Ocean View, Delaware , Aug. 01, 2016 (GLOBE NEWSWIRE) -- Commercial Refrigeration Equipment Market size is expected to reach USD 47.75 billion by 2023; according to a new research report by Global Market Insights, Inc.
Advent of industrialization coupled with mounting disposable income has led to significant change in food consumption. Rapid growing frozen foods industry is likely to drive commercial refrigeration equipment market size, throughout the forecast timeframe.
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The industry is expected to witness growth owing to huge capital investment with growing emergence of food services in terms of transportation, distribution and production. Increasing use of these devices in processes, horticulture, and seafood is estimated to elevate demand. Further, the growing international trade of frozen food items amongst countries due to changing food consumption trends has led to substantial rise in demand for commercial refrigeration equipment market.
The global energy demand for air conditioning and refrigeration accounted for around 20% of the overall energy consumption. Growing awareness regarding refrigerants that possess high global warming potential will present opportunities for technological advancement. For instance, the advent of magnetic systems is predicted to save up to 30% of the total energy consumption. It is a green technology product that requires low maintenance and offer higher energy efficiency.
Changing regulatory scenario is expected to phase out certain refrigerants, in order to reduce their power usage. For example, in the U.S. and Western Europe, ban on fluorocarbon-based refrigerants that have high ozone-depleting potential is expected to force consumers to purchase latest optimized equipment for more environmentally benign refrigerants. Growing demand in developed countries such as the U.S. by retrofitting to drive energy effiiency has increased maintenance and servicing activities of the existing inventory.
Rising fuel prices is anticipated challenge transportation refrigeration sector growth. However, introduction of zero-emission technology in order to deliver environmental benefits with reduced fuel consumption will mitigate the impact of the restraint.
Browse key industry insights spread across 91 pages with 47 market data tables & 33 figures & charts from the report, “Commercial Refrigeration Equipment Market Size By Application (Food & Beverage Retail, Food & Beverage Distribution, Food & Beverage Production, Food Service), By Product (Refrigerators & Freezers, Transportation Refrigeration Equipment, Beverage Refrigeration), Industry Analysis Report, Regional Outlook (U.S., Germany, UK, France, Italy), Application Potential, Price Trend, Competitive Market Share & Forecast, 2016 - 2023” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/commercial-refrigeration-equipment-market
Key insights from the report include:
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Global Market Insights has segmented the commercial refrigeration equipment industry on the basis of product, application, and region:
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.