Global Commercial Refrigeration Equipment Market is Estimated to Reach $52 Billion by 2024, Says Accurize Market Research
Global Commercial Refrigeration Equipment Market report published by Accurize Market Research forecast that the global market is expected to reach $52 billion by 2024; growing at a CAGR of 6% from 2017 to 2025. By geography, Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.
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Rising international food trade to drive global market
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.
Market Segmentation
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, and ice making machinery, parts, and other equipment.
North America, Europe, Asia-Pacific and rest of the world (RoW) are the geographical segments of the market. North America is further bifurcated into countries namely; U.S., Canada and Mexico. Europe covers countries like Russia, U.K., Germany, France, Italy and Rest of Europe. Asia-Pacific covers China, India, Japan, South Korea and Rest of Asia Pacific. Rest of the World (RoW) covers South America, Middle East and Africa.
"Walk-in coolers accounted for the largest market share in the equipment type segment", says Accurize
Walk-in coolers accounted for around one fourth of the total market share in 2017, in the equipment type segment. It is anticipated to continue this trend during the forecast period 2017 – 2025.The growth is credited to its common usage in grocery stores, warehouses, restaurants, mortuary, and many others.
"Asia-Pacific dominated the global market with the highest market share over the forecast period", says Accurize
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 2017 – 2025. 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.
Top players in the market
Major companies operating in the market includeAHT 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
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