Commercial Refrigeration Equipment Market 2019-2026 Business Growth Analysis, Technological Innovation by Top Leading Player- United Technologies Corporation, Ingersoll-Rand plc, Johnson Controls Incorporated

Commercial refrigeration equipment market refers to the utilization of cooling units that specifically include convenience stores, hypermarkets, supermarkets, distribution warehouses, production centers, and the service industry. These employ an extensive range of equipment, including vending machines, ice machines, beverage conservation units, trailers, refrigerated display cases, trucks, containers and walk-in/reach-in refrigerators. Growing demand for food & beverages accompanied by high inclination of consumers towards readymade edible products, owing to busy urban lifestyle are expected to fuel growth of the commercial refrigeration equipment market through the forecast period.

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The global commercial refrigeration equipment market is estimated to be valued at US$ 29.38 billion in 2017 and is expected to witness a CAGR of 5.1% during the forecast period (2017 – 2025).

Market Dynamics

Proliferating businesses of frozen food and chilled products, substantial advancements in the refrigeration systems, and increasing number allowances and rebates for highly efficient practices and methods are creating a conducive environment for growth of the commercial refrigeration equipment market. Initiatives undertaken by government bodies to support the usage of environmentally friendly refrigerants for controlling emission of harmful hydrofluorocarbons (HFCs), in EU and U.S. have led to positive impact on the market. Increasing women in the workforce, specifically in the Asia Pacific region is expected to fuel demand for ready-to-eat food, primarily owing to the lack of the time for performing household activities. However, long product lifecycles and intensive competition among manufacturers have led to significant decrease in the overall profit margins of industry participants.

Market Taxonomy

This report segments the global commercial refrigeration equipment market on the basis of product type, application, and geography. On the basis of product type, the commercial refrigeration equipment market is segmented into transportation (shipping container, trailer, truck), refrigerator & freezer (walk-in, reach in, chest), beverage refrigeration (drinking fountain, soda fountain, beverage dispensing, beer dispensing), refrigerated display cases (wine cases, other beverage cases), ice machines, and refrigerated wending machines. On the basis of application, the market is segmented into food & beverage production, food & beverage retail, food & beverage distribution, and food service. For comprehensive understanding of market dynamics, the global commercial refrigeration equipment market is analyzed across key geographical regions namely, Latin America, North America, Europe, Asia Pacific, Middle East, and Africa. Each of these regions is analyzed on basis of market findings across major countries in these regions for a macro-level understanding of the market.

Increasing employment of woman in the workforce is driving growth of the market, specifically in Asia Pacific

According to Economic & Labor Market Analysis by International Labor Organization, the woman employment ratio in emerging economies, specifically in Asia Pacific, had significantly increased by 2012. Urban lifestyle and the increasing number of woman in the workforce are likely to cause significant decrease in time dedicated to household chores. This has led to substantial demand for frozen and ready-to-eat food, in turn, boosting growth of the commercial refrigeration equipment market in the region.

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Key industry participants in the commercial refrigeration equipment market include United Technologies Corporation, Ingersoll-Rand plc, Johnson Controls Incorporated, Daikin Industries Limited, Dover Corporation, Hussmann Corporation, AHT Cooling Systems GmbH, Ali SpA, Illinois Tool Works Incorporated, Emerson Electric Company, Leer Incorporated, True Manufacturing Company Incorporated, and Whirlpool Corporation. Industry presence is highly fragmented with only major players contributing to small overall industry shares.

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