The global commercial refrigeration equipment market size is projected to reach USD 48.61billion by 2025, growing at a CAGR of 5.4% over the forecast period, according to a new report by Grand View Research, Inc. Advancements in refrigeration technologies along with the changing food habits are expected to impel the market growth over the forecast period. The refrigerators & freezers is anticipated to emerge as the fastest-growing product segment with a CAGR of 6.4% from 2019 to 2025.
Innovation in magnetic refrigeration systems and other emerging technologies are also expected to have a positive impact on the market growth. Super markets are one of the most prominent retail channels for such equipment. The segment was valued at USD 2.20 billion in 2018 and is projected to maintain the dominance in future due to increasing number of supermarkets and hypermarkets in developing countries, such as China and India .Growing disposable income levels and improving standards of living in the emerging countries are also boosting the growth of super and hypermarkets.
The convenience store segment is said to register the highest CAGR of 6.1% over the forecast period. North America is a prominent region in the global market as it is the biggest manufacturer and exporter of the product. The region accounted for a market share of more than 32% in 2018. However, Asia Pacific is expected to emerge as the fastest-growing market from 2019 to 2025, owing to rise in the product manufacturing in this region.
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Further key findings from the study suggest:
The refrigerators &freezers segment is expected to reach USD 12.31 billion by 2025 at a CAGR of 6.4% from 2019 to 2025
Technological advancements in refrigerators are anticipated to boost their demand in the food service and production segment
F&B distribution is expected to be the fastest-growing application segment at a CAGR of 6.3% over the forecast years
Key companies in the commercial refrigeration equipment market are Dover Corp.; Daikin Industries Ltd.; Carrier Commercial Refrigeration, Inc.; Johnson Control, Inc.; and Haier Group Corp.
Grand View Research has segmented the global commercial refrigeration equipment market on the basis of product, retail channel, application, and region:
Commercial Refrigeration Equipment Product Outlook (Revenue, USD Million, 2015 - 2025)
Transportation Refrigeration Equipment
Refrigerators & Freezers
Ice Merchandisers & Ice Vending Equipment
Commercial Refrigeration Equipment Retail Channel Outlook (Revenue, USD Million, 2015 - 2025)
Commercial Refrigeration Equipment Application Outlook (Revenue, USD Million, 2015 - 2025)
Food & Beverage Retail
Food & Beverage Distribution
Food & Beverage Production
Commercial Refrigeration Equipment Regional Outlook (Revenue, USD Million, 2015 - 2025)
Middle East & Africa
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