Demand for Commercial Refrigeration Equipment to Reach $45.9 Billion by 2026
North America is expected to dominate the market over the forecast period
NEW YORK — The global commercial refrigeration equipment market is forecast to register a compound annual growth rate (CAGR) of 5 percent over the forecast period of 2016 to 2026, to be valued at $45.9 billion by 2026, according to a report by Persistence Market Research.
The refrigerator and freezer segment is expected to dominate the global commercial refrigeration equipment market during the forecast period. This segment is anticipated to be valued at $8.6 billion by the end of 2016 and is slated to exhibit a CAGR of 4.7 percent during the forecast period. The food service application segment is expected to be the largest segment in the market and is estimated to account for a value share of 32.3 percent by the end of 2016. The food and beverage production segment was valued at $4.7 billion in 2015 while the food and beverage retail segment stood at a market valuation of $7.5 billion in 2015.
Among regions, North America is expected to dominate the overall global commercial refrigeration equipment market over the forecast period. Sales of commercial refrigeration equipment in North America are projected to increase from $7.9 billion in 2015 to $12.54 billion by 2026. Growing Asian economies such as China and India are expected to witness relatively faster growth during the forecast period. The China commercial refrigeration equipment market is expected to grow with the highest value CAGR of 8.2 percent in the forecast period. The market in Asia-Pacific, excluding China, is expected to register a relatively high CAGR of 5.3 percent throughout the period 2016-2026. Rapid growth of the retail sector coupled with a robust growth of the food and related services sector is expected to be a major driver for the market over the forecast period. Furthermore, government regulations regarding usage of natural refrigerants over synthetic refrigerants is another factor that is expected to propel growth.
However, decline in replacement rates for commercial refrigeration equipment is anticipated to restrain the growth of the global commercial refrigeration equipment market over the forecast period. Also, stringent government regulations pertaining to the development of energy efficient and environmentally friendly equipment is expected to be a challenge especially for tier 2 and tier 3 players.
The top market players are focusing on new product development, geographical expansion especially in high-growth markets such as India, China, and Brazil, and collaborations/partnerships with established players in mature markets for business expansion and growth.
For more information, visit Persistence Market Research.
Publication date: 12/14/2016