Commercial Refrigeration Equipment Market to Expand at a CAGR of 9.1% from 2015 to 2022
Posted: May 23, 2019
The global commercial refrigeration equipment market features a highly competitive landscape, Transparency Market Research (TMR) estimates. Some of the prominent players including Whirlpool Corporation, Ltd., Beverage-Air Corporation, Haier, Inc., United Technologies Corporation, Dover Corporation, and Ingersoll Rand Plc are dominating in the global commercial refrigeration equipment market. Numerous companies are expanding their product portfolio by adopting the strategies of the product differentiation and expansion of businesses globally. Additionally, these players are heavily investing in the research & development (R&D) activities, which are leveraging the key players.
TMR’s report based on the global commercial refrigeration equipment market estimated the massive growth with a striking CAGR of 9.1% over the forecast period from 2015 to 2022. With the vigorous CAGR, the market is expected to attain a value of US$66.88 bn by the end of 2022 from a value of US$39.44 bn in 2016.
On the basis of product type, the transportation refrigeration equipment segment accounted for the leading share and is estimated to retain its dominance in the overall market in the coming years. This growth is attributable to the growing demand for the effective transportation by maintaining specific temperature is driving growth of the segment in the market. Geographically, Asia Pacific held a leading position in the global commercial refrigeration equipment market owing to the boom in the packages and processed food industry in the region.
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Growing Consumption of Processed and Frozen Food to Boost Market’s Growth
Rapidly changing lifestyle coupled with a growing need for ready-to-eat food products is boosting demand for the advanced commercial refrigeration systems. Busy lifestyle and limited time for chores have boosted the demand for the preserved and ready-to-eat food products. These factors are positively reflecting on growth of the global commercial refrigeration equipment market. Additionally, food products derived from eggs, fish, meat, and other animal’s needs to refrigerate to preserve them for a longer time. A growing number of meat eating people has boosted horticulture and high-quality meat production, which is boosting the commercial refrigeration equipment market.
Moreover, rapid advancement in the technology of refrigeration equipment, which has enhanced its efficiency by regulating the prices, is leading to boost the market growth substantially. Furthermore, growing disposable income of the mid-earning people is leading to a swift change in lifestyle and increase in consumption of processed and packaged food. This is one of the key factors driving growth of the global commercial refrigeration equipment market.
Environmental Concerns to Pose as a Restraint to the Market’s Growth
However, threat due to numerous factors is restraining growth of the global commercial refrigeration equipment market. The factors such as the high installation cost of commercial refrigerators and lengthy procedure of replacement are hindering growth of the global commercial refrigeration equipment market. Additionally, the increase in environmental concerns coupled with stringent regulatory policies on the emission of the greenhouse gases (GHG) from refrigerators is restraining growth of the commercial refrigeration equipment market.
Nonetheless, growing need from the food & beverages manufacturing industries and widening its applications across chemical or other industries are offering numerous growth opportunities for the market in the coming years. Moreover, product advancements and the increasing availability of the quick servicing restaurants are expected to be beneficial for the growth of the commercial refrigeration equipment market.
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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materia