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Global commercial refrigeration equipment market set for rapid growth, to reach around USD 61.44 billion by 2021: Report

A report by Zion Research attributes the growth in the market to an increasing number of hypermarkets, speciality food stores and supermarkets across the globe.

| | Aug 21, 2016 | 10:53 am
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Florida, United States: According to Zion Research’s recently published report — Commercial Refrigeration Equipment Market (Transport Refrigeration Equipment, Refrigerators and Freezers, Beverage Refrigerators, Parts and Others) for Food Service, Food and Beverage Production, Food and Beverage Distribution, Food and Beverage Retail, and Other Applications: Global Industry Perspective, Comprehensive Analysis and Forecast, 2015 – 2021 — global demand for the industrial 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 nine per cent between 2016 and 2021.

The report observed that commercial refrigeration equipment are typically used for refrigeration procedure in the food and beverage industry, and its market is primarily driven by a rising number of hypermarkets, speciality food stores and supermarkets across the globe; in addition to changing food consumption trends and rising international food trade. However, it noted that environment regulations and energy efficiency, and increasing fuel costs are a major restraint that may limit the growth of the market. Nonetheless, it added, consolidation of warehouses and growth of cold supply chains is likely to disclose the new avenues for commercial refrigeration equipment market in the near future.

The commercial refrigeration equipment market, the report explained, is segmented on the basis of different products, including transport refrigeration equipment, refrigerators and freezers, beverage refrigerators, parts and others.

The report highlighted that in 2015, transport refrigeration equipment was the largest segment in the commercial refrigeration equipment market and accounted for the largest share of the total market. Additionally, it projected that the market is expected to continue its dominance and be the fastest growing segment in the global market over the forecast period.

Food service, food and beverage production, food and beverage distribution, food and beverage retail and others are the key applications of the global commercial refrigeration equipment market, the report said.

According to the report, North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa (MENA) region are the key regional segments of the global commercial refrigeration equipment market. The market research organisation said that North America is expected to remain the dominant region over the forecast period in 2015, while demand for commercial refrigeration equipment was the highest in the Asia-Pacific, thus, it added that the region is expected to be the fastest growing and the largest revenue contributing region in commercial refrigeration equipment market during the forecast period.

Zion Research said that some of the key players in the commercial refrigeration equipment market include Dover Corporation, Daikin Industries, Whirlpool Corporation, AHT Cooling Systems, AB Electrolux, Hussmann Corporation, Ingersoll Rand, Illinois Tool Works, United Technologies Corporation (Carrier), Haier.

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