Commercial refrigeration equipment are used for preserving food such as vegetables, fruits, meat, and other similar products, by maintaining a temperature of 30C to -40C and increasing the shelf life of the product. Relatively larger share of the market for refrigerators is expected to be accounted for in the near future due to replacement of existing equipment through energy efficient and sustainable technology equipment.
In addition, some refrigeration equipment are specially designed to rapidly reduce the temperature of hot food from around 90C to as low as 30C in a short time period to eliminate the threat of bacterial proliferation.
The rise in demand for commercial refrigeration can be attributed to the increase in demand for frozen & chilled products among the consumers due to change in lifestyle and rapid urbanization. In addition, rapid growth in the organized retail sector, such as increase in number of hypermarkets and supermarkets, further boosts the overall sales of commercial refrigerators; thereby leading to the growth of the market.
However, need for frequent maintenance and potential technical issues arising due to lack of proper maintenance act as major restraints for the commercial refrigeration market. Conversely, advancements in technology and rise in the number of quick service restaurants especially in the emerging economies are expected to provide numerous opportunities for the market growth.
The report segments the commercial refrigeration market based on product type, end-user, and region. Based on product type, the market is divided into deep freezers, bottle coolers, storage water coolers, commercial kitchen refrigeration, medical refrigeration, chest refrigeration, and others. The others sub segment includes ice cubes, bottled water dispenser, visi coolers, refrigerated display cases, and beer dispensers.
On the basis of end-user, it is classified into full service restaurant & hotels, food processing industry, hospitals, retail pharmacies, supermarket/hypermarket, convenience stores, quick service restaurants, and others. The others sub segment comprises catering services, institutional catering, event services, bakery, bars and pubs. Based on region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is expected to dominate the global commercial refrigeration market during the forecast period.
The prominent players in the global commercial refrigeration market have strategically focused on acquisitions as their key strategy to gain significant share in the market. The key players operating in the global commercial refrigeration market are United Technologies Corporation, Daikin Industries Ltd., Illinois Tool Works Inc. (ITW), Johnson Controls International Plc, Dover Corporation, AB Electrolux, Panasonic Corporation, Ali Group Srl, Frigoglass S.A.I.C., and Haier Electronics Group Co., Ltd.
KEY BENEFITS FOR STAKEHOLDERS
• The report provides a quantitative analysis of the current market trends, estimations, and dynamics of the market size from 2018 to 2026 to identify the prevailing commercial refrigeration market opportunities.
• The key countries in all the major regions are mapped based on their market share.
• Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
• In-depth analysis of the size and segmentation assists in determining the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global industry.
• Market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players in the commercial refrigeration industry.
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