Commercial Refrigeration Market Worth $52.52 Billion by 2024
Food service segment had over 32 percent of the revenue share in 2015 and is projected to see significant growth
SAN FRANCISCO — The global commercial refrigeration equipment market is expected to reach $52.52 billion by 2024, according to a new report by Grand View Research Inc. The growing number of hypermarkets and supermarkets in developing regions has increased the demand for energy efficient equipment in the recent years. Rapid industrialization, rising disposable income, and several other demographic shifts has led to significant change in food and beverage consumption over the past few years.
Rising capital investment with the growing emergence of food services in terms of transportation, distribution, and production is anticipated to increase the volume of shipments. Increasing use of this equipment in horticulture, processes, and seafood is also projected to contribute to industry demand. Furthermore, the increasing international trade of frozen food in various countries owing to the shift in food consumption trends has led to a considerable rise in demand for commercial refrigeration equipment.