Press release
Commercial Refrigeration Market to See Stunning Growth: $35.25 Billion with a CAGR of 4.4% From 2021-2027
Commercial Refrigeration Market
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The growth of the global market for commercial refrigeration is driven by increase in demand for frozen & chilled products among consumers due to changes in lifestyle and rapid urbanization. Moreover, development of the organized retail sector coupled with increase in number of hypermarkets and supermarkets boosts the commercial refrigeration market growth. However, problems such as the need for frequent maintenance and potential technical issues arising due to lack of proper maintenance hamper the market growth.
Contrarily, advancements in commercial refrigerators such as integration of artificial intelligence (AI) coupled with rise in trend of automation of equipment and upsurge in number of food outlets & quick service restaurants especially in emerging economies are anticipated to provide potential opportunities for the growth of the commercial refrigeration market.
By end user, the supermarket/hypermarket segment accounted for a commercial refrigeration market share in 2019, and is expected to remain dominant during the forecast period. However, the retail pharmacies segment is expected to experience rapid growth with a CAGR of 6.0% from 2021 to 2027. This is attributed to the increased revenue from hospitals over the past few years, owing to rise in geriatric population and need for medical care.
Based on region, Asia-Pacific accounted for the largest share in 2019, holding more than two-fifths of the total market share, and will maintain its leadership status by 2027. However, LAMEA is expected to grow at the largest CAGR of 4.9% during the forecast period.
Asia-Pacific accounted for 43.7% of the market share of the total commercial refrigeration market in 2019, and is expected to remain dominant during the commercial refrigeration market forecast period, with major growth expected in China and India. Furthermore, rise in number of full service restaurants & quick service restaurants and increase in adoption of frozen food & confectioneries acts as the major driving forces of the commercial refrigeration market.
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The commercial refrigeration industry is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Increase in demand for commercial refrigeration equipment in Asia-Pacific and LAMEA is expected in the near future, owing to rapid industrialization and implementation of automation in these regions. Moreover, rise in number of food outlets coupled with expansion of retail pharmacies and experience centers such as supermarkets and hypermarkets is expected to provide lucrative opportunities for the growth of the global market.
The key players profiled in the report include United Technologies Corporation, Daikin Industries Ltd., Illinois Tool Works Inc. (ITW), Johnson Controls International Plc, Dover Corporation, AB Electrolux, Panasonic Corporation, Ali Group S.r.l., Frigoglass S.A.I.C., and Haier Electronics Group Co., Ltd.
๐๐๐ฒ ๐๐ข๐ง๐๐ข๐ง๐ ๐ฌ ๐จ๐ ๐ญ๐ก๐ ๐ฌ๐ญ๐ฎ๐๐ฒ:
โ Depending on type, the chest refrigeration segment in the market is expected to grow at a CAGR of 4.1% from 2021 to 2027.
โ Region wise, Asia-Pacific is projected to maintain its leading position throughout the forecast period, growing at a CAGR of 4.6%.
โ On the basis of end user, the supermarket/hypermarket segment accounted for 26.13% of the share in 2019; however, the retail pharmacies segment is expected to grow at a CAGR of 6.0% from 2021 to 2027.
โ China is expected to occupy a major share in the Asia-Pacific market in 2019.
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๐๐๐๐ ๐๐จ๐ซ๐ ๐๐ซ๐๐ง๐๐ข๐ง๐ "๐๐๐ ๐๐ฑ๐๐ฅ๐ฎ๐ฌ๐ข๐ฏ๐ ๐๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ:
โ Household Appliances Market is projected to reach $763,451 million by 2025
https://www.alliedmarketresearch.com/household-appliances-market
โ Europe Commercial Refrigeration Market is projected to reach $9,921.0 million by 2028
https://www.alliedmarketresearch.com/europe-commercial-refrigeration-market-A12711
โ White Goods Market is estimated to reach $ 1,031.0 billion by 2027
https://www.alliedmarketresearch.com/white-goods-market-A06558
โ Hand Dryer Market is projected to reach $3,100.1 million by 2031
https://www.alliedmarketresearch.com/hand-dryer-market
โ Commercial Steamer Market Size, Share, Growth, Trends and Forecasts 2021-2027
https://www.alliedmarketresearch.com/commercial-steamer-market-A07943
โ Water Heater Market is projected to reach $48,519 million by 2025
https://www.alliedmarketresearch.com/water-heater-market
โ Pizza Oven Market is projected to reach $3 billion by 2031
https://www.alliedmarketresearch.com/pizza-oven-market-A53686
โ Japan Household Appliance Market is expected to reach $27,979.0 million by 2025
https://www.alliedmarketresearch.com/japan-household-appliance-market
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