Albany, NY, May 31, 2016 (GLOBE NEWSWIRE) -- Commercial refrigeration equipment is specifically meant for commercial use with an extensive range of temperature control and with self-contained or remotely operated condensing units. It is used for the storage of food and beverages and for merchandising purposes.
The changing food habits and increasing international food trade are major factors fuelling the growth of the commercial refrigeration equipment market. Across the world, the expansion of the food service industry that includes hotels, restaurants, supermarkets, and fast food chains, is fuelling the demand for commercial refrigeration solutions for storing food and beverages.
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Product development and regulations for commercial-grade refrigeration standards will further trigger the replacement of obsolete commercial refrigeration equipment over the forecast period. Thus, it is anticipated that the rising demand for new energy-efficient equipment will boost the growth rate of commercial refrigeration equipment market until the end of the forecast period.
On the basis of product, transportation refrigeration equipment, beverage refrigerators, refrigerators and freezers, commercial refrigeration equipment parts, and other equipment (display cases, refrigerated vending machines, liquid chillers, ice machines, cryogenic equipment, and small market products like dairy coolers, compressor racks, and egg refrigerators) are the segments of this market.
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In 2014, the other equipment segment led the market, generating a revenue of US$13.47 bn. The growth of this segment is mainly due to the increasing demand for refrigerated display cases in retail outlets. However, transportation refrigeration equipment will display the fastest growth in the global market over the forecast period. The increasing trade of milk, fish, meat, fruits, vegetables, and other perishable foods is bolstering the growth of the transportation segment.
By application, the segments of this market are food service, food and beverage distribution, food and beverage retail, food and beverage production, and others (custom made places and purposes such as entertainment centers, sports venues, and research and development centers; warehousing). Of these, in 2014, food service led the global commercial refrigeration equipment market by revenue. However, the food and beverage retail segment will display the fastest growth over the forecast period.
Region-wise, Asia Pacific contributed the largest share of revenue (35.4%) to the global commercial equipment market in 2014.
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The report discusses the competitive scenario of this market at length. Top players in this market are focused on product development and tapping into emerging markets for increased sales. The report mentions key players in the global commercial refrigeration equipment market which are Daikin Industries Ltd., Danfoss A/S, Hussmann Corporation, Dover Corporation, Haier Inc., Beverage-Air Corporation, Whirlpool Corporation, United Technologies Corporation Carrier, Illinois Tool Works Inc., Ingersoll Rand Plc., Electrolux AB., and Metalfrio Solutions SA.
Market Segmentation of Global Commercial Refrigeration Equipment Market:
Global Commercial Refrigeration Equipment Market, by Product
- Transport Refrigeration Equipment
- Refrigerators and Freezers
- Beverage Refrigerators
- Other Equipment
Commercial Refrigeration Equipment Parts
Global Commercial Refrigeration Equipment Market, By Application
- Food Service
- Food and Beverage Retail
- Food and Beverage Distribution
- Food and Beverage Production
Global Commercial Refrigeration Equipment Market, By Geography
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
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