Commercial Refrigeration Equipment Market size is expected to reach USD 47.75 billion by 2023: Global Market Insights, Inc.

Commercial Refrigeration Equipment Market size is expected to reach USD 47.75 billion by 2023; according to a new research report by Global Market Insights, Inc.

Advent of industrialization coupled with mounting disposable income has led to significant change in food consumption. Rapid growing frozen foods industry is likely to drive commercial refrigeration equipment market size, throughout the forecast timeframe.

The industry is expected to witness growth owing to huge capital investment with growing emergence of food services in terms of transportation, distribution and production. Increasing use of these devices in processes, horticulture, and seafood is estimated to elevate demand. Further, the growing international trade of frozen food items amongst countries due to changing food consumption trends has led to substantial rise in demand for commercial refrigeration equipment market.

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The global energy demand for air conditioning and refrigeration accounted for around 20% of the overall energy consumption. Growing awareness regarding refrigerants that possess high global warming potential will present opportunities for technological advancement. For instance, the advent of magnetic systems is predicted to save up to 30% of the total energy consumption. It is a green technology product that requires low maintenance and offer higher energy efficiency.

Changing regulatory scenario is expected to phase out certain refrigerants, in order to reduce their power usage. For example, in the U.S. and Western Europe, ban on fluorocarbon-based refrigerants that have high ozone-depleting potential is expected to force consumers to purchase latest optimized equipment for more environmentally benign refrigerants. Growing demand in developed countries such as the U.S. by retrofitting to drive energy effiiency has increased maintenance and servicing activities of the existing inventory.

Rising fuel prices is anticipated challenge transportation refrigeration sector growth. However, introduction of zero-emission technology in order to deliver environmental benefits with reduced fuel consumption will mitigate the impact of the restraint.

Key insights from the report include:
Transportation refrigeration equipment market was valued at over USD 5.5 billion in 2015 with 6.8% CAGR growth forecast. Rising consumer spending capability and global food trade dynamics are anticipated to propel segment growth. Refrigerators & freezers accounted for more than 18% of the commercial refrigeration equipment market share in 2015.

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Food service segment is estimated to surpass USD 15 billion by 2023. Rising global expenditure on frozen food products as well as surging fast food chains due to swift urbanization is predicted to fuel industry growth.

Demographic trends such as level of urbanization, technological advancements including size reduction, improvements in materials, and microprocessor-based controls for energy efficiency and smart defrost system with various monitoring systems will stimulate U.S. commercial refrigeration equipment market size.

China is predicted to significantly contribute towards Asia Pacific commercial refrigeration equipment market share owing to rising middle class population coupled with mounting significance of international coffee and fast food chains.

Industry participants include Johnson Controls, Daikin, Carrier Corporation and Dover Corporation. R&D and new product development will continue remaining key growth strategies in the coming years.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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This release was published on openPR.