The global commercial refrigeration equipment market has been accumulating lucrative opportunities with the increasing rate of international food trade over the past years. Commercial refrigeration equipment is largely used in the transportation of extremely perishable foods and beverages, promising the market of an improving growth rate.
Food as the number one human need in all parts of the world is anticipated to remain as a strong growth factor for the global commercial refrigeration equipment market. For instance, China, Indonesia, and India have been at the forefront of increasing the production rates of seafood, whereas Peru has been a leader in aquaculture activities.
There are some interesting figures to take into consideration if you are a player operating in the global commercial refrigeration equipment market. Analysts foresee the market to be valued at a US$66.88 bn by the end of 2022 after progressing from a US$39.44 bn earned in 2016. During the forecast tenure 2015-2022, the market could expand at a 9.1% CAGR.
Trade Liberalization Helps Transportation Refrigeration Equipment to Lead Market
Researchers authoring the report segment the world commercial refrigeration equipment market as per application and product with different segments taken into account. On the basis of application, you could find some or the other prospects in four key segments, viz. food and beverage production, food and beverage distribution, food and beverage retail, and food service.
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However, analysts foretell the world commercial refrigeration equipment market to be largely benefited with the leading rise of food service anticipated to secure a king’s share until the end of the forecast tenure. The food and beverage industry could witness an escalation in the demand for commercial refrigeration equipment due to the improvement of cascade refrigeration systems installed with variable speed compressors.
By product, the world commercial refrigeration equipment market has been classified into commercial refrigeration equipment parts, beverage refrigerators, refrigerators and freezers, transportation refrigeration equipment, and other equipment. The last classification in the list could include equipment such as egg refrigerators, dairy coolers, compressor racks, liquid chillers, cryogenic equipment, refrigerated vending machines, ice machines, and display cases.
Out of the above segments, transportation refrigeration equipment is predicted to demonstrate a faster growth in the coming years. This segment could be favored for growth on account of the rise in international food trade with trade liberalization and globalization in agriculture.
Asia Pacific Grows Prominent with Increasing Food Demand in Emerging Nations
The growth of the international commercial refrigeration equipment market is envisaged to remain dominant in Asia Pacific as the region holds a leading position in the global food industry. The demand for food has been growing at a brisk rate in the region on the back of the speedy progress of emerging economies therein. International horticulture and food trading could see the achievement of a higher rate owing to enhanced consumer trends based on rising disposable income. It is important for players to note that this region is envisioned to attain a valuation of US$29.06 bn by the final forecast year.
Nevertheless, developed regions are also projected to significantly contribute to the international commercial refrigeration equipment market. For instance, North America could make its presence known in the market while riding on a vast consumption of foods that require commercial refrigeration. However, concerned players may look into the latest changes brought about by North American governments, especially the U.S., regarding the deployment of greener, modern refrigeration systems while replacing older units.
The report also provides a regional study of other important markets, viz. Latin America, the Middle East and Africa, and Europe. Besides this, it analyzes the competitive landscape while profiling key players such as Dover Corporation, United Technologies Corporation – Unit (Carrier), and Daikin Industries, Ltd.