New York, NY -- (SBWIRE) -- 08/30/2017 -- Growing need for transportation, merchandising, and storage in various food outlets is projected to impact growth of the global market of commercial refrigeration equipment positively. According to a recently published report by Persistence Market Research, the global market of commercial refrigeration equipment will register a growth of 5.0% CAGR over the forecast period, 2016 – 2026.

Growing need to store and market food and beverage products has revved up demand for commercial refrigeration equipment. Expanding online platforms has led customers to make most of their purchases through online portals. Surge in online order and purchases is compelling the food manufacturers and various food outlets to store food products. Moreover, with the increasing need to transport food and beverage products, demand for commercial refrigeration equipment is predicted to witness an upsurge globally.

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Imposition of government regulation regarding the adoption of natural refrigeration equipment over synthetic refrigeration equipment is further expected to boost demand for commercial refrigeration equipment in the food industry. Attributed to such factors, the global market of commercial refrigeration equipment is predicted to witness a significant growth during the projected period.

On the other hand, drop in the replacement rates of the commercial refrigeration equipment has led to a downturn in demand in the food industry. Moreover, imposition of government regulations regarding environment friendly, refrigeration equipment, and production of energy efficient refrigeration equipment is predicted to pose significant challenges for growth of the global market. This is projected to impact the tier 2 and 3 market players negatively during the predicted period.

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Refrigeration and freezer among other equipment is predicted to remain dominant in the global market. This segment represented US$ 8,649.3 Mn in 2016, and is predicted to register a growth of 4.7% CAGR throughout 2026. Food service among other application is predicted to represent a major segment in the global market during the predicted period. This segment accounted for 32.3% revenue share in 2016. Food and beverage production among other segments represented US$ 4,705.3 Mn in the global market of commercial refrigeration equipment. Food and beverages retail stores among other segments represented US$ 7, 595.4 Mn in 2015.

North America among other regions is predicted to remain a dominant market globally during the predicted period. The commercial refrigeration equipment market in North America will represent US$ 12.54 Bn in terms of sales by the end of 2026. China and India among other countries in Asia is predicted to reflect a relatively fast growth throughout 2026. The commercial refrigeration equipment market in China is projected to reflect a relatively high growth of 8.2% CAGR in terms of revenue over the projected period. APEC among other regions is predicted to represent a healthy growth of 5.3% CAGR through 2026.

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Leading market players in the global market of commercial refrigeration equipment include Lennox International Inc., Standex International Corporation, Illinois Tool Works Inc., Daikin Industries, Ltd., AHT Cooling Systems GmbH, Whirlpool Corporation, Manitowoc Company, Inc., United Technologies Corporation, Fujimak Corporation, Panasonic Corporation, Qingdao Haier Co. Ltd., Electrolux AB, Ingersoll-Rand PLC., Hoshizaki Corporation, and Dover Corporation.