The
global commercial refrigeration equipment market is expected to reach USD 52.52
billion by 2024, according to a new report by Grand View Research, Inc. Growing
number of hypermarket and supermarket in developing regions has increased the
demand of energy efficient equipment in the recent years. Rapid industrialization,
rising disposable income and several other demographic shifts has led to
significant change in food and beverage consumption over the past few years.
Rising
capital investment with the growing emergence of food services in terms of
transportation, distribution and production is anticipated to proliferate
volume of shipments. Increasing use of these equipment in horticulture,
processes, and seafood is also projected to contribute to the industry demand.
Furthermore, the increasing international trade of frozen food items in various
countries owing to the shift in food consumption trends has led to the
considerable rise in demand for refrigeration products across the commercial
sector.
Advances
in compressor protection controls and introduction of reconfigured kitchen
space with modular commercial refrigeration units are anticiapted to drive the
demand for advanced technology. Modern products use evenly distributed air
temperature units and appropriate humidity levels. Continuous advancements in
cooling technologies have been ensuring the need for energy efficient products
across the hospitality sector.
Moreover,
commercial refrigeration equipment manufacturers invested considerably in
R&D activities to develop advanced and innovative products. Further, in
order to cater to the requirement of their customers, vendors provide
installation along with services such as repairing, and maintaining systems.
Access
Full research report on commercial refrigeration equipment market analysis:
http://www.grandviewresearch.com/industry-analysis/commercial-refrigeration-equipment-market
http://www.grandviewresearch.com/industry-analysis/commercial-refrigeration-equipment-market
Further
key findings from the study suggest:
·
Transportation
refrigeration equipment segment accounted for 19% in 2015, which is expected to
grow at a significant CAGR of 7.3% from 2016 to 2024. Globalization in
agriculture and trade liberalization is motivating the shift towards increased
preference for high nutrition and processed foods. Hence, rise in the
international food trade would foster the product segment as most of the
activities in the food trade require proper transportation facilities of food
articles between countries.
·
Food
service segment exhibited for over 32% of the revenue share in 2015 and is
projected to witness significant growth over the forecast period. Development
of cascade refrigeration systems with variable speed compressors are expected
to escalate the industry demand across the food and beverage industry.
·
Asia
Pacific is expected to witness substantial growth with a CAGR of nearly 7.5%
over the forecast period. The flourishing retail and food industry in the
region has led to increasing demand for innovative equipment. Further, the
rising consumption of packaged food and beverages is expected to rise the
industry growth.
·
Key
companies operating in the commercial refrigeration equipment industry include
Carrier, Electrolux AB, Daikin, Ingersoll-Rand PLC, Illinois Tool Works Inc.,
Dover Corporation, and Johnson Controls. Manufacturers in the industry are
focusing on expanding their presence across the globe to gain market share. For
instance, in 2015, Daikin Industries, Ltd. acquired Solvay S.A., the
refrigeration business in Europe of Belgium Chemical Group. This acquisition
will allow the company to fully expand the refrigerant business in Europe.
View more reports of this category by Grand
View Research at: https://www.grandviewresearch.com/industry/electronic-devices
Grand
View Research has segmented the commercial refrigeration equipment market on
the basis of product, application, retail channel and region:
Product
Outlook, Revenue (USD Million) & Volume (Thousand units), 2014 - 2024
·
Transportation
Refrigeration Equipment
·
Refrigerators
& Freezers
·
Display
Showcases
·
Beverage
Refrigeration
·
Parts
·
Others
Application
Outlook, Revenue (USD Million) & Volume (Thousand units), 2014 - 2024
·
Food
Service
·
Food
& Beverage Production
·
Food
& Beverage Distribution
·
Food
& Beverage Retail
·
Others
Retail
Channel Outlook, Revenue (USD Million) & Volume (Thousand units), 2014 -
2024
·
Hypermarkets
·
Supermarkets
·
Convenience
store
·
Specialty
food store
·
Others
Regional
Outlook, Revenue (USD Million) & Volume (Thousand units), 2014 - 2024
·
North
America
·
Europe
·
Asia
Pacific
·
Latin
America
·
Middle
East & Africa
Access
Full Press Release of this Report:
https://www.grandviewresearch.com/press-release/global-commercial-refrigeration-equipment-market
https://www.grandviewresearch.com/press-release/global-commercial-refrigeration-equipment-market
About
Grand View Research
Grand View Research, Inc. is a U.S. based market research and
consulting company, registered in the State of California and headquartered in
San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.