Commercial Refrigeration Equipment Market 2016 – 2023
Global Market Scenario of Commercial Refrigeration Equipment • Commercial refrigeration equipment market size was USD 30.94 billion in 2015, and is forecast to grow at 5.6% CAGR from 2016 to 2023. • Changing food patterns as a result of industrialization and technological development are expected to drive demand. • Food consumption patterns have evolved over the past few years, mainly due to decreasing dietary deficiency prevalence, overall economic development, and enhancement in the food industry supply chain. • Recent developments and research activities on various alternatives available suggest potential for improvements in noise levels, compactness, and other environmental aspects. • Transport refrigeration equipment market demand is largely influenced by transportation costs and trade patterns. The segment is forecast to grow at 6.8% CAGR from 2016 to 2023.
Continue..... • Key industry trends include implementation of zero-emission transport refrigeration system in order to bring these products up to modern emissions standards. Introduction of advanced products such as open front cases, multi-deck display cabinets incorporating LEDs and proximity sensors is expected to provide high growth prospects over the forecast period. • Volatile fuel prices have also impacted the world commercial refrigeration equipment market price trend, particularly in the transportation refrigeration equipment sector. • Growing number of supermarkets and retail outlets resulted from changing food habits is expected to fuel commercial refrigeration equipment market growth. • Increasing demand for walk-in coolers for food storage and merchandising in food sales and service applications is expected to drive adoption of these components over the next few years. • Get more detail @https://www.gminsights.com/industry-analysis/commercial-refrigeration-equipment-market
Germany commercial refrigeration equipment market size, by application, 2012 - 2023 (USD Million) https://www.gminsights.com/industry-analysis/commercial-refrigeration-equipment-market
360° Analysis • Application Analysis • The food service sector will remain the dominant segment over the forecast timeframe and surpass USD 15 billion by 2023. Food and beverage production application is forecast to grow at 6.6% CAGR from 2016 to 2023. The industry has witnessed considerable technological developments. Adoption of alternative refrigeration systems such as thermo-acoustic, thermo-electric and magnetic refrigeration helps realize energy savings of up to 30%, which will boost demand. • Regional Analysis • Asia Pacific commercial refrigeration equipment market size will witness the highest growth in the coming years, with revenue expected to surpass USD 14.5 billion by 2023. • Significant demand for food service is estimated to drive U.S. commercial refrigeration equipment market share, as customers continue to spend the majority of their food budgets outside the home • Competitive Market Share • Key companies in the industry are Daikin, Johnson Controls, Dover Corporation, and Carrier Corporation. Companies enter into mergers and acquisitions; significant R&D investments in order to develop and launch new products are also undertaken for competitive advantage.
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