Market Analysis
Global Commercial Refrigeration Equipment Market will touch USD 10,036.9 million at a 6.78% CAGR between 2019- 2025, as per the recent analysis by Market Research Future (MRFR). Commercial refrigerators are utilized so that goods stored inside are visible to the consumer or those using the refrigerator easily. Such equipment possesses one/two compartments of which one comprises a freezing compartment, which is used for displaying items that require being stored below or on 0°C.
Various factors are propelling the global commercial refrigeration equipment market growth. As per the latest MRFR report, such factors include advances and innovations in refrigeration technologies, changing food habits, growing disposable income, improved living standards in emerging countries, growing hospitality sector, burgeoning demand for organic and all-natural products, and increasing focus by manufacturers to develop such equipment which consumes limited or less amount of energy. Additional factors propelling market growth comprise increasing demand for frozen & processed foods in urban areas and rising consumption of instant food products.
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On the contrary, fluctuating fuel prices, strict regulations for OEMs and part suppliers, and slow pace in replacement & upgradation of old commercial refrigeration systems are factors that may limit the global commercial refrigeration equipment market growth over the forecast period. Besides, price fluctuations, disruption in supply, and reduction in production due to the ongoing COVID-19 outbreak is also affecting the market growth.
Key Competitors
Eminent players profiled in the Global Commercial Refrigeration Equipment Market Report include Williams Refrigeration (India), EPTA (Italy), Rockwell Industries Limited (India), Voltas, Inc. (India), Kysor Warren (US), A Dover Company(US), Hillphoenix, Hussmann Corporation (US), AHT Cooling Systems GmbH (Austria), and United Technologies Corporation(US).
Market Segmentation
The MRFR report offers an inclusive segmental analysis of the global commercial refrigeration equipment market based on application and type.
By type, the global commercial refrigeration equipment market is segmented into beverage refrigeration, walk-in coolers/reach-in coolers, and display cases. Of these, the walk-in coolers/reach-in coolers will lead the market over the forecast period. Extensive application owing to its high efficiency to keep food fresh for long is adding to the growth of the segment.
By application, the Global Commercial Refrigeration Equipment Market is segmented into hypermarkets, supermarkets, and others. Of these, supermarkets will dominate the market over the forecast period. The burgeoning demand for such equipment in supermarkets is since this system helps to gain expertise to attain energy efficiency as well as cut down carbon footprints sans compromising on performance.
Regional Analysis
Based on the region, the global commercial refrigeration equipment market report covers the growth opportunities and recent trends across North America, Europe, the Asia Pacific, & the Rest of the World (RoW). Of these, North America will dominate the market over the forecast period. Consumers’ busy lifestyles resulting in the increasing purchase of ready-to-eat meals coupled with the concern of the government and associated regulation towards food safety are adding to the global commercial refrigeration equipment market growth in the region.
The commercial refrigeration equipment market in the APAC region is predicted to grow at a fast pace over the forecast period. The presence of top commercial refrigeration equipment manufacturing companies, increasing focus on R&D by top players to augment the efficiency of commercial refrigeration, surging demand from local retail chains in India, Japan, & China, and the establishment of organized restaurant chain & a new hypermarket and supermarket in tier I and II cities are adding to the global commercial refrigeration equipment market growth over the forecast period.
The global commercial refrigeration equipment market in Europe is predicted to have healthy growth over the forecast period. The presence of an organized food & grocery retail industry, growth of food chains, hypermarkets & supermarkets, and the ongoing expansion of grocery retail chains by leading retailers are adding to the global commercial refrigeration equipment market growth in the region.
The commercial refrigeration equipment market in the RoW is predicted to have sound growth over the forecast period.
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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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