Commercial Refrigeration Equipment Market Set for Rapid Growth, to Reach around USD 61.44 billion by 2021

Zion Market Research has published a new report titled “Commercial Refrigeration Equipment Market (Transport Refrigeration Equipment, Refrigerators and Freezers, Beverage Refrigerators, Parts and Others) Market for Food Service, Food and Beverage Production, Food and Beverage Distribution, Food and Beverage Retail, and Other Applications: Global Industry Perspective, Comprehensive Analysis and Forecast, 2015 - 2021.” According to the report, global demand for commercial refrigeration equipment market was valued at USD 36.63 billion in 2015 and is expected to generate revenue of USD 61.44 billion by the end of 2021, growing at a CAGR of slightly above 9.0% between 2016 and 2021.

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Commercial refrigeration equipment is typically used for refrigeration procedure in food and beverage industry. It is used for food storage and merchandising purposes by the food wholesale industry, such as supermarkets, specialty food stores, grocery stores, and convenience stores. It is also used in restaurants and cafeterias. A commercial refrigerator is a free-standing part of the equipment that gives cold storage for a commercial kitchen. Some of the different types of commercial refrigeration include reach-in refrigerators and freezers, walk-in refrigerators and freezers, under counter refrigerators, refrigerated merchandisers, bar refrigeration.

Global commercial refrigeration equipment market is primarily driven by rising number of hypermarkets, specialty food stores, and supermarkets across the globe. Another major driving factor is changing food consumption trends and rising international food trade. However, environment regulations & energy efficiency, and increasing fuel costs are a major restraint that may limit the growth of the market. Nonetheless, consolidation of warehouses and growth of cold supply chains is likely to disclose the new avenues for commercial refrigeration equipment market in the near future.

The commercial refrigeration equipment market is segmented on the basis of different products including transport refrigeration equipment, refrigerators and freezers, beverage refrigerators, parts and other. In 2015, transport refrigeration equipment was the largest segment in commercial refrigeration equipment market and accounted for largest share of the total market. Additionally, it is expected to continue its dominance and be the fastest growing segment in the global market over the forecast period. Transport refrigeration segment followed by beverage refrigerators segment and others equipment was another key outlet for industrial refrigeration equipment market in 2015. Beverage refrigerators segment is expected to witness the fastest growth due to the rising number of restaurants, especially in the fast-food segment. The other equipment segment is projected to grow moderate rate during the forecast period due to the increasing demand for refrigerated display cases in retail stores.

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Food service, food and beverage production, food and beverage distribution, food and beverage retail and others are the key application of the global commercial refrigeration equipment market. The food service application segment dominated the market in terms of revenue food service and food and beverage retail segment is likely to have a significant growth within the forecast period.

North America, Europe, Asia-Pacific, Latin America and the Middle East & Africa are key regional segments of global commercial refrigeration equipment market. North America is expected to remain the dominant region over the forecast period in 2015. Demand for commercial refrigeration equipment was highest in Asia-Pacific. Hence, Asia Pacific is expected to be the fastest growing and the largest revenue contributing region in commercial refrigeration equipment market during the forecast period. Moreover, Europe and Latin America are also expected to show moderate growth for this market in the years to come.

Some of the key players in commercial refrigeration equipment market include Dover Corporation, Daikin Industries, Ltd., Whirlpool Corporation, AHT Cooling Systems GmbH, AB Electrolux, Hussmann Corporation, Ingersoll Rand plc, Illinois Tool Works Inc., United Technologies Corporation (Carrier), Haier, Inc.

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