Wilmington, Delaware, United States, June 17, 2022 (GLOBE NEWSWIRE) -- The global commercial refrigeration equipment market is estimated to attract growth at a CAGR of 6.7% during the forecast period of 2022 to 2031, states a review by Transparency Market Research (TMR). Hence, the market is projected to gain a valuation of US$ 75.34 Bn by 2031.
The TMR study focuses on offering in-depth analysis on different aspects impacting the growth trajectory of the commercial refrigeration equipment market. Moreover, it sheds light on a wide range of products available in the market including the best commercial refrigerators in 2022 for restaurants.
Companies operating in the commercial refrigeration equipment market are utilizing different strategies such as collaborations in order to maintain their prominent positions. Moreover, they are investing heavily in product innovations and launching next-gen products. This aside, players are increasing awareness about their available product ranges and providing the complete guide to commercial refrigeration. These efforts are resulting into sizable increase in their products sales, which in turn, is propelling the global commercial refrigeration equipment market, according to analysts at TMR.
The commercial refrigeration equipment market in Asia Pacific is likely to attract notable growth opportunities during the forecast period due to factors such as rise in number of supermarkets and hypermarkets and increase in urbanization across several regional nations. This aside, the Asia Pacific commercial refrigeration equipment market is being driven by rise in spending on the development of private & public infrastructure and expansion of the regional manufacturing sector, note researchers at TMR.
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Commercial Refrigeration Equipment Market: Key Findings
- The demand for next-gen food refrigeration systems is being increasing in the recent years owing to their ability to offer striking designs that help in attracting the attention of customers. This factor, in turn, is propelling the commercial refrigeration equipment market. Moreover, the market is gaining lucrative prospects owing to a surge in the international food trade and shift in the food consumption trends among consumers around the world.
- In the food industry, refrigeration systems are being increasingly used in the convenience stores, food processing industries, and specialty food stores. Hence, the expansion of the food industry is resulting into profitable prospects for the commercial refrigeration equipment manufacturers, according to a TMR review.
- Major enterprises in the commercial refrigeration equipment industry are strengthening their production abilities in food truck commercial refrigeration equipment and kitchen fridge & freezers in order to cater to rising demand for these products. This aside, players are also offering a brief guide to refrigeration systems for the food service industry. Such efforts are expected to boost the sales growth in the commercial refrigeration equipment market.
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Commercial Refrigeration Equipment Market: Growth Boosters
- Surge in the application of refrigeration in the global food industry is generating profitable prospects in the commercial refrigeration equipment market
- Increasing understanding among consumers about different types of commercial refrigerators & their usage is resulting into promising business opportunities in the market
- Rise in the number of supermarkets and hypermarkets across the globe are boosting the demand for different types of commercial refrigeration equipment
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Commercial Refrigeration Equipment Market: Key Players
Some of the key players profiled in the report are:
- Daikin Industries Ltd.
- AB Electrolux
- Emerson Electric Co.
- Dover Corporation
- Fujimak Corporation
- Frigoglass S.A.I.C.
- Hussmann Corporation
- GEA Group AG
- United Technologies Corporation
- Johnson Controls International PLC
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Commercial Refrigeration Equipment Market Segmentation
Product Type
- Freezer
- Blast Freezer
- Contact Freezer
- Refrigerator
- Walk-in Refrigerator
- Commercial Reach-in Refrigerator
- Under Counter Refrigerator
- Counter Top Beverage Refrigerator
- Merchandiser and Display Refrigerator
- Food Prep Refrigerator
- Reach-in refrigerators & Freezers
- Others (Serve Over Counter, etc.)
- Refrigerated Vending Machines
- Display Cases/Showcase
- Ice Cream Cabinets
- Bakery display Cases
- Butchery Cases
- Others (Seafood etc.)
- Ice Cream Machines, Ice Machines
- Others (Transportation Refrigerators etc.)
Category
- Self-contained
- Remote Condensing
Refrigerant Type
- Fluorocarbons
- Inorganic
- Hydrocarbons
Application
- Food Service
- Full Service Restaurants & Hotels
- Quick Service Restaurants
- Caterers
- Others (Food Trucks, Caterers, etc.)
- Food Retail
- Hypermarkets & Supermarkets
- Convenience Stores
- Specialty Food Stores
- Other Retail Stores
- Food Distribution
- Food Production
- Others (Food Processing Industry, etc.)
Distribution Channel
- Direct Sales
- Indirect Sales
Regions Covered
- North America
- Europe
- Asia Pacific
- MEA
- South America
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