According to a new report from Zion Market Research, global demand for commercial refrigeration equipment was valued at USD 36.63 billion in 2015 and is expected to generate revenue of $61 billion by the end of 2021, up from a value of $36.6 billion in 2015 for a compound annual growth rate of slightly above 9.0 percent between 2016 and 2021.
Commercial refrigeration equipment in the report is defined as equipment used for refrigeration in food and beverage industry, for food storage and merchandising purposes by the food wholesale industry, such as supermarkets, specialty food stores, grocery stores, and convenience stores. A commercial refrigerator is a free-standing part of the equipment that gives cold storage for a commercial kitchen. Some of the different types of commercial refrigeration include reach-in refrigerators and freezers, walk-in refrigerators and freezers, under counter refrigerators, refrigerated merchandisers, bar refrigeration.
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 in commercial refrigeration equipment market and accounted for largest share of the total market. Additionally, it is expected to continue its dominance and be the fastest growing segment in the global market over the forecast period.
Transport refrigeration segment followed by beverage refrigerators segment and others equipment was another key outlet for industrial refrigeration equipment market in 2015. Beverage refrigerators segment is expected to witness the fastest growth due to the rising number of restaurants, especially in the fast-food segment. The another equipment segment is projected to grow moderate rate during the forecast period due to the increasing demand for refrigerated display cases in retail stores.
North America, Europe, Asia-Pacific, Latin America and the Middle East & Africa are key regional segments of global commercial refrigeration equipment market. North America is expected to remain the dominant region over the forecast period in 2015. Demand for commercial refrigeration equipment was highest in Asia-Pacific. Hence, Asia Pacific is expected to be the fastest growing and the largest revenue contributing region in commercial refrigeration equipment market during the forecast period. Moreover, Europe and Latin America are also expected to show moderate growth for this market in the years to come.
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