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Commercial Refrigeration Equipment Market Growing at a CAGR of 5.0% by 2026
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The commercial refrigeration equipment market was valued at US$ 28.09 Bn and from 2016 to 2026 it is projected to progress at a CAGR of 5.0% for reaching an expected value of US$ 45,913.5 Mn by 2026 end.
Over the last few years, there has been a substantial surge in retail stores worldwide. In retail sector, key players are expanding themselves in developing markets of Asia Pacific regions, especially in India and China. This expansion is being done to take advantage of on-growing power of customer’s expenditure in these areas. Speedy development of the systematized retail sector categorized by expanding number of supermarkets and hypermarkets. This in turn will boost overall food & beverage chain development, as a result during the forecast period sales of commercial refrigerators and freezers will increase. A budding request for frozen and chilled products will also initiate the market growth of commercial refrigeration equipment globally during the forecast period.
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However, some factors that are globally restricting the market growth of commercial refrigeration equipment during the over the forecast period include decline in replacement rates, stringent government rules that are pertaining to OEMs and suppliers of the parts.
The global market of commercial refrigeration equipment is segmented on the basis of Product Type (Refrigerator and Freezer, Refrigerated Vending Machine Beverage Refrigeration Equipment, Refrigerated Display Cases, Transportation Refrigeration, Ice Machine,). During the forecast period, the Refrigerator and Freezer segment is anticipated to dominate the market and is scheduled to exhibit a CAGR of 4.7%.
By Application Type (Food and Beverage Retail, Food and Beverage Distribution, Food Service, Food and Beverage Production,), the Food Service application segment is expected to account for a value share of 32.3% by the end of 2016.
And among Regions (Middle East, North America, Latin America, Other CIS Countries, EU, China, EEU, APAC, and Africa), North America is expected to dominate the market and is projected to increase from US$ 7,960.7 Mn in 2015 to US$ 12.54 Bn by 2026. The China commercial refrigeration equipment market is expected to grow with the highest value CAGR of 8.2% in the forecast period. The market in Asia Pacific excluding China is expected to register a relatively high CAGR of 5.3% throughout the period 2016-2026.
Some of the key players operating in the global commercial refrigeration equipment market include Standex International Corporation, Ingersoll-Rand PLC.
Panasonic Corporation, Dover Corporation, Lennox International Inc., Daikin Industries Ltd., AHT Cooling Systems GmbH, Whirlpool Corporation, , Illinois Tool Works Inc., Manitowoc Company, Inc., Fujimak Corporation, Hoshizaki Corporation, Electrolux AB, Qingdao Haier Co. Ltd., and United Technologies Corporation.
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Long-term Outlook: The commercial refrigeration equipment market is projected to progress at a CAGR of 5.0% for reaching an expected value of US$ 45,913.5 Mn by 2026 end.
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