Global Commercial Refrigeration Equipment Market is est […]
Global Commercial Refrigeration Equipment Market is estimated to reach $51.6 billion by 2024; growing at a CAGR of 6.1% from 2016 to 2024. Commercial refrigeration equipment is used to remove heat from a room or unit in order to designate a cold or freezing area in which to store food, medicine, or other items which must be stored at those temperatures. Growing number of supermarket and hypermarket in emerging regions has surged the demand of energy resourceful equipment in the recent times. Besides, rising disposable income, rapid industrialization, and various other analytical shifts has led to noteworthy change in food & beverage expenditure over the past years.
The global commercial refrigeration equipment is segmented into equipment type, and geography. By equipment type, the segment comprises walk-in coolers, display cases, beverage refrigeration, parts, ice making machinery, and other equipment.
Based on geography, global commercial refrigeration equipment market is segmented into North America, Europe, Asia-Pacific, and Rest of the World . North America is further bifurcated in U.S., Canada, and Mexico, whereas Europe segment consists of UK, Germany, Italy, France, and Rest of Europe. Asia-Pacific is segmented into India, China, Japan and Rest of Asia-Pacific while RoW is bifurcated into South America, Middle East, and Africa.
Rising number of specialty food stores, supermarkets, and hypermarkets worldwide, and rising international food trade are the primary factors to drive the growth of the global commercial refrigeration equipment market. Though, increasing fuel costs, and strict environmental regulations might restrict the market growth. Moreover, surging demand for chilled & frozen products, and growth of cold supply chains is expected to pose numerous growth opportunities for the market in the given forecast timeframe.