NEW YORK, June 20, 2017 (GLOBE NEWSWIRE) -- According to a new research report “Global Commercial Refrigeration Equipment Market Size, Share, Development, Growth and Demand Forecast to 2022 - Industry Insights by Equipment Type (Transportation Refrigeration Equipment, Display Cases, Walk in Coolers, Beverage Refrigeration, Parts, Other Equipment), by Application (Food & Beverage Distribution, Food & Beverage Retail, Food Service, Others), by End-User (Supermarkets, Hypermarkets, Convenience Stores, Hotels/Restaurants & Catering, E-Commerce, Others)” published by P&S Market Research, the global commercial refrigeration equipment market is projected to reach $55,688.6 million by 2022, growing at a CAGR of 6.1% during 2017 - 2022.
Browse Research Report on Commercial Refrigeration Equipment Market at: https://www.psmarketresearch.com/market-analysis/commercial-refrigeration-equipment-market
The research highlights that the rapid urbanization along with the expansion of supermarkets, hypermarkets, and food retail chains in the developing countries, such as India, China, and Brazil, is expected to increase the demand of commercial refrigeration equipment during the forecast period.
The market in Europe is heading towards maturity; however, the short product life cycle of the refrigeration equipment in developed regions along with the increasing floor area of hypermarkets and supermarkets and restaurants chains, the market for commercial refrigeration equipment is expected to witness considerable growth in the coming years. The stringent regulation over the use of F-gases as a refrigerant in commercial refrigeration equipment, owing to its negative effect on the ozone layers, is acting as one of the biggest hindrance in the growth of the commercial refrigeration equipment market.
Geographically, Asia-Pacific has been the largest as well as fastest growing commercial refrigeration equipment market. Unlike its western countries, the HFCs refrigerant regulation is not so stiff in developing countries of Asia-Pacific. In VI BRICS summit of 2014, all the five members agreed over India’s proposal of not accepting the Montreal Protocol for HFCs, unless other cost-effective alternatives technologies are provided by the developed countries to them. Until that, the HFCs regulation would be regulated with existing Kyoto Protocol. However, the effort to reduce the dependency on HFCs is in process in China.
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The development in the organized restaurant chains, supermarkets, and hypermarkets in developing countries is one of the key growth drivers for the commercial refrigeration equipment market. In developing countries, such as India, China, and Brazil, the urban consumers have higher purchasing power than those in rural part of these countries. In recent years, the government budget of these countries has shown prospects for the development of new smart urban areas. The urban population in China is expected to reach around 850 million by 2020, as compared to 756 million in 2014. The urban population in India is expected to reach around 465 million by the end of 2020. The increasing level of urbanization is expected to boost the demand of refrigeration equipment in food processing industries, tier II and tier I restaurants, hypermarkets, and medium sized grocery stores, during the forecasted period.
The global commercial refrigeration equipment market is fragmented with small number of large players and large number of small regional players. Apart from United Technologies Corporation (UTC), other major competitors held less than 10% share in the global market in 2016. UTC is focused on organic growth to further increase its market share in the coming years. The major strategic development in the market during the recent years includes product launch, client win, and mergers and acquisitions. Some of the major players in the market include United Technologies Corporation, Johnson Controls, Daikin Industries, Dover Corporation, Hussmann Corporation, AB Electrolux, Frigoglass S.A.I.C., AHT Cooling Systems GmbH, Ali Group S.p.A., and Illinois Tool Works Inc.
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