Commercial Refrigeration Equipment Market by Product Type, Refrigerant Type (Fluorocarbons, Hydrocarbons, Inorganics) Application (Hotels & Restaurants, Supermarkets & Hypermarkets), and Region (Europe, APAC, North America) - Global Forecast to 2023
The commercial refrigeration equipment market is projected to grow at a CAGR of 6.2% from 2018 to 2023
The global commercial refrigeration equipment market is projected to grow from an estimated USD 33.58 billion in 2018 to USD 45.45 billion by 2023, at a CAGR of 6.2%, from 2018 to 2023. The growth of the market can be attributed to the improving consumer lifestyles and flourishing food and healthcare industries, growing cold chain market, and increasing use of advanced technologies, for instance magnetic refrigeration. Stringent regulations for the use of fluorocarbon refrigerants is a restraint in the market.
The supermarkets & hypermarkets segment is expected to be the fastest-growing application segment of the commercial refrigeration equipment market during the forecast period
The supermarkets & hypermarkets application segment is projected to be the fastest-growing end-use industry of the commercial refrigeration equipment market from 2018 to 2023. Supermarkets and hypermarkets cannot survive without the commercial refrigeration equipment. It is a necessity of new generation grocery stores to constantly look for and adopt advanced and more efficient commercial refrigeration equipment systems.
The refrigerated display cases segment is expected to be the fastest-growing product type segment of the commercial refrigeration equipment market during the forecast period
The refrigerated display cases application segment is projected to be the fastest-growing end-use industry of the commercial refrigeration equipment market from 2018 to 2023. Refrigerated display cases are commercial refrigeration equipment used for storing food & beverages at retail outlets, such as bakeries, dairy stores, grocery stores, wine shops, convenience stores, supermarkets, and food service providers, such as hotels, restaurants, and bars.
Asia Pacific is estimated to account for the largest market share of the commercial refrigeration equipment market in 2018.
The growth of the commercial refrigeration equipment market in the Asia Pacific region is fueled by growth in the manufacturing sector; increase in spending on private & public infrastructure development; and rapid urbanization.
Profile break-up of primary interviews for the report:
By Company Type: Tier 1 - 42 %, Tier 2 - 25%, Tier 3 - 33%
By Designation: C level - 33%, Director level - 25%, Others - 42%
By Region: North America - 44%, Europe - 25%, Asia Pacific - 19%, Middle East & Africa - 6%, South America - 6%
As a part of the qualitative analysis, the research provides a comprehensive review of major market drivers, restraints, opportunities, and challenges. It also discusses competitive strategies adopted by market players, such as Carrier Corporation (US), Emerson Electric Company (US), Daikin Industries, Ltd. (Japan), and GEA Group AG (Germany).
The report defines, segments, and projects the commercial refrigeration equipment market based on product type, refrigerant type, application, and region. It provides detailed information regarding the major factors influencing the growth of the market, such as drivers, opportunities, and industry-specific challenges. It also strategically profiles key players and comprehensively analyzes their market shares and core competencies. The report analyzes competitive developments including new product launches/developments undertaken by key players.
Reasons to buy the report:
The report will help market leaders/new entrants in this market by providing them the closest approximations of revenue for the overall commercial refrigeration equipment market and its subsegments. This report will help stakeholders to better understand the competitive landscape and gain insights to position their businesses better and make suitable go-to-market strategies. The report will also help stakeholders understand the pulse of the market and provide information on key market drivers, restraints, challenges, and opportunities.