The global commercial refrigeration equipment market size is projected to reach USD 48.61 billion 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.
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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.
Commercial Refrigeration Equipment Market Report Highlights
• 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.
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Commercial Refrigeration Equipment Market Segmentation
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
• Beverage Refrigeration
• Display Showcases
o Self-contained
o Remotely Operated
• Ice Merchandisers & Ice Vending Equipment
• Others
Commercial Refrigeration Equipment Retail Channel Outlook (Revenue, USD Million, 2015 - 2025)
• Hypermarket
• Supermarket
• Convenience Store
• Specialty Store
• Others
Commercial Refrigeration Equipment Application Outlook (Revenue, USD Million, 2015 - 2025)
• Food Service
• Food & Beverage Retail
• Food & Beverage Distribution
• Food & Beverage Production
• Others
Commercial Refrigeration Equipment Regional Outlook (Revenue, USD Million, 2015 - 2025)
• North America
o U.S.
o Canada
• Europe
o Germany
o U.K.
• Asia Pacific
o China
o India
o Japan
• Latin America
o Brazil
o Mexico
• Middle East & Africa
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.