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Commercial Refrigeration Market With 4.4% CAGR, GPS Tracking Device Market Growth to Surpass USD 35.25 billion
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Rise in adoption of refrigerated food, frozen food, and confectioneries along with increase in number of fast food outlets and experience centers drive the growth of the global commercial refrigeration market. However, rise in concerns regarding maintenance hinders the market growth. On the other hand, business expansion in emerging regions and technological advancements present new opportunities in the coming years.
Covid-19 Scenario:
Manufacturing activities have been halted and the shortage of raw materials has been occurred. Installation of new refrigeration systems and maintenance activities of existing ones have been postponed due to lockdown measures implemented by governments of many countries.
The demand for commercial refrigeration reduced as full service restaurant & hotels, food processing industry, supermarket/hypermarket, convenience stores, and quick service restaurants were closed to avoid gathering of people and curb the spread. However, the demand would rise as these end industries begin their daily operations.
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Based on product, the chest refrigeration segment accounted for the largest market share in 2019, holding more than one-fourth of the market, and will maintain its dominance during the forecast period. However, the medical refrigeration segment is estimated to witness the fastest CAGR of 5.5% from 2021 to 2027.
Based on end user, the supermarket/hypermarket segment contributed to the largest market share in 2019, accounting for more than one-fourth of the global commercial refrigeration market, and is expected to continue its lead position throughout the forecast period. However, the retail pharmaciessegment is projected to witness the highest CAGR of 6.0% from 2021 to 2027.
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Based on region, Asia-Pacific accounted for the largest share in 2019, holding more than two-fifths of the total market share, and will maintain its leadership status by 2027. However, LAMEA is expected to grow at the largest CAGR of 4.9% during the forecast period.
Leading players of the global commercial refrigeration market analyzed in the report includeUnited Technologies Corporation, Illinois Tool Works Inc. (ITW), Daikin Industries Ltd., Dover Corporation, Johnson Controls International Plc, Panasonic Corporation, AB Electrolux, Frigoglass S.A.I.C., Ali Group Srl, and Haier Electronics Group Co., Ltd.
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