Commercial refrigeration equipment
A commercial refrigerator is a free-standing piece of equipment that provides cold storage for commercial organisations. Some of the different types of commercial refrigeration include reach-in refrigerators and freezers, walk-in refrigerators and freezers, undercounter refrigerators, refrigerated merchandisers and bar refrigeration.
Commercial refrigeration equipment is typically used for refrigeration of food and beverages. It is used by supermarkets, specialty food stores, grocery stores, convenience stores, restaurants and cafeterias and so on.
Global demand for industrial refrigeration equipment was valued at USD 36.63 billion in 2015, and is expected to generate revenue of USD 61.44 billion by the end of 2021, growing at a CAGR of slightly above 9.0%.
The global commercial refrigeration equipment market is driven by the rising number of hypermarkets, specialty food stores, and supermarkets across the globe as well as by changing food consumption trends and the growth of the international food trade. Consolidation of warehouses and the growth of cold supply chains are likely create new markets in the near future. However, environment regulations, energy efficiency requirements and fuel costs are a major restraint on the market.
The commercial refrigeration equipment market is segmented on the basis of different products including; transport refrigeration equipment, refrigerators and freezers, beverage refrigerators, parts and other.
In 2015, transport refrigeration equipment was the largest segment of the market, and it is expected to continue its dominance and be the fastest growing segment in global market. The beverage refrigerators segment is expected to witness fast growth due to the the rising number of restaurants, especially in the fast-food segment. The 'other' equipment segment is projected to grow moderately due to the increasing demand for refrigerated display cases in retail stores.
The key applications are; food service, food and beverage production, food and beverage distribution, food and beverage retail and others. The food service application segment dominated the market in terms of revenue, and the food and beverage retail segment is likely to see significant growth.
Some of the key players in commercial refrigeration equipment market include Dover Corporation, Daikin Industries, Ltd., Whirlpool Corporation, AHT Cooling Systems GmbH, AB Electrolux, Hussmann Corporation, Ingersoll Rand plc, Illinois Tool Works Inc., United Technologies Corporation (Carrier), Haier, Inc.
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