Exclusive Report on Global Commercial Refrigeration Industry: Growth Opportunity | United Technologies Corporation, Daikin Industries Ltd., and Illinois Tool Works Inc. (ITW).

The global Commercial Refrigeration market size was valued at $28.25 Billion in 2020 and is expected to reach $40.82 Billion by 2028 growing at the CAGR of 4.36% from 2021 to 2028.

The commercial refrigeration market is driven by an increase in demand for frozen & chilled products among the consumers due to change in lifestyle and rapid urbanization. In addition, the rapid growth of the organized retail sector, such as the increase in the number of hypermarkets and supermarkets, further boosts the overall sales of commercial refrigerators; thereby leading to the growth of the market.

However, the need for frequent maintenance and potential technical issues arising due to lack of proper maintenance act as a major restraint for the market. Conversely, advancements in technology and the rising adoption of quick-service restaurants especially in developing economies present opportunities for market growth.

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Key Players

Some of the major Commercial Refrigeration players holding high market share include United Technologies Corporation, Daikin Industries Ltd., and Illinois Tool Works Inc. (ITW). These players use acquisition and collaboration as a key strategy to gain significant market share to compete with market leaders.

The key players profiled in the report are:
● United Technologies Corporation
● Daikin Industries Ltd.
● Illinois Tool Works Inc. (ITW)
● Johnson Controls International Plc
● Dover Corporation
● AB Electrolux
● Panasonic Corporation
● Ali Group Srl
● Frigoglass S.A.I.C.
● Haier Electronics Group Co.

The recently published research report on the Global Commercial Refrigeration Market by Evolve Business Intelligence examines the industry in the context of major market aspects including market size & forecast, market shares in terms of revenues and volume, key players, and SWOT analysis. The market is analyzed based on 4 separate indications in the market dynamic chapter: Drivers, Restraints, Key Trends, and Challenges. The total sum of these sections will help you understand what strategies will be best to adopt in order to prosper through this industry over a few short years. The quantitative analysis includes our actual findings out of this research study where we provided additional insight into what our readers can do to embrace new opportunities or plan against threats that might hinder the market.

The COVID-19 pandemic has led to disruption in the supply chain leading to lower demand or supply shortages in the Commercial Refrigeration market. The travel restrictions and social-distancing measures have resulted in a sharp drop in consumer and business spending and this pattern is expected to continue for some time. The end-user trend and preferences have changed due to the pandemic and have resulted in manufacturers, developers, and service providers adopting various strategies to stabilize the company.

The New Normal

As businesses recover from the COVID-19 pandemic, they have a new set of priorities to cope with. Throughout this crisis, they were forced to deal with shifting situations and often fell short of their ultimate goals. Now that a cure has been found and the pandemic is dying down, they will need to recuperate from this epidemic by setting forth new objectives to succeed in the future.

In terms of COVID 19 impact, the Commercial Refrigeration market report also includes the following data points:
● COVID19 Impact on Commercial Refrigeration market size
● End-User/Industry/Application Trend, and Preferences
● Government Policies/Regulatory Framework
● Key Players Strategy to Tackle Negative Impact/Post-COVID Strategies
● Opportunity in the Commercial Refrigeration market

Segmental Analysis

Market Segment By Product Type with focus on market share, consumption trend, and growth rate of Commercial Refrigeration Market:
o Deep Freezers
o Storage Water Coolers
o Medical Refrigeration
o Bottle Coolers
o Commercial Kitchen Refrigeration
o Chest Refrigeration
o Others

Market Segment By Application with the focus on market share, consumption trend, and growth rate of Commercial Refrigeration Market:
o E-commerce
o Supermarket/ Hypermarket E-commerce
o Foods Service Restaurant& Hotels
o Food Processing Industry
o Hospitals
o Retail Pharmacies
o Convenience stores
o Others

For more information: https://evolvebi.com/product/commercial-refrigeration-market-analysis-and-forecast-2021-2028-with-covid-impact-analysis/

Key Region/ Countries Covered
● North America (US, Canada, Mexico)
● Europe (Germany, U.K., France, Italy, Russia, Rest of Europe)
● Asia-Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
● Rest of the World (the Middle East & Africa and South America)

North America dominated the global market, chiefly driven by factors such as a well-established retail industry in the U.S., and the high adoption of commercial refrigeration equipment across various sectors in Canada and Mexico.

The Asia Pacific region is likely to witness significant growth over the forecast period owing to factors such as improvements in economic conditions, steady employment rates, rising gross disposable income, and increased spending on leisure activities such as traveling and dining out.

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