The Global Commercial Refrigeration Equipment Market to grow from USD 34.67 Billion in 2019 to USD 50.60 Billion by 2025, at a Compound Annual Growth Rate (CAGR) of 6.50%.
Market Segmentation & Coverage:
The research report categorizes the Commercial Refrigeration Equipment Market to forecast the revenues and analyze the trends in each of the following segments:
"The Merchandiser Refrigerators & Freezers is projected to witness the highest growth during the forecast period"
Based on Product, the Commercial Refrigeration Equipment Market studied across Merchandiser Refrigerators & Freezers, Beverage Refrigeration, Cold Room Cabinet, Refrigerated Display Cases, Refrigerated Vending Machine, and Transportation Refrigeration. The Transportation Refrigeration commanded the largest size in the Commercial Refrigeration Equipment Market in 2019, followed by the Cold Room Cabinet. On the other hand, the Merchandiser Refrigerators & Freezers expected to grow at the fastest CAGR during the forecast period, followed by the Transportation Refrigeration.
"The Inorganics is projected to witness the highest growth during the forecast period"
Based on Refrigerant Type, the Commercial Refrigeration Equipment Market studied across Fluorocarbons, Hydrocarbons, and Inorganics. The Fluorocarbons commanded the largest size in the Commercial Refrigeration Equipment Market in 2019, followed by the Inorganics. On the other hand, the Inorganics expected to grow at the fastest CAGR during the forecast period, followed by the Fluorocarbons.
"The Commercial Kitchens is projected to witness the highest growth during the forecast period"
Based on Application, the Commercial Refrigeration Equipment Market studied across Bakeries, Commercial Kitchens, Convenience Stores, Hotels & Restaurants, and Supermarkets & Hypermarkets. The Supermarkets & Hypermarkets commanded the largest size in the Commercial Refrigeration Equipment Market in 2019, followed by the Convenience Stores. On the other hand, the Commercial Kitchens expected to grow at the fastest CAGR during the forecast period, followed by the Hotels & Restaurants.
"The Asia-Pacific is projected to witness the highest growth during the forecast period"
Based on Geography, the Commercial Refrigeration Equipment Market studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas region surveyed across Argentina, Brazil, Canada, Mexico, and United States. The Asia-Pacific region surveyed across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, South Korea, and Thailand. The Europe, Middle East & Africa region surveyed across France, Germany, Italy, Netherlands, Qatar, Russia, Saudi Arabia, South Africa, Spain, United Arab Emirates, and United Kingdom. The Europe, Middle East & Africa commanded the largest size in the Commercial Refrigeration Equipment Market in 2019, followed by the Americas. On the other hand, the Asia-Pacific expected to grow at the fastest CAGR during the forecast period, followed by the Americas.
The factors attributing to the growth of the market are rising number of hypermarkets, specialty food stores, and supermarkets, increasing use of advanced technologies such as magnetic refrigeration, and flourishing food and healthcare industries to improve consumer lifestyle. However, some factors such as significant cost involved in maintenance of cold rooms and stringent regulations against the use of fluorocarbon refrigerants may hinder the market growth. The Commercial Refrigeration Equipment Market expected to showcase the opportunities such as improvements in the efficiency of refrigeration systems with the use of natural refrigerants, increasing capital investments in the food industry and growth of food services business, in terms of production, distribution, and transportation, and potential demand for carbon dioxide and ammonia cascade refrigeration systems. Soon market may face the possible challenges in the growth due to technical issue associated with the commercial refrigeration equipment systems. However, the key players in the market are putting regressive efforts to provide innovative offerings and benchmark strategies in the market.
Cumulative Impact of COVID-19:
COVID-19 is an incomparable global public health emergency that has affected almost every industry, so for and, the long-term effects projected to impact the industry growth during the forecast period. Our ongoing research amplifies our research framework to ensure the inclusion of underlaying COVID-19 issues and potential paths forward. The report is delivering insights on COVID-19 considering the changes in consumer behavior and demand, purchasing patterns, re-routing of the supply chain, dynamics of current market forces, and the significant interventions of governments. The updated study provides insights, analysis, estimations, and forecast, considering the COVID-19 impact on the market.
360iResearch Competitive Strategic Window:
The 360iResearch Competitive Strategic Window analyses the competitive landscape in terms of markets, applications, and geographies. The Competitive Strategic Window helps the vendor define an alignment or fit between their capabilities and opportunities for future growth prospects. During a forecast period, it defines the optimal or favorable fit for the vendors to adopt successive merger and acquisition strategies, geography expansion, research & development, and new product introduction strategies to execute further business expansion and growth.
360iResearch FPNV Positioning Matrix:
The 360iResearch FPNV Positioning Matrix evaluates and categorizes the vendors in the Commercial Refrigeration Equipment Market on the basis of Business Strategy (Business Growth, Industry Coverage, Financial Viability, and Channel Support) and Product Satisfaction (Value for Money, Ease of Use, Product Features, and Customer Support) that aids businesses in better decision making and understanding the competitive landscape.
Company Usability Profiles:
The Commercial Refrigeration Equipment Market is highly competitive and characterized by the presence of a large number of international and regional players in the market. The market has witnessed increased competition between vendors based on the pricing model, technology differentiation, brand name, quality of service, price differentiation, and technical expertise.
The report profoundly explores the recent significant developments by the leading vendors and innovation profiles in the Global Commercial Refrigeration Equipment Market, including Advansor A/S, AHT Cooling Systems GmbH, Baltimore Aircoil Company, Inc., Bitzer SE, Carnot Refrigeration, Carrier Global Corporation, Commercial Refrigeration Inc., Daikin Industries, Ltd, Danfoss, Emerson Electric Co., Evapco, Inc., GEA Group AG, Green & Cool, Heatcraft Worldwide Refrigeration, Henry Group Industries, Hill Phoenix, Inc., Hussmann Corporation, Ice Make Refrigeration Ltd., Johnson Controls International PLC, Mayekawa Mfg. Co., Ltd., National Refrigeration Company, Rockwell Industries Limited, SCM Frigo S.p.A., and Western Refrigeration Private Limited.