According to this report, the Global Commercial Refrigeration Equipment market accounted for $40.12 billion in 2017 and is expected to reach $98.86 billion by 2026 growing at a CAGR of 10.5% during the forecast period. Factors such as growing usage of advanced technologies such as magnetic refrigeration and growing demand for packaged food and beverages are fueling the market growth. However, high installation costs associated with commercial refrigerators are hampering the market. In addition, rapid growth in the organized retail sector, such as increase in number of hypermarkets and supermarkets provides huge opportunities for the players in the market.
Commercial refrigeration equipment is refrigerators with remote or self-contained condensing units. These refrigerators are designed especially for commercial use with a wide range of temperature control (typically from -18°C to +10°C). These are largely used for food and beverage storage and merchandising purposes. Moreover, some refrigeration equipment is particularly designed to quickly decrease the temperature of hot food from around 90C to as low as 30C, to remove the threat of bacterial proliferation. Commercial refrigeration equipment is commonly used at convenience stores, grocery stores, supermarkets, restaurants specialty food stores, cafeterias, and other food retail stores.
Amongst Application, food service application sector is expected to grow at the significant market share during the forecast period. Rising number of food chains and growing utilization of fast food will boost the demand for this equipment in the foodservice industry. Foodservice is all about food and beverages that are consumed out of the home. By Geography, Asia Pacific is anticipated to witness significant progress growing at CAGR. Factors influencing regional growth include continuous evolving technology, increasing international food trade, changing food consumption trends and rise in horticulture & seafood.
Some of the key players in Global Commercial Refrigeration Equipment Market are Daikin Industries, Ltd., Whirpool Corporation, Hussmann Corporation, Haier Inc., Metalfrio Solutions SA, Beverage-Air Corporation, Electrolux AB, Emerson Electric Company, GEA Group, Danfoss A/S, United Technologies Corporation – Carrier, Dover Corporation, Illinois Tool Works Inc. (ITW), Heatcraft Worldwide Refrigeration, Bitzer, Baltimore Aircoil Company, Hillphoenix, SCM Frigo, Panasonic, Williams Refrigeration and Bharat Refrigerations.
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