LONDON — The global commercial refrigeration market was valued at $34.43 billion in 2015 and is likely to reach $45.06 billion by 2020, reaching a compound annual growth rate (CAGR) of 5.53 percent during the forecast period, according to a report from Technavio.

The growth in the market is due to the changing lifestyles of the population in developing economies and replacement demand from developed economies like North America. The remanufacture of refrigerated display cases also drives the market for commercial refrigeration equipment. The emergence and acceptance of e-commerce in countries like China and Australia also impact the market for commercial refrigeration equipment. The market is expected to grow with the walk-in cooler segment capturing the major market share. The market is being driven by emerging economies and is expected to be led by Asia Pacific, followed by Europe and North America during the forecast period.