How Ready-to-Eat Food Is Fueling the Commercial Refrigeration Equipment Market Growth Having Key Players: United Technologies, Hussmann, Electrolux, Dover Corporation & Daikin Industries, Ltd.

The introduction of advanced technologies, development of organized retail, and increasing demand for ready-to-eat food and beverages are driving the growth of the commercial refrigeration equipment market. In 2017, the market generated a revenue of $41,396.7 million as per P&S Intelligence, and it is projected to witness a CAGR of 6.2% during the forecast period (2018–2023).

Commercial refrigeration equipment refers to large refrigerators and freezers used at supermarkets, restaurants, hypermarkets, and convenience stores to keep food fresh for a long time.

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Display cases, transportation refrigeration equipment, walk-in coolers, ice making machineries, beverage refrigeration, parts, and other equipment are the various categories when the market is segmented by equipment type.

Among all, walk-in coolers led the commercial refrigeration equipment market in 2017 with 23.0% revenue share. Similarly, when segmented by application, the sector is categorized into food and beverage distribution, food and beverage retail, food service, and others.

The increasing demand for frozen and ready-to-eat food is fueling the domain growth. In developing countries, the lifestyle is changing; people are moving toward Western habits and culture. Additionally, most people here are working, due to which the demand for ready-to-eat and frozen food is increasing.

With growing purchasing power and increasing impact of Western lifestyle, such products have been widely accepted by the middle-class consumers in developing countries.

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For instance, if there is food spoilage, smell detectors in industrial refrigerators could alert retailers to remove the spoilt items. With such advancements in technology, retailers are expected to be drawn to commercial refrigeration equipment even more in the future.

Therefore, due to the demand for such efficient and technologically advanced commercial refrigerators, the growth opportunities for commercial refrigeration equipment market players are predicted to increase.

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P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

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