According to the report, global demand for commercial refrigeration equipment market was valued at USD 36.63 billion in 2015 and is expected to generate revenue of USD 61.44 billion by the end of 2021, growing at a CAGR of slightly above 9.0% between 2016 and 2021.
Sarasota, FL -- (SBWIRE) -- 10/24/2017 -- According to the report, global demand for commercial refrigeration equipment market was valued at USD 36.63 billion in 2015 and is expected to generate revenue of USD 61.44 billion by the end of 2021, growing at a CAGR of slightly above 9.0% between 2016 and 2021.
Refrigeration has the wide range of applications including household refrigerators, industrial freezers, cryogenics, and air conditioning. Commercial refrigeration equipment is refrigerator designed particularly for commercial use with a broad range of temperature control and self-contained condensing units. Commercial refrigeration equipment are typically used for refrigeration processes in food and beverage industry. It is used for food storage and merchandising purposes by the food wholesale industry, such as supermarkets, specialty food stores, grocery stores, and convenience stores. It is also used in restaurants and cafeterias.
Rising number of hypermarkets, specialty food stores, and supermarkets is expected to be the major drivers for the global commercial refrigeration equipment market. In addition, the changing food consumption and increasing worldwide food trade are expected to trigger the growth of commercial refrigeration in the coming years. Varying food consumption patterns, increase in the retailing of commercial refrigeration equipment are expected to be the key factors driving the global commercial refrigeration industry. Rising buy and sell purchase of frozen food items among developing countries due to changing consumption trends drives demand for commercial refrigeration equipment. However, high energy consumption limits adoption by small retailers and increasing fuel costs may pose the challenge to commercial refrigeration equipment market.
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Based on product, commercial refrigeration equipment market has been segmented into transportation refrigeration equipment, refrigerators and freezers, beverage refrigerators, parts and others (ice machines, refrigerated vending machines, display cases, cryogenic equipment, liquid chillers, and small market products).
The commercial refrigeration equipment market was dominated by transportation refrigeration equipment segment which accounted for largest share due to the increasing international food trade across the globe. Further, it is expected to continue its dominance over the forecast period. Beverage refrigerators segment is expected to witness moderate growth due to the rising number of restaurants, especially in the fast-food segment.
The commercial refrigeration equipment market is segmented into applications such as food service, food, and beverage production, food, and beverage distribution, food and beverage retail and others. In terms of revenue, the food service application segment dominated the market in 2015. At present, food service and food and beverage retail application are acting as drivers for the growth of the commercial refrigeration equipment market. The increase in worldwide food trade is creating the demand for frozen foods, processed foods and storing seafood across the globe.
North America is expected to remain the dominant region over the forecast period. Increasing consumer expenses is expected to encourage food industry participants to expand the number of retail restaurants in the U.S. Asia-Pacific is projected to be the fastest growing and the largest revenue contributing region in commercial refrigeration equipment market during the forecast period. It accounted for over 34% share of the entire market for commercial refrigeration equipment in 2015. Europe and Latin America are also expected to experience significant growth in the years to come.
Some of the key players in commercial refrigeration equipment market include Dover Corporation, Daikin Industries, Ltd., Whirlpool Corporation, AHT Cooling Systems GmbH, AB Electrolux, Hussmann Corporation, Ingersoll Rand plc, Illinois Tool Works Inc., United Technologies Corporation (Carrier), and Haier, Inc. among other.