Commercial Refrigeration Equipment Market to Surge to $61.44 Billion by 2021
Primarily driven by rising number of hypermarkets, specialty food stores, and supermarkets across the globe
SARASOTA, Fla. — The global commercial refrigeration equipment market was valued at $36.63 billion in 2015, and is expected to generate revenue of $61.44 billion by the end of 2021, growing at a compound annual growth rate (CAGR) of slightly over 9 percent between 2016 and 2021, according to a report from Zion Market Research.
The report notes that commercial refrigeration equipment is mainly used for food and beverage storage and merchandising purposes by the food wholesale industry, such as supermarkets, specialty food stores, grocery stores, and convenience stores. It is also used in restaurants and cafeterias. Some of the different types of commercial refrigeration units include reach-in refrigerators and freezers, walk-in refrigerators and freezers, undercounter refrigerators, refrigerated merchandisers, and bar refrigeration.