New York City, NY -- (SBWire) -- 08/28/2020 --The surging urban population in several countries is pushing up the requirement for food items, which is, in turn, causing the rapid expansion of the organized food retail industry across the globe. As a result, the value of the global commercial refrigeration equipment market is expected to grow from $24.6 billion to $33.9 billion from 2019 to 2030. Further, the market will advance at a CAGR of 3.0% between 2020 and 2030. According to reports, the urban population in India is predicted to rise from 438 million to 1.4 billion from 2016 to 2023-end, while that in China will grow from 782 million to 1.4 billion by 2025.

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This growth in the urban population is driving the advancement of the commercial refrigeration equipment market, as the people living in the urban areas have a much higher purchasing power than those living in the rural areas. Moreover, the rising disposable income and changing lifestyles of urban people are augmenting the requirement for processed food, which is, in turn, propelling the demand for refrigeration systems, especially in tier I and II restaurants, food processing plants, hypermarkets, and medium-sized grocery stores. This is subsequently causing the progress of the organized food retail industry.

The outbreak of the COVID-19 infection has hampered the growth of the commercial refrigeration equipment market, because of:

* Reduced supply of food items, raw materials, and other essential components.
* Complete shutdown of the refrigeration system manufacturing facilities due to the lockdown
* Restrictions on international trade activities
* Lower consumer demand for non-essential products
* Restrictions on the movement of goods and people because of lockdown, thus affecting delivery operations

Globally, the Asia-Pacific (APAC) commercial refrigeration equipment market was the most lucrative, in terms of revenue, in the past few years and it is expected to hold the highest market share in the global industry in the years to come, mainly because of the rising disposable income of the people and the soaring population levels in the regional countries. For instance, according to the World Bank, out of all the trillion-dollar economies, India is presently registering the fastest GDP (gross domestic product) growth in the world. In APAC, due to the rising spending power and the growing influence of the Western culture, people are rapidly embracing the culture of eating-out at restaurants. Because of this reason, the number of restaurants and fast food outlets is quickly surging in the region, which is subsequently augmenting the requirement for commercial refrigeration systems.

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The prominent players operating in the commercial refrigeration equipment market are increasingly focusing on expanding their product portfolio for attracting more customers and increasing their revenue. For example, Carrier Global Corporation, which is a subsidiary of United Technologies Corporation developed the EasyCube chiller island and the Areor total transparency unit in October 2019 for the European convenience outlets, hypermarkets, and grocery stores.

The research includes detailed analysis of;

Based on Product
- Walk-In Coolers
- Beverage Refrigeration Equipment
- Display Showcases
- Ice Merchandisers & Ice Vending Equipment

Based on Distribution Channel
- Specialty Stores
- Hypermarkets/Supermarkets
- Online

Based on Application
- Food Service
- Food & Beverage Production
- Food & Beverage Retail

Based on End User
- Hospitality
- Hypermarkets/Supermarkets
- Departmental Stores
- Healthcare
- Offices & Buildings
- Convenience Stores
- Government

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