Global Commercial Refrigeration Equipment Market is Estimated to Reach $52 Billion by 2024

Posted August 20, 2019 by jayashripatil

Global Commercial Refrigeration Equipment Market size is projected to be valued $52 Billion by 2024; with a CAGR of 6% from 2017 to 2025.

Global Commercial Refrigeration Equipment Market report published by Accurize Market Research forecast that the global market is expected to reach $52 billion by 2024; growing at a CAGR of 6% from 2017 to 2025. By geography, the Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.

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Rising international food trade to drive the global market

Rising international food trade due to rising incomes in developing countries which cause dietary changes such as eating more protein & meat are driving up food demand in the global commercial refrigeration equipment market. Additionally, the growing number of specialty food stores, supermarkets, and hypermarkets worldwide have also boosted the market growth. However, increasing fuel costs and environmental regulations may hinder market growth. Moreover, surging demand for chilled & frozen products and the growth of cold supply chains are likely to gain significant impetus for the market in the forthcoming years.

Market Segmentation

Equipment type and geography are the major segments considered in the global commercial refrigeration equipment market. The equipment type segment is categorized into display cases, walk-in coolers, beverage refrigeration, and ice-making machinery, parts, and other equipment.

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North America, Europe, Asia-Pacific and Rest of the world (RoW) are the geographical segments of the market. North America is further bifurcated into countries namely; U.S., Canada, and Mexico. Europe covers countries like Russia, the U.K., Germany, France, Italy and the Rest of Europe. Asia-Pacific covers China, India, Japan, South Korea and Rest of Asia Pacific. The rest of the World (RoW) covers South America, the Middle East, and Africa.

"Walk-in coolers accounted for the largest market share in the equipment type segment", says Accurize

Walk-in coolers accounted for around one-fourth of the total market share in 2017, in the equipment type segment. It is anticipated to continue this trend during the forecast period 2017 – 2025. The growth is credited to its common usage in grocery stores, warehouses, restaurants, mortuary, and many others.

"Asia-Pacific dominated the global market with the highest market share over the forecast period", says Accurize

Asia-Pacific generated the largest revenue accounting for 33.9% of the total market share. Also, in terms of growth, Asia-Pacific is likely to reach the fastest CAGR with 8.1% during the forecast period 2017 – 2025. The growing middle-class population, as well as the rising number of working professionals that prefer frozen & stored food for ease of use, is expected to drive the regional industry.

Top players in the market

Major companies operating in the market include AHT Cooling Systems GmbH, AB Electrolux, Daikin Industries, Ltd., Whirlpool Corporation, Dover Corporation, Hussmann Corporation, United Technologies, Haier, Inc., Illinois Tool Works Inc., and Ingersoll Rand plc among others
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Issued By jpatil
Country India
Categories Marketing
Tags commercial refrigeration equipment market , forecast , industry , regional , report , revenue , size , trend
Last Updated August 20, 2019