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Commercial Refrigeration Equipment Market: Trade Liberalization Helps Transportation Refrigeration Equipment to Lead Market
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According to TMR, the global market for commercial refrigeration equipment, which was US$ 39.44 bn in 2016, is expected to reach US$ 66.88 bn by the end of 2022. The market is also estimated to rise at a CAGR of 9.1% during the forecast period starting from 2015 and ending in 2022. Based on product type, transportation refrigeration equipment segment is expected to lead the market in coming years. Globalization and liberalization of agriculture will give impetus to the segment over the coming years. Geographically, in the global commercial refrigeration equipment market Asia Pacific is holding the leading position as a reason for increasing food industry in the region. Growing disposable income is also contributing in increasing this market in Asia Pacific region.
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Increasing Demand for Processed Food to Boost Commercial Refrigeration Equipment Market
Globally, changing lifestyle has developed the need for ready to eat food products. Moreover, the need for products that have high shelf life and limited time dedicated to household chores have significantly boosted the demand for processed food. Therefore, these factors will increase the demand for commercial refrigeration equipment market. Moreover, increasing demand for eggs, meat, fish, and other animal derived food has certainly expanded the market for commercial refrigeration equipment. Advancements taking place in refrigeration equipment that are focusing on providing high efficiency with price regulation has gained momentum to expand the commercial refrigeration equipment market. Furthermore, developing horticulture and animal husbandry practices where in a large amount animal meat and products needs to be stored that may boost the market for commercial refrigeration equipment market.
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High Installation Cost To Hinder the Growth of Market
Various restrains may limit the growth of the commercial refrigeration market during the forecast period. High installation cost involved with commercial refrigerators and uneasy replacement of commercial refrigeration equipment may hinder the market to attain growth at its full potential. In addition to that, increasing environmental concerns and stringent environmental regulatory policies with the use of refrigeration equipment emitting harmful gas may also hamper the growth of the market. However, technology advancements and increasing availability of quick service restaurants are expected to give impetus to the commercial refrigeration equipment market.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information. TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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