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.