Sellbyville, DE -- (SBWIRE) -- 11/23/2018 -- The increasing importance of cold storage for preserving consumable products has been a major factor propelling commercial refrigeration equipment market. Numerous businesses dealing with perishables comprising meat, fish, and other food items, mostly give preference for large cold rooms while beverages and cold drink businesses give preference for small size refrigerators, as is observed. Quite overtly, the subsequent use of refrigerators across several businesses for storing food products is poised to enhance commercial refrigeration equipment industry share.

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Commercial Refrigeration Equipment Market size is set to exceed USD 35 billion by 2024; according to a new research report by Global Market Insights, Inc. The shipments are predicted to grow at around 1.5% CAGR from 2018 to 2024.

Growing consumption of meat and meat products is expected to propel the commercial refrigeration equipment market growth over the forecast timespan. According to the World Health Organization, the annual meat production is expected to increase to 376 million tons by 2030. Rising food prices are propelling the consumers to opt for cheaper options such as frozen meat. The poultry production & export from Latin America is increasing rapidly, driving the commercial refrigeration equipment market growth.

Commercial Refrigeration Equipment Market, By Product

Transportation refrigeration equipment
Refrigerators & freezers
Beverage refrigeration
Other equipment
Parts

Commercial Refrigeration Equipment Market, By Application

Food service
Food & beverage retail
Food & beverage production
Food & beverage distribution
Others

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Speaking along the same lines, in most of the countries, refrigeration systems deployed across various commercial and business sector account for more than half of the overall energy consumption. In this regard, many regional governments have also taken initiatives to promote the businesses to use energy efficient refrigeration systems that could have lower global warming potential (GWP) refrigerants. Accordingly, the use of natural refrigerants has increased tremendously which could have minimum impact on the environment. For instance, currently, in U.S., with the growing consciousness about the energy consumption and environmental impact, many supermarket owners are trying to adopt environmental stewardship practices that will further fuel commercial refrigeration equipment market.

The beverage refrigeration equipment market, which was valued at over USD 3.5 billion in 2017, is expected to be driven by the increased beverage consumption. Increased availability of a variety of refreshment drinks and increased consumer preference toward health drinks, such as juices and yogurt drinks, are aiding the industry growth. The demand for alcoholic beverages is increasing rapidly among the millennials. According to the National Institute for Health & Welfare, the retail consumption of alcohol constitutes about 70% of the total alcohol consumption.

The commercial refrigeration equipment market in retail applications will grow to over 4 million units by 2024 due to the increasing adoption of beverage refrigerators and display cases in supermarkets, grocery stores, and bakery stores. With the increasing penetration of supermarket chains across the globe, the popularity of centralized and multiplex refrigerators is increasing rapidly. Governing bodies, such as the Environmental Protection Agency, are offering incentives to develop technologically-advanced products to improve the energy efficiency.

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The Europe commercial refrigeration equipment market is characterized by the increasing trade of perishable products such as milk & milk products, fruits, and flowers. According to the International Flower Trade Association, the export of cut flowers from Europe, particularly from France and the Netherlands, is increasing rapidly, propelling the demand for the transportation refrigeration equipment in the region.

Key players in the industry include Dover Corporation, Daikin Industries, Carrier Corporation, Whirlpool Corporation, Electrolux, EdgeStar, and Haier Corporation. The industry is characterized by the intense competition among the players and the vendors are increasingly investing in developing energy-efficient and environmentally-friendly products. The supermarkets and retail chains are increasingly adopting the equipment certified by ENERGY STAR that offers approximately 40% energy savings. This is encouraging the manufacturers to developed energy star certified products.