Commercial Refrigeration Market to Grow at 5% CAGR to 2026
Over the last few years, there has been a substantial surge in retail stores worldwide
NEW YORK — The global commercial refrigeration equipment market is expected to reach a value of $28.09 billion by the end of 2016, and is projected to grow at a compound annual growth rate (CAGR) of 5 percent from 2016 to 2026, reaching an expected value of $45.91 billion by the end of 2026, according to a report by Persistence Market Research.
Over the last few years, there has been a substantial surge in retail stores worldwide. In the retail sector, key players are expanding in developing markets of the Asia-Pacific region, especially in India and China. This expansion is being done to take advantage of growing customer expenditures in these areas. An expanding number of supermarkets and hypermarkets will boost overall food and beverage supply chain development, leading to increased sales of commercial refrigerators and freezers. Increasing demand for frozen and chilled products will also spur commercial refrigeration equipment market growth globally during the forecast period.
The global commercial refrigeration equipment market is segmented on the basis of product type into transportation refrigeration, refrigerator and freezer, beverage refrigeration equipment, refrigerated display cases, ice machine, and refrigerated vending machine. The transportation refrigeration product segment is estimated to register the highest CAGR of 5.9 percent over the forecast period while the refrigerator and freezer segment is expected to account for a value share of 30.8 percent by the end of 2016.
By application type, the market is segmented into food and beverage production, food and beverage distribution, food and beverage retail, and food service. The food service application segment is expected to account for a value share of 32.3 percent by the end of 2016.
By region, the market is segmented into North America, Latin America, European Union, Eurasian Economic Union (EEU), other Commonwealth of Independent States (CIS) countries, Asia-Pacific (APAC), China, Middle East, and Africa. North America is expected to dominate the market and is projected to increase from $7.96 billion in 2015 to $12.54 billion by 2026. The China commercial refrigeration equipment market is expected to grow with the highest value CAGR of 8.2 percent during the forecast period. The market in Asia-Pacific excluding China is expected to register a relatively high CAGR of 5.3 percent from 2016 to 2026.
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Publication date: 11/21/2016