The Global Commercial Refrigeration Equipment Market is emerging owes to the growing cold chain market and magnetic refrigeration
Commercial Refrigeration Equipment
The global commercial refrigeration equipment market expected to increase market value by USD 48.86 billion with exponential CAGR in the forecast period from 2020-2027. The bolstering demand for the global commercial refrigeration equipment market is growing mainly due to the increasing consumer changing lifestyle, bolstering the hospitality sector, rising cold chain market, and emerging technology.
Commercial refrigerated systems are spurring massive growth due to rising demand for packaged and frozen foods and chilled beverages. Retailers in the commercial sector are investing in innovative and technologically advanced systems, which is fueling the demand for sophisticated and structured refrigeration parts, such as evaporators, condensers, and compressors. Moreover, the market demand for customized evaporators and condensers is also contributing to meet specific application and device requirements, such as cold food and snacks machines, cabinets, frozen machines, pizza vending machines, chill centers, and refrigeration vending machines.
Moreover, with rising disposable income, people's purchasing capacity has increased the demand for ready-to-eat and packaged food. Thus, the retail food companies, and related food industries, shops, and café are adopting commercial refrigeration equipment to keep the food fresh and healthy.
Product Type overview in the Global Commercial Refrigeration Equipment Market
Based on the Product type, the global commercial refrigeration equipment market segmented into Refrigerator & Freezer, Transportation Refrigeration, Refrigerated Display Cases, Beverage Refrigeration, Ice Cream Merchandiser, Refrigerated Vending Machine. The transportation refrigerated segment estimated to dominates the maximum share of the global commercial refrigeration equipment market. The market share for packaged food, frozen food, meat & seafood, and dairy products is contributing to increasing its consumption demand. Thus, the retail food industry requires to transport refrigeration system to supply to retail stores fresh and healthy.
Refrigerant Type overview in the Global Commercial Refrigeration Equipment Market
Based on the refrigerant type, the global commercial refrigeration equipment market classified into Fluorocarbons, Hydrocarbons, Inorganics. The fluorocarbons segment dominated the largest market share in the global commercial refrigeration equipment market. The use of fluorocarbons used in commercial refrigeration reduces the trap of infrared heat for keeping fresh products like meat and dairy.
Application overview in the Global Commercial Refrigeration Equipment Market
Based on the application, the global commercial refrigeration equipment market segmented into Hotels & Restaurants, Supermarkets & Hypermarkets, Convenience Stores, Bakery. The hotel & restaurant segment contributes the largest share in the global commercial refrigeration equipment market. The hotels and restaurants mainly use commercial refrigeration equipment for selling beverages, sandwiches, dairy products that require to keep in cold temperature to prevent them from staling. Moreover, the rising market consumption of junk food, and increasing demand for FMCG products that need to consume in the limited period, therefore, demand for commercial refrigeration equipment is rising majorly in the hotels and restaurants segment.
Region overview in the Global Commercial Refrigeration Equipment Market
Based on geography, the global commercial refrigeration equipment market segmented into Asia Pacific, North America, Europe, South America, and Middle East & Africa. The Asia Pacific is the fastest-growing global commercial refrigeration equipment market, accounting for the largest share. It is mainly due to the changing consumer lifestyle, rising disposable income of people in the Asia Pacific, and changing the working culture of the people have shifted them for the consumption of packaged food and ready to eat food.
Global Commercial Refrigeration Equipment Market:Competitive Landscape
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