Sarasota, FL, Aug. 08, 2016 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Commercial Refrigeration Equipment Market (Transport Refrigeration Equipment, Refrigerators and Freezers, Beverage Refrigerators, Parts and Others) Market for Food Service, Food and Beverage Production, Food and Beverage Distribution, Food and Beverage Retail, and others Applications: Global Industry Perspective, Comprehensive Analysis and Forecast, 2015 – 2021”. According to the report, global demand for commercial refrigeration equipment market was valued at USD 36.63 billion in 2015, and is expected to generate revenue of USD 61.44 million by end of 2021, growing at a CAGR of slightly above 9.0% between 2016 and 2021.
Refrigeration equipments are made up of four key components, i.e. evaporator, throttle valve condenser and compressor. Transportation refrigeration equipment, refrigerators and freezers, beverage refrigerators, display cases, ice machines, refrigerated vending machines, and cryogenic equipment are the key types of commercial refrigerators equipment.
Browse 27 Market Tables and 24 Figures spread through 110 Pages and an in-depth TOC on "Commercial Refrigeration Equipment Market - Global Size, Shares, Trends, Segment & Forecast to 2021”
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Commercial refrigerators are mainly used for food and beverage storage and merchandising purposes by the food wholesale industry, such as supermarkets, specialty food stores, grocery stores, and convenience stores. It is also used in restaurants and cafeterias. A commercial refrigerator is a free-standing part of equipment that gives cold storage for a commercial kitchen. Some of the different types of commercial refrigeration include reach-in refrigerators and freezers, walk-in refrigerators and freezers, undercounter refrigerators, refrigerated merchandisers, bar refrigeration.
Global commercial refrigeration equipment market is primarily driven by rising number of hypermarkets, specialty food stores, and supermarkets across the globe. Another major driving factor is changing food consumption trends and rising international food trade. However, environment regulations & energy efficiency, and increasing fuel costs are a major restraint that may limit the growth of the market. Nonetheless consolidation of warehouses and growth of cold supply chains is likely to disclose the new avenues for commercial refrigeration equipment market in the near future.
North America represents developed regional markets for commercial refrigeration equipment and expected to see the stable growth through the next few years. The U.S. is by far the leading commercial refrigeration equipment market by country in North America. Increasing consumer expenses is expected to encourage food industry participants to expand the number of retail restaurants in the U.S. Government facilities for energy-efficient products and year-on-year increasing demand for frozen products will be mainly responsible for the growth of the market. California, Texas and Florida represent an enormous growth for refrigerated systems due to high density of restaurants and convenience stores in these states.
Browse the full "Commercial Refrigeration Equipment Market (Transport Refrigeration Equipment, Refrigerators and Freezers, Beverage Refrigerators, Parts and Others) Market for Food Service, Food and Beverage Production, Food and Beverage Distribution, Food and Beverage Retail, and Other Applications: Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2015 – 2021" report at https://www.zionmarketresearch.com/report/commercial-refrigeration-equipment-market
Asia Pacific is another leading regional market and is expected to be the fastest regional segment for the commercial refrigeration equipment market within the forecast period. Asia Pacific was the largest revenue contributor in 2015 and accounted for 34% share of the global commercial refrigeration equipment market. In Asia, China and India will continue to be the fastest growing markets in commercial refrigeration equipment. China will continue to be the world’s fastest growing market for commercial refrigeration equipment. Moreover, the consumption of ready to eat products, and cold food has increased significantly in emerging countries over the past few years. Additionally, technological advancement in emerging countries such as Russia, Taiwan, Brazil, India and China is encouraging the demand growth during the next few years.
The European market is heading towards maturity, and it is expected to witness a steady growth during the forecast period. Germany is expected to be the largest market during the forecast period owing to the increasing development activities of popular retail chains in this region. However, environmental regulations may pose the challenge to market growth.
Latin America regional market is expected to be the largest in the global commercial refrigeration equipment market. But now it is facing challenges owing to reliance on trade relations with North American and European economies. The commercial refrigeration equipment market is driven by changing consumer lifestyle and food habits resulting in increased consumption of frozen food items and items which require refrigerated storage. Moreover, improvement in relationship with emerging economics such as South Africa, Korea, Japan, and others is expected to drive the growth of this market. Middle East & Africa is also expected to be one of the largest regional market in the global commercial refrigeration equipment.
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Some of the key players in commercial refrigeration equipment market include Dover Corporation, Daikin Industries, Ltd., Whirlpool Corporation, AHT Cooling Systems GmbH, AB Electrolux, Hussmann Corporation, Ingersoll Rand plc, Illinois Tool Works Inc., United Technologies Corporation (Carrier), Haier, Inc.
This report segments the global commercial refrigeration equipment market as follows:
Global Commercial Refrigeration Equipment Market: Product Segment Analysis
- Transport Refrigeration Equipment
- Refrigerators and Freezers
- Beverage Refrigerators
- Commercial Refrigeration Equipment Parts
Global Commercial Refrigeration Equipment Market: Application Segment Analysis
- Food Service
- Food and Beverage Production
- Food and Beverage Distribution
- Food and Beverage Retail
Global Commercial Refrigeration Equipment Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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