The "Global Commercial Refrigeration Equipment Market, By Product Type (Transportation Refrigeration (Shipping Container, Trailer, Truck), Refrigerator and Freezer (Walk in, Reach in, 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 Geography (Europe, North America, Asia Pacific, Latin America, Middle East, and Africa) – Global Forecast to 2025" is estimated to be valued at US$ 29.38 billion in 2017 and expected to witness a CAGR of 5.1% over the forecast period (2017–2025), as highlighted in a report published by Coherent Market Insights.
Browse over 55 market data tables and 40 figures through 350 pages on "Commercial Refrigeration Equipment Market - Global forecast to 2025”.
Commercial refrigeration equipment are specifically designed for commercial applications with remote or self-contained condensing units, featuring wide range of temperature control options. These find significant applications in the food & beverage production, distribution, retail, and food service applications.
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According to Worldometers.info, the global population in 2017 is estimated to be around 7.55 billion, witnessing a growth rate of over 1.12% when compared to the previous year. Rising population and changes in lifestyle of people has led to increasing demand for frozen food and related products across the globe. Moreover, increasing need for preserving food to meet the demand of customers is expected to drive growth of the commercial refrigeration equipment market over the forecast period (2017 – 2025).
In developed economies of Europe and North America, the demand for refrigeration equipment has reduced due to high market penetration in these regions. However, demand for replacement and development of existing facilities are expected to drive growth of the market. Asia Pacific largely contributes to the global population and has witnessed an increase in commercial activities, specifically in the food & beverages sector. High economic growth in the emerging economies of Asia Pacific is expected to be a major factor fueling growth of the commercial refrigeration equipment market.
Key Takeaways of the Commercial Refrigeration Equipment Market:
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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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