With Brazil being a prominent exporter of fruit juices, soy beans, fresh and frozen chicken etc the exuberant export of perishables from this country has been driving the adoption of commercial refrigeration equipment here.
Albany, NY -- (SBWIRE) -- 04/09/2018 -- Commercial refrigeration equipment holds a place of importance in several commercial and industrial setups with the food industry, pharmaceutical industry, and hospital settings. Increasing demand for frozen food, bakery products, and packaged food products is driving the demand for commercial refrigeration equipment. Recently, a new study titled "Commercial Refrigeration Equipment: Global Markets and Technologies Through 2022" has been broadcasted to the wide repository of Market Research Hub (MRH), which aims to provide comprehensive insights into the market current scenario and future growth prospects during the mentioned forecast period of 2017-2022.
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According to the research prime findings, the global commercial refrigeration equipment market computed $3.6 billion in 2017 and is estimated to reach nearly $4.9 billion by 2022, growing at a CAGR of 6.3% for the period of 2017-2022.
Commercial refrigeration equipment is defined as refrigeration systems that maintain temperatures at a level below than its atmospheres, in order to avoid spoilage of perishable products, including food items. The growing importance and convenience of frozen foods across the world have driven the demand for commercial refrigeration equipment market. It has been clearly stated in the study that, the vast rise in disposable incomes in various developing regions is a prominent factor is adding to the worldwide demand for food and beverages, which in turn is encouraging the demand for commercial refrigeration equipment market.
This 148-page intelligent study provides a clear overview of the market by highlighting key drivers, trends and factors associated with the market and helping in market expansion throughout the given forecast tenure. For a clear understanding, the report majorly focuses on some of the prime regions including the Middle East and Africa (MEA), Europe, Asia Pacific, North America, and Latin America. For each regional segment, the market size for future years has been analyzed which is based on revenue and market development between 2017 and 2026. Further, the commercial refrigeration equipment market can be broadly categorized into transportation refrigeration equipment, refrigerators and freezers, beverage refrigeration, and others.
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From a geographical point of view, North America is the largest and most prominent user of commercial refrigeration equipment. The region, which consists of the U.S. and Canada, is expected to see a strong growth rate in the coming years. Besides, APAC is the fastest growing market in this particular market and will see significant gains in market share during the forecasted period.
Some of the other major driving forces include:
- Growth in international food trade between nations
- Rising time constraints due to increasingly hectic work schedules
- Developments in the organized restaurant chains, supermarkets and hypermarkets
- Strong growth of global e-commerce
For its readers, the report also examines competition landscape in the global market of commercial refrigeration equipment and profiles some of the key players, such as AFINOX SRL, Ali Group, Blue Star Ltd., Daikin Industries, Ltd., Electrolux AB and Panasonic Corp., Carnot Refrigeration, Danfoss A/S, Dover Corp. and others.
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