologies, Emerson Electric Company, Carnot Refrigeration, Danfoss, Bitzer, Hillphoenix, and Rockwell Industries Limited, among others.
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The growing demand for frozen products among the consumers has increased owing to the rapid urbanization and changing lifestyle. Rapid growth in the number of hypermarkets and supermarkets boosts the overall sales of commercial refrigerators; thus propelling the growth of the market.
Commercial refrigeration equipment finds its application in preserving food such as fruits, vegetables, meat, and other goods by maintaining very low temperature and enhancing the shelf life of the good. Energy-efficient and sustainable technology equipment is replacing the existing equipment. Some refrigerant equipment is designed to reduce the temperature of the heated food in a short period to eliminate the issue of bacterial proliferation.
For the purpose of this report, Reports and Data have segmented into the global Commercial Refrigeration Equipment market on the basis of product type, refrigerant type, application, and region:
Product Type Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2016-2026)
Refrigerator & Freezer
Transportation Refrigeration
Refrigerated Display Case
Beverage Refrigeration
Ice Cream Merchandiser
Refrigerated Vending Machine
Refrigerant Type Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2016-2026)
Fluorocarbons
Hydrocarbons
Inorganics
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Application Industry Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2016-2026)
Hotels and Restaurants
Convenience Stores
Market Size & Projection
Bakeries
Supermarkets & Hypermarkets
Others
Further key findings from the report suggest
The growing demand for ready-to-eat food and the increase in the number of supermarkets and hypermarkets are the major driving factors of the commercial refrigeration equipment market.
Refrigerator and freezer held a market share of 21.4% in the year 2018. These type of equipment has various walk-in and reach-in freezers. Walk-in freezers have the highest demand, especially in restaurants and hotels. The rise in the number of food manufacturers, and the need to preserve food at a certain temperature is encouraging the growth of the segment.
Fluorocarbons are forecasted to hold the largest market share of 39.2% in the year 2026. Most refrigerants have fluorocarbons in their equipment and concerns regarding its impact on the environment are diminishing its sales. Stringent regulations by the government are encouraging the market to shift towards natural refrigerant-based systems.
Supermarkets and hypermarkets are forecasted to grow with a CAGR of 6.3% during the forecast period. The organized retail sector cannot survive without commercial refrigeration equipment. New generation grocery stores constantly look and adopt advanced and more efficient commercial refrigeration equipment systems to save overall cost…Continued
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Table of Content:
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.3. Methodology
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2018-2026
Chapter 3. Indicative Metrics
Chapter 4. Commercial Refrigeration Equipment Market Segmentation & Impact Analysis
4.1. Commercial Refrigeration Equipment Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
4.2.2.1. Growth in cold chain market
Continue…
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Commercial Refrigeration Equipment Market Size to Reach USD USD 53.23 Billion by 2026; Industry Compound Annual Growth Rate of 6.0 % Says Reports and Data
Commercial Refrigeration Equipment Market To Reach USD 53.23 Billion By 2026