The uptick in demand for commercial retail and storage, especially for supermarkets is leading to rising demand for refrigeration equipment. Reports that explore the industrial automation and equipment industry have been presented by Market Research Future, which produces reports on industry verticals that appraise the market expansion and prospects. The market stands to gain USD 54.59 billion in revenue with an estimated CAGR of 5.98 % by 2025.
The expansion of the organized retail sector is a key factor influencing the progress of the commercial refrigeration equipment market. The rising dependency for chilled beverages, ready-to-eat products, and frozen food are promoting further development in the commercial refrigeration equipment market. Moreover, the altered food consumption trends globally are expected to further increase the commercial refrigeration equipment market share in the forecast period.
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The segmentation of the commercial refrigeration equipment market has been conducted on the basis of application, equipment type, and region. Based on the equipment type, the commercial refrigeration equipment market has been segmented into walk-in coolers, display cases, beverage refrigeration, parts, ice making machinery, and others. On the basis of applications, the commercial refrigeration equipment market has been segmented into hypermarket, supermarket, food manufacturing industries, and others. Based on the regions, the commercial refrigeration equipment market comprises of APAC, Europe, the Americas, Africa, and the Middle East.
Detailed Regional Analysis
The regional evaluation of the commercial refrigeration equipment market includes regions such as APAC, Europe, the Americas, Africa, and the Middle East. The commercial refrigeration equipment market was controlled by the Asia Pacific region trailed by the North American and European regions in 2018. In the Asia Pacific region, the commercial refrigeration equipment market is mainly motivated by the demand for walk-in coolers and display cases. The increase in fresh food intake, increasing demand for frozen foods, in addition to enhanced living levels and the rising middle-class consumers are benefitting the development of the commercial refrigeration equipment market in the region. The North American region held for the next major market for the commercial refrigeration equipment. Furthermore, the North American population spends approximately half of their food expenditures outside their home which is expected to increase further throughout the forecast period. Beverage refrigeration and display cases are anticipated to be the two fastest rising segments throughout the forecast period, credited mainly to increasing food retail outlets and increasing overall floor expanse of the retail stores. The progress of the commercial refrigeration market in the North American region is largely anticipated due to the replacement and repair of used refrigeration equipment.
The market has attained a progressive stride in the past few years, which is underlined by the activities in terms of valuation. The upsurge of sponsors in the market has acquired an indispensable role in the development of the market. The decrease in the barriers to trade is projected to encompass advanced areas for expansion in the impending years. The extension of the resources vital to endure against competition has improved extensively leading to a record development rate. The purpose of appropriately bolstering the global economy is being motivated through the expansion of this market as well. The market is well-armed to find the way through the shifting tides, abrupt upheavals, and uncharted waters in the international economy. The financial inflows in the market are being engrossed towards increasing the discoveries in the essential product offering offered in the market so that the growth doesn’t go off in the forthcoming period.
The strategic contenders operating in the commercial refrigeration equipment market are Hussmann Corporation, AB Electrolux, United Technologies Corporation, Frigoglass S.A.I.C., Daikin Industries Ltd, Dover Corporation, AHT Cooling Systems GmbH, Illinois Tool Works Inc., Ali Group SpA, and Johnson Controls, Inc.
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