The Global Commercial Refrigeration Equipment Market size is expected to reach $47.8 billion by 2025, rising at a market growth of 5.6% CAGR during the forecast period.
Commercial refrigeration equipment has constantly diversified. This leads in developing of application-specific refrigerators like a display case, ice making machines, walk-in coolers, beverage machines, etc. In case of functionality, they offer reach-in coolers, vending machines, liquid-chillers, vending machines, and cryogenic refrigeration. Increase in urbanization and industrialization leads to the development of organized supermarkets, hypermarkets and food retail chains in emerging economies like Brazil, China, India, and Mexico.
Over the last couple of years, the commercial refrigeration equipment market has continuously expanded. This leads to the development of application-specific refrigerators, for example, display case, beverage machines, walk-in coolers, ice making machines, etc. In case of functionality, they provide vending machines, liquid-chillers, reach-in coolers, vending machines, and cryogenic refrigeration. Increase in industrialization and urbanization led to the development of organized hypermarkets, food retail chains, and supermarkets in emerging economies, for instance, China, Mexico, Brazil, and India. Furthermore, the growth in the Food & Beverages (F&B) sector of these countries has provided a boost to the commercial refrigeration equipment market. These countries are experiencing lucrative consumer markets which provide tremendous business opportunities.
Based on Product, the market is segmented into Refrigerators & Freezers, Transportation Refrigeration Equipment, Beverage Refrigeration, Ice Merchandisers & Ice Vending Equipment, Display Showcases and Others. Based on Application, the market is segmented into Food Service, Food & Beverage Distribution, Food & Beverage Retail, Food & Beverage Production and Others. The commercial refrigeration equipment market is growing because of an increase in investments in the food and beverage industry. Considering the growing population, the players of the food and beverage industry have increased the production to meet with the continuously growing demand. For example, the growing demand for the meat and meat related products which are perishable is pushing the demand for refrigeration systems in the predicted time span. Based on Retail Channel, the market is segmented into Hypermarket & Supermarket, Convenience store & Specialty store and Others. The regions included in the report are North America, Europe, Asia Pacific and LAMEA.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include WELBILT, Inc., Panasonic Corporation, Standex International Corporation, GEA Group AG, Emerson Electric co., Whirlpool Corporation, United Technologies Corporation, Johnson Controls International Plc., Illinois Tool Works Inc., and The Manitowoc Company, Inc.
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