Pune, April 06, 2020 (GLOBE NEWSWIRE) -- The global commercial refrigeration equipment market size is predicted to reach USD 67.46 billion by 2026, Exhibiting a CAGR of 6.2% during the forecast period. The growing demand for commercial refrigeration in the food and beverage industry owing to high consumption of ready-to-eat and frozen food items across various regions. Moreover, the rising consumer shift towards healthy diet and food will have a positive impact on the commercial refrigeration equipment market growth. In addition, the implementation of advanced magnetic refrigeration technology and green technology will spur demand for commercial refrigeration, which in turn will bolster healthy growth of the market.
As per the published report by Fortune Business Insights, titled “Commercial Refrigeration Equipment Market Size, Share & Industry Analysis, By Type (Refrigerator & Freezer, Transport Refrigeration, Refrigerated Display Cases, Ice Machines, and Others), By Application (Food & Beverage, Retail Stores, Hotels & Restaurants, Chemicals & Pharmaceuticals, and Others) and Regional Forecast, 2019-2026” the market size stood at USD 42.08 billion in 2018. The commercial refrigeration equipment market report offers informative insights into all the prevailing trends of the commercial refrigeration equipment market analysis. It shares a comprehensive summary of all the segments and regions. It provides statistical data on all the recent developments in the market. It is created after extensive research followed by all-encompassing analysis to benefit companies, stakeholders, financers, and potential investors. It is designed with an aim to provide a clear picture of the market size. Moreover, it also includes product launches, acquisitions, collaborations & partnerships, and innovations and industry developments.
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An Overview of the Impact of COVID-19 on this Market:
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Unveiling of Innovative Refrigeration Equipment by Carrier to Boost Growth Prospects
Carrier Commercial Refrigeration, a world's leader in high-technology heating, air-conditioning and refrigeration solutions, launched a cool future at EuroShop 2020, the world’s largest trade fair for retail food investors. The “cool future” is equipped with sustainable and innovation-driven technology for commercial and warehouse refrigeration applications. The unveiling of the new commercial refrigeration equipment can be a critical factor in boosting the commercial refrigeration equipment market value during the forecast period owing to its live in-store experience, retail innovations, pioneering warehouse applications. Moreover, Victor Calvo, president, Carrier Commercial Refrigeration, said in a statement, “EuroShop 2020 is the ideal place to demonstrate how our latest high-performance, versatile refrigeration equipment can boost sales for customers.” He further added, “we offer a range of products that can help optimize product displays and create new sales opportunities and environments, all while reducing energy consumption and environmental footprint.”
The growing investment in the food and beverage industry will subsequently aid the development of the commercial refrigeration equipment market trends. As commercial refrigeration equipment has become a requirement to store bulks of food items, therefore the rising production of food and beverage will encourage the growth of the market.
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Rising Disposable Income to Augment Growth in Asia Pacific
The market in Asia Pacific generated a revenue of USD 10.30 billion in 2018 and is predicted to grow rapidly during the forecast period. The growth in the region is attributed to the increasing demand for frozen food items. The focus of food manufacturers towards frozen food to cater to the need of the customers will also boost the commercial refrigeration equipment market revenue in the forthcoming years. Moreover, the rising disposable income in developing countries of Asia Pacific, such as India and China, will also consequently bode well for the market in the region. In addition, the increasing emphasis of restaurants towards fresh, hygienic, and high-quality food will spur opportunities for the commercial refrigeration equipment market in Asia Pacific. North America is predicted to witness a high growth rate during the forecast period owing to the increasing investments in the food & beverage industries. The growing number of food joints, restaurants, and hotels will also contribute positively to the growth of the market in North America.
List of the Key Companies in the Commercial Refrigeration Equipment Market are;
- Emerson Electric Co. (St. Louis, Missouri)
- Carrier Corporation (Farmington, Central Connecticut)
- Danfoss (Nordborg, Denmark)
- GEA Group Aktiengesellschaft (Düsseldorf, Germany)
- DAIKIN EUROPE GROUP (Ostend, Belgium)
- Johnson Controls (Cork, Ireland)
- Nor-Lake, Inc. (Hudson, Wisconsin)
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Detailed Table of Content
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Key Technological Developments
- Consolidated SWOT Analysis of Key Players
- Global Commercial Refrigeration Equipment Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Sizing Estimations and Forecasts – By Type (Value)
- Refrigerator & Freezer
- Transport Refrigeration
- Refrigerated Display Cases
- Ice Machines
- Others (Vending Machines, etc.)
- Market Sizing Estimations and Forecasts – By Application (Value)
- Food & Beverage
- Retail Stores
- Hotels & Restaurants
- Chemicals & Pharmaceuticals
- Others (Healthcare, etc.)
- Market Analysis, Insights and Forecast – By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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