Industry Overview
The global commercial refrigeration equipment market is expected to grow at a CAGR of 6.4% during the forecast period with its market size predicted to reach USD 64.0 billion by 2024. The global commercial refrigeration market is anticipated to be driven by factors such as the increasing demand for ready-to-eat food and the mounting number of organized retail shops.
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Growth Drivers
The key factors pertaining towards the growth of the commercial refrigeration equipment market are adoption of natural refrigerants, improved efficiency, growth in food industry, increasing demand of ready to eat food, egg, meat and other animal derived food. Natural refrigerants are those which serve as refrigerants in the refrigerator and do not contain synthetic chemicals. thus, they are extensively being utilized for environmental sustainability worldwide.
Geographic Overview
Geographically, Asia-Pacific is the largest commercial refrigeration equipment market due to the increasing industrialization, in countries such as India and China. Increasing population in the region is also one of the reason behind the growth of the market. Growing food and beverages industry in China and India is supporting the growth of the market in the region.
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Competitive Insight
Key players in the commercial refrigeration equipment market are investing heavily in improving the quality of these equipment and developing the latest technologies that are strengthening their position in the market. However, it has been observed that local players are depending upon new technology to develop cost efficiencies, thus increasing the rivalry in the market to some extent.
Some of the major players operating in the commercial refrigeration equipment market are United Technologies Corporation, Johnson Controls International PLC, Daikin Industries Ltd., Dover Corporation, AB Electrolux, Illinois Tool Works Inc., Hussmann Corporation, Frigoglass S.A.I.C., AHT Cooling Systems GmbH, and Ali Group S.p.A.
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