The “Global Commercial Refrigeration Equipment Market, By Product Type (Transportation Refrigeration (Shipping Container, Trailer, and Truck), Refrigerator and Freezer (Walk in, Reach in, and Chest), Beverage Refrigeration (Drinking Fountain, Soda Fountain, Beverage Dispensing, Beer Dispensing), Refrigerated Display Cases (Wine Cases, Other Beverage Cases), Ice Machine, and Refrigerated Vending Machine); By Application (Food & Beverage Production, Food & Beverage Retail, Food & Beverage Distribution, and Food Service), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) – Global Forecast to 2027” was valued at US$ US$ 28.10 billion in 2018 and is expected to witness a CAGR of 5.2% over the forecast period (2019–2027). Browse over 55 market data tables and 40 figures through 350 pages on "Commercial Refrigeration Equipment Market - Global forecast to 2027”. Commercial refrigeration equipment is specifically designed for commercial applications with remote or self-contained condensing units, featuring a wide range of temperature control options. These find significant application in food & beverage production, distribution, retail, and food service applications.
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According to Worldometers.info, in 2017, the global population of the world was around 7.55 billion, witnessing growth rate of over 1.12% in comparison to the previous year. Increasing population, in conjunction with improvement in the standard of living has led to significant increase in demand for frozen food and related products across the globe. Increasing preference among customers to preserve food, is expected to provide substantial growth for the global commercial refrigeration equipment market during the forecast period (2019 – 2027) The Asia Pacific is expected to dominate the market of commercial refrigeration equipment during the forecast period. The increasing population in the region, improving economic conditions, such as rising GDP & disposable incomes, and a booming consumer appliances sector have led to growth in the commercial refrigeration equipment in the region. According to analysis, in 2016, consumer spending was over 1,000 billion (PPP) which boosted the growth of food and beverage industry in Asia Pacific which further supporting the sales of commercial refrigeration equipment.
In addition, the growth in the manufacturing sector, increase in spending on private & public infrastructure development and rapid urbanization are the growth factor for the commercial refrigeration equipment market in Asia Pacific region. According to analysis, urban population in China is expected to reach around 1.4 billion by 2025, as compared to 782 million in 2016, whereas urban population in India is expected to reach around 1.4 billion by the end of 2023. However, demand for replacement and up-gradation of existing refrigeration equipment are expected to create considerable growth opportunities in the global commercial refrigeration equipment market.
Key Takeaways of the Global Commercial Refrigeration Equipment Market: