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Commercial Refrigeration System Market Registering a Strong Growth by 2020 Says FMI
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Commercial refrigeration system market is segmented on the basis of application in food& beverage production, food & beverage retail, food & beverage distribution and food storage & service industry where refrigeration system are used for commercial purposes. Refrigeration system is extensively used in grocery stores, super markets, convenience stores and speciality food stores. Food service industry on the other hand includes restaurants and cafeteria. Customisation of refrigeration system as per the customers demand is a key trend in the global commercial refrigeration systemmarket. Expanding food retail chains mostly in tier II and tier I cities in developing regions is significantly driving growth in commercial refrigeration system market.
The global commercial refrigeration system market is also segmented on the basis of refrigerant types that arehydro chlorofluorocarbon (HCFC), hydro fluorocarbon (HFC), hydrocarbon (HC), inorganic which includes ammonia and carbon dioxide. The refrigerants markets which are used in refrigeration systemare expected to grow at a CAGR of 5 to 7% and fuel the growth of global refrigeration system market. The use of refrigerants is leading to green house effect and is giving way to the use of green refrigerants in the commercial refrigeration system market.
The global commercial refrigeration system market is segmented on the basis of product types such as beverage refrigeration, freezers & refrigerators and transportation refrigeration. Transportation refrigeration system consists of trailer refrigeration system, truck refrigeration system and shipping containers refrigeration system. The growth in theinternational food trade between nations due to change in the food consumption pattern amongst consumers is driving the demand for transportation refrigeration system.
Global commercial refrigeration system market is estimated to grow almost two fold during the forecast period and register double digit CAGR. North America is the dominantcommercial refrigeration system market in terms of revenue share followed by APAC and Europe. Growth in the food and service industry and changing consumer preferences for dining food in North America is driving growth in commercial refrigeration system market domestically. The Europe commercial refrigeration system market on the other hand is estimated to show significant growth with rising demand for frozen food items and expansion of retail chain in this region. Commercial refrigeration systemmarket is witnessing increasing use of solar powered systems and this technology is anticipated to play a major role in addressing energy scarcity issues.Utilization of advanced refrigerants and energy efficient systems are some of the upcoming trends in global commercial refrigeration system market. More use of commercial refrigeration system in horticulture process and sea food exports is expected to fuel the demand of global refrigeration system market
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Major players in the global commercialrefrigerationsystem market include Hussmann, Dover Corporation, Ingersoll Rand PLC, Daikin, AHT Cooling System GmbH, Traulsen, Berkshire Hathaway Inc, Johnson Controls Inc, and PanasonicCorporation. Key players have adopted strategies including joint ventures along with mergers and acquisitions to expand globally and are simultaneously improving their distribution network to establish strong market presence.
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Future Market Insights is the premier provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centres in the U.S. and India.
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