- The commercial refrigeration equipment market is driven by surging urbanization and expansion of hypermarket and supermarket in developing countries.
- Increase in the number of retail outlets for perishable items has given rise to the global commercial refrigeration equipment market.
- The Asia-Pacific region has exceeded North America to become the largest market for commercial refrigeration equipment.
The commercial refrigeration equipment market includes equipment such as display cases, walk-in coolers, beverages refrigeration, ice making machineries, parts and other equipment. Others refer to vending machines, reach-in coolers, liquid chillers, and cryogenic refrigeration. The commercial refrigeration equipment market is driven by surging urbanization and expansion of hypermarket and supermarket in developing countries of Asia pacific and Latin America.
Increase in the number of retail outlets for perishable items has given rise to the global commercial refrigeration equipment market. Market Research Future, a firm which specializes in market reports related to the Consumer and Retail sector among others, recently published a report on this market. The market is set to develop following an exceptional revenue growth with an outstanding CAGR per cent in the forecast period.
Major Key Players:
The prominent companies that are involved in industry are
- United Technologies Corporation
- Hussmann Corporation
- AB Electrolux
- Frigoglass S.A.I.C
The market for commercial refrigeration equipment market is segmented on the basis of:
Type: Display cases, walk-in coolers, beverages refrigeration, ice-making machineries, parts and others. Display cases and beverage refrigeration devices are the most growing type of this segment.
Applications: Hospitals, bars, food service, hotels, and food and beverages preservation. Food service and hotels are the major sector for this industry.
End Users: Food manufacturing industries, hyper market and super market. Supermarkets are leading the segment in a major way as compared to other end users.
In June, 2016 – Cooltech Application made an announcement that it has completed the agreement with Structural Concept for installing the first magnetic cooling display cases in North America. This was one of the major investment made by the company which has gained much attention in North America region. The product has already been launched in Europe has been acknowledged in the market. With this launch, the commercial refrigeration equipment market has acquired higher revenue as compared to past years.
Geographically, North America is the leading market for global commercial refrigeration equipment market, in terms of revenue followed by Europe and Asia Pacific. The commercial refrigeration equipment market in North America is expected to grow at higher rate than that of Europe, owing to the increased aftermarket of commercial refrigeration equipment, such as replacement and repair of the currently used commercial refrigeration units.
The Asia-Pacific has exceeded North America in 2015 to become the largest market for commercial refrigeration equipment and expected to grow at an optimistic CAGR. The European market for Commercial Refrigeration Equipment is expected to grow at an influential CAGR in the forecast period even though the market in Europe is heading towards the maturity.
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