Commercial Refrigeration Equipment Market To Reach $53.23 Billion By 2026 | Reports And Data
Commercial Refrigeration Equipment Market
The advancements in refrigeration technologies coupled with changing food habits is expected to propel the demand for Commercial Refrigeration Equipment
NEW YORK CITY, NEW YORK, USA, December 20, 2021 /EINPresswire.com/ -- Commercial refrigeration equipment market is forecast to reach USD 53.23 Billion by 2026, according to a new report by Reports and Data. Refrigeration is the process in which excess heat is removed from any source or material to maintain the temperature lower than its surroundings.
The growing demand for frozen products among the consumers has increased owing to the rapid urbanization and changing lifestyle. Rapid growth in the number of hypermarkets and supermarkets boosts the overall sales of commercial refrigerators; thus propelling the growth of the market. However, the high cost of installation associated with commercial refrigerators and reduction in the replacement rates for commercial refrigeration equipment is anticipated to hamper the market growth. Advancements in technology and rise in the number of quick-service restaurants are expected to provide lucrative opportunity for market growth.
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Commercial refrigeration equipment finds its application in preserving food such as fruits, vegetables, meat, and other goods by maintaining very low temperature and enhancing the shelf life of the good. Energy-efficient and sustainable technology equipment is replacing the existing equipment. Some refrigerant equipment is designed to reduce the temperature of the heated food in a short period to eliminate the issue of bacterial proliferation.
The growing demand for ready-to-eat food and the increase in the number of supermarkets and hypermarkets are the major driving factors of the commercial refrigeration equipment market.
Refrigerator and freezer held a market share of 21.4% in the year 2018. These type of equipment has various walk-in and reach-in freezers. Walk-in freezers have the highest demand, especially in restaurants and hotels. The rise in the number of food manufacturers, and the need to preserve food at a certain temperature is encouraging the growth of the segment.
Supermarkets and hypermarkets are forecasted to grow with a CAGR of 6.3% during the forecast period. The organized retail sector cannot survive without commercial refrigeration equipment. New generation grocery stores constantly look and adopt advanced and more efficient commercial refrigeration equipment systems to save overall cost.
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The Asia Pacific region held a market share of 35.5% in the year 2018. The ongoing industrialization in the emerging nations of the region, growth in population, and changes in food habits are boosting the market for commercial refrigeration equipment. The growing food and beverage industries are also supporting the growth of the market.
For the purpose of this report, Reports and Data have segmented into the global Commercial Refrigeration Equipment market on the basis of product type, refrigerant type, application, and region:
Product Type Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2016-2026)
• Refrigerator & Freezer
• Transportation Refrigeration
• Refrigerated Display Case
• Beverage Refrigeration
• Ice Cream Merchandiser
• Refrigerated Vending Machine
Refrigerant Type Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2016-2026)
• Fluorocarbons
• Hydrocarbons
• Inorganics
Application Industry Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2016-2026)
• Hotels and Restaurants
• Convenience Stores
• Market Size & Projection
• Bakeries
• Supermarkets & Hypermarkets
• Others
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Regional Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2016-2026)
• North America
• Europe
• Asia Pacific
• MEA
• Latin America
Key participants include Carrier Corporation, Heatcraft Worldwide Refrigeration, Baltimore Aircoil Company, Henry Technologies, Emerson Electric Company, Carnot Refrigeration, Danfoss, Bitzer, Hillphoenix, and Rockwell Industries Limited, among others.
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Tushar Rajput
Reports and Data
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