Commercial Refrigeration Equipment Market 2019 Global Share, Trends, Segmentation, Size, Top Key Players Analysis And Forecast To 2025
Jul 9, 2019
Commercial Refrigeration Equipment Market Share, Size, Trends, And Business Opportunity Analysis Report 2019 include historic data, with forecast data to 2025.
Pune, India - July 9, 2019 /MarketersMedia/ —
Commercial Refrigeration Equipment Industry report is helpful for future strategy development, and to know about Market Drivers, Restraints, Opportunities, And Global key players forecast to 2025.
Commercial refrigerant equipment is used for commercial retail and storage purpose and find extensive usage in hypermarkets, convenience stores, restaurants, and others. Market Research Future (MRFR) has recently published a report on the global commercial refrigeration equipment market, covering the essential accruals of the market based on pertinent trends and patterns governing the market. As per MRFR's study, the global commercial refrigeration equipment market is likely to post modest growth over the forecast period of 2015-2025.
A combination of various factors is driving the growth of the global commercial refrigeration equipment market. Economic upturn and urbanization have become the most prominent feature of the modern-day economy. The demand for convenience food has increased considerably, in the light of the above-mentioned factors which has generated demand for commercial refrigeration equipment. The number of hypermarkets, supermarkets, and groceries has witnessed a surge in recent years. Hectic lifestyle and a greater number of women joining the workforce has increased the sale of convenience as well as frozen food to a large extent. This too has favored the market growth.
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The food service industry has also demonstrated prolific growth, which has added fuel to the growth of the market. Other factors which contribute to the market growth include advancement in refrigeration technology and replacement of CFCs, HFCs, and HCFCs with alternative refrigerants which eliminate the harmful ozone depletion effect. Development of commercial refrigeration equipment with such alternative refrigerants has induced heightened demand with the market.
Conversely, the growth of the commercial refrigeration equipment market might be hindered by the high cost associated with these equipment and declining aftermarket.
Segmentation
The global commercial equipment market has been segmented based on product type and application type.
By product type, the commercial refrigerant equipment market has been segmented into display cases, walk-in coolers, beverages refrigeration, ice-making machinery, parts, and others. The other segment includes vending machines, reach-in coolers, liquid chillers, and cryogenic refrigeration.
By application type, the commercial refrigeration equipment market has been segmented into supermarkets, food manufacturing industries, hypermarkets, restaurants, and grocery stores.
Regional Analysis
Region-wise, the commercial refrigeration equipment market has been segmented into North America, Rest-of-the-World (RoW), Europe, Asia Pacific (APAC).
North America accounts for the largest share of the global commercial refrigeration equipment market. The aftermarket for commercial refrigeration equipment is consolidated in the region which provides lucrative growth opportunities for the market. The expanding food service industry reflects positively on the market growth. The region is paying heed towards the ban of harmful refrigerants such as chlorofluorocarbons (CFCs) which have led to the development of alternative refrigerants. Introduction of environmentally-friendly refrigeration equipment is likely to accelerate the growth of the market over the forecast period.
The APAC commercial refrigeration equipment market is anticipated to demonstrate noteworthy growth over the forecast period. The burgeoning growth of the foodservice industry and heightened production of food and beverages in the region generates massive demand for commercial refrigerant equipment, which drives the growth of the market. Development of the organized retail sector in the developing countries of the region such as China and India is also key to market growth. Increase in a number of hypermarkets, supermarkets, and grocery stores along with a rise in disposable income has induced demand within the commercial refrigeration equipment market.
Competitive Landscape
Daikin Industries Ltd (Japan), AHT Cooling Systems GMBH (Austria), Frigoglass (Greece), Johnson Controls (US), United Technologies Corporation (US), Dover Corporation (US), Illinois Tool Works Inc (US), AB Electrolux (Sweden), Hussmann Corporation (US), and Ali Group S.P.A (Italy) are the key players in the commercial refrigeration equipment market.
Industry Updates
June 2019 - Carrier Corporation, a leader in heating, air-conditioning and refrigeration solutions, announced that HFO refrigerants would be used in most of its future European product applications. The move comes as the company's commitment to environmental conservation and to ensure compliance with EU's F-gas regulations.
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Continued…….
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