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North America Commercial Refrigeration Fans Market To Witness A CAGR Of ~3% Between 2019-2029
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The North America commercial refrigeration fans market was valued at ~ US$ 800 Mn in 2018 and is expected to exceed ~ US$ 1000 Mn by the end of 2029. The market is projected to grow at a CAGR of ~3% during the forecast period, 2019-2029.
The U.S. & Mexico are Prominent Countries in the North America Commercial Refrigeration fans Market
The U.S. market is expected to be the most dominant market for commercial refrigeration fans in North America, owing to the increasing number of food processing plants in the region. Increasing induction of refrigerated vehicles to strengthen cold chain supply systems and governmental initiatives to prevent food wastage are anticipated to drive the commercial refrigeration fans market. Besides, the export of agricultural produce to other countries is also fueling the demand for refrigerated containers. The Mexico market is expected to grow at a rapid pace owing to the positive economic outlook forecasted for the region and the increasing number of supermarkets, and hypermarkets in the country.
Growing Transportation Refrigeration Segment Boosting the Market
The induction of refrigerated trucks and trailers to transport food and minimize spoilage is gaining steam in North America. Several perishable food items, such as dairy products, meat, and vegetables, need to be consumed within a short span as these products have limited shelf life. Moreover, to maintain the freshness of ice-creams and cold-pressed fruit juices, manufacturers need to transport these products in refrigerated trucks and trailers. Transportation refrigeration is also being used in containers to export surplus agricultural produce.
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Food Security Concerns Fuelling the North America Commercial Refrigeration Fans Market
Increase in the production of food and beverages, along with the expansion of cold chain capacities to ensure efficient storage and reduce wastage of food is estimated to boost the demand for commercial refrigeration fans across North America. According to the Food and Agricultural Organization of the United Nations (FAO), food wastage across North America is increasing. This has been primarily attributed to the lack of cold chain facilities to store perishable food products. Several companies across North America are currently investing in strengthening their cold chain systems to minimize food wastage. Thus, such rapid expansion of cold warehouse capacities in North America is expected to drive the demand for commercial refrigeration fan systems across the region.
Key Players in the North America Commercial Refrigeration Fans Market
key players in the North America commercial refrigeration fans market are Regal Beloit Corporation, Delta Electronics (Americas) Ltd., Continental Fan, Multi Wing America Inc., EPEC LLC., QM Power, The New York Blower Company, East West Manufacturing, Ebm-papst, Revcor Airflow Solutions, and Rosenberg USA.
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