Commercial Refrigeration Equipment Market trends
Commercial Refrigeration Equipment Market Potential Growth, Share, Demand and Analysis of Key Players- Research Forecasts to 2023
MarketStudyReport.com Adds New Commercial Refrigeration Equipment Market 2016 – 2023 research report providing information and data By Application, By Product, Industry Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast spreading across 91 Pages with table and figures in it.
Commercial Refrigeration Equipment Market Research Report for the period of 2016-2023 that shows the growth of the market is rising at a Steady CAGR to 2023.
Commercial Refrigeration Equipment Market size is expected to reach USD 47.75 billion by 2023. Advent of industrialization coupled with mounting disposable income has led to significant change in food consumption. Rapid growing frozen foods industry is likely to drive commercial refrigeration equipment market size, throughout the forecast timeframe.
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The industry is expected to witness growth owing to huge capital investment with growing emergence of food services in terms of transportation, distribution and production. Increasing use of these devices in processes, horticulture, and seafood is estimated to elevate demand. Further, the growing international trade of frozen food items amongst countries due to changing food consumption trends has led to substantial rise in demand for commercial refrigeration equipment market.
The global energy demand for air conditioning and refrigeration accounted for around 20% of the overall energy consumption. Growing awareness regarding refrigerants that possess high global warming potential will present opportunities for technological advancement. For instance, the advent of magnetic systems is predicted to save up to 30% of the total energy consumption. It is a green technology product that requires low maintenance and offer higher energy efficiency.
Changing regulatory scenario is expected to phase out certain refrigerants, in order to reduce their power usage. For example, in the U.S. and Western Europe, ban on fluorocarbon-based refrigerants that have high ozone-depleting potential is expected to force consumers to purchase latest optimized equipment for more environmentally benign refrigerants. Growing demand in developed countries such as the U.S. by retrofitting to drive energy effiiency has increased maintenance and servicing activities of the existing inventory.
Rising fuel prices is anticipated challenge transportation refrigeration sector growth. However, introduction of zero-emission technology in order to deliver environmental benefits with reduced fuel consumption will mitigate the impact of the restraint.
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Transportation refrigeration equipment market was valued at over USD 5.5 billion in 2015 with 6.8% CAGR growth forecast. Rising consumer spending capability and global food trade dynamics are anticipated to propel segment growth. Refrigerators &freezers accounted for more than 18% of the commercial refrigeration equipment market share in 2015.
Food service segment is estimated to surpass USD 15 billion by 2023. Rising global expenditure on frozen food products as well as surging fast food chains due to swift urbanization is predicted to fuel industry growth.
Demographic trends such as level of urbanization, technological advancements including size reduction, improvements in materials, and microprocessor-based controls for energy efficiency and smart defrost system with various monitoring systems will stimulate U.S. commercial refrigeration equipment market size.
China is predicted to significantly contribute towards Asia Pacific commercial refrigeration equipment market share owing to rising middle class population coupled with mounting significance of international coffee and fast food chains.
Asia-Pacific Commercial Refrigeration Market Report 2018
In this report, the Asia-Pacific Commercial Refrigeration market is valued at USD XX million in 2017 and is expected to reach USD XX million by the end of 2025, growing at a CAGR of XX% between 2017 and 2025.
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