Global Commercial Refrigeration Equipment Market Report, published by Variant Market Research, forecast that the global market is expected to reach $51.6 Billion by 2024 from $32.2 Billion in 2016; growing at a CAGR of 6.1% from 2016 to 2024. By geography, Asia-Pacific and Rest of the World are expected to grow at a CAGR of 8.1% and 7.2%, respectively, during the forecast period. Commercial refrigeration equipment comprises refrigeration equipment that finds application primarily in food & beverages&associated industries.Refrigeration equipment is extensively used in commercial domiciles such assupermarkets, grocery stores, specialty food stores, and convenience stores.
“Commercial Refrigeration Equipment Market (By Equipment Type: Display Cases, Walk-In Coolers, Beverage Refrigeration, Ice Making Machinery, Parts, and Other Equipment; By Geography: North America, Europe, Asia-Pacific and Row) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 – 2024”
The global commercial refrigeration equipment market is mainly driven by rising international food trade
Rising international food trade due to rising incomes in developing countries which cause dietary changes such as eating more protein & meat are driving up food demand in the global commercial refrigeration equipment market. Additionally, growing number of specialty food stores, supermarkets, and hypermarkets worldwide have also boosted the market growth. However, increasing fuel costs, and environment regulations may hinder the market growth.Moreover, surging demand for chilled & frozen products, and growth of cold supply chains is likely to gain significant impetus for the market in the forthcoming years.
Equipment type, and geography are the major segments considered in the global commercial refrigeration equipment market.Equipment type segment is categorized into display cases, walk-in coolers, beverage refrigeration, ice making machinery, parts, and other equipment. Further based on geography, global commercial refrigeration equipment market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is further bifurcated into U.S., Canada, and Mexico, whereas Europe segment consists of UK, Germany, Italy, France, and Rest of Europe. Asia-Pacific is segmented into India, China, Japan and Rest of Asia-Pacific while RoW is bifurcated into South America, Middle East, and Africa.
Walk-in coolers held for the major market share in the equipment type segment
Global Commercial Refrigeration Equipment Market, by Equipment Type
Walk-in coolers accounted for around one fourth of the total market share in 2016, in the equipment type segment, and is expected to continue this trend during the forecast period 2016 – 2024.The growth is credited to its common usage in grocery stores, warehouses, restaurants, mortuary, and many others.
Asia-Pacific occupied the largest share in the global commercial refrigeration equipment market
GLOBAL COMMERCIAL REFRIGERATION EQUIPMENT MARKET SHARE BY GEOGRAPHY, 2016 (%)
In 2016, Asia-Pacific generated the largest revenue accounting for 33.9% of the total market share. Also, in terms of growth, Asia-Pacific is likely to reach the fastest CAGR with 8.1% during the forecast period 2016 – 2024. The growing middle-class population as well as rising number of working professionals that prefer frozen & stored food for ease of use is expected to drive the regional industry.
In April 28, 2016 – Daikin Industries, Ltd., acquired Zanotti S.p.A., an Italian commercial refrigeration manufacturer. This step of Daikin will enhance its business foundation by expandingits refrigerator and freezer business in all over Europe. Prominent players in the market include AHT Cooling Systems GmbH, AB Electrolux, Daikin Industries, Ltd., Whirlpool Corporation, Dover Corporation, Hussmann Corporation, United Technologies,Haier, Inc., Illinois Tool Works Inc., and Ingersoll Rand plc among others.