Dublin, Feb. 18, 2019 (GLOBE NEWSWIRE) -- The "Commercial Refrigeration Equipment Market by Equipment Type, by Application, by End-User, by Geography - Global Market Size, Share, Development, Growth and Demand Forecast, 2013-2023" report has been added to ResearchAndMarkets.com's offering.
Commercial refrigeration equipment market is projected to reach $59,071.4 million by 2023, development of organized retail and increasing demand for ready-to-eat food and beverages are the major factors driving market growth.
On the basis of application, the commercial refrigeration equipment market has been categorized into food service, food and beverage retail, food and beverage distribution, and others; wherein others category includes pharmacy refrigeration, genetic preservation, and medical diagnostic applications. Food service application held the largest market share, in terms of volume, with contribution of nearly 28% share in 2017, globally. Food service refrigeration equipment for restaurants, hotels, hospitals, and other verticals are being widely deployed to store leftovers food, ingredients, frozen food, and prepped sauces to offer quality of food products to customers.
In terms of value, APAC dominated the global commercial refrigeration equipment market, during the historical period, and is expected to witness the fastest CAGR of 9.3%, during the forecast period. This can be attributed to the ongoing industrialization efforts in developing countries such as China and India. Moreover, growing population and lucrative opportunities for foreign investments in the market in APAC are playing pivotal role in the growth of the market, especially in beverage refrigeration equipment segment.
The developing food and beverage industry in China is supporting the growth of commercial refrigeration equipment market in APAC. The region demonstrates increasing demand for refrigeration in food retail and food service applications, as well as food distribution. As a result, the region is expected to witness the fastest growth, in terms of volume as well, during the forecast period.
The consumption of ready-to-eat products, beverages, and frozen food has increased considerably worldwide in the recent years, which is further boosting the demand for commercial refrigeration equipment. Rising disposable income, along with the increasing impact of western lifestyle has fueled the acceptance of such products among the large middle-class consumers of developing countries. The changed food consumption trend is being supported by rapid expansion of supermarkets, hypermarkets, and food and restaurant chains around the world.
The increased number of such stores has also forced small grocery retailers and unorganized restaurants to upgrade their infrastructure, with improved electronic appliances including commercial refrigeration equipment. Moreover, this changing trend toward ready-to-eat food is also offering lucrative opportunities for new restaurants and retail outlets which will further support commercial refrigeration equipment market growth.
The commercial refrigeration market was fragmented with top four companies, accounting for nearly 40% of the total market share in 2017. United Technologies Corporation was the largest player in terms of market share, owing to its global presence, superior power efficient refrigeration equipment, and well-diversified post-sale services.
Key Topics Covered:
Chapter 1. Research Background
Chapter 2. Research Methodology
Chapter 3. Executive Summary
Chapter 4. Introduction
4.1 Definition of Market Segments
4.1.1 By Equipment Type
4.1.1.1 Walk-in coolers
4.1.1.1.1 Packaged unit
4.1.1.1.2 Remote condensing unit
4.1.1.1.3 Remote plant
4.1.1.2 Transportation refrigeration equipment
4.1.1.2.1 Road
4.1.1.2.2 Rail
4.1.1.2.3 Marine
4.1.1.2.4 Air
4.1.1.3 Display cases
4.1.1.3.1 Plug-in cases
4.1.1.3.2 Remote cases
4.1.1.4 Beverage refrigeration
4.1.1.4.1 Beverage cooling & dispensing units
4.1.1.4.2 Drinking fountains
4.1.1.4.3 Beer dispensing units
4.1.1.4.4 Soda fountain equipment
4.1.1.4.5 Others
4.1.1.5 Parts
4.1.1.6 Ice making machineries
4.1.1.6.1 Ice cube machineries
4.1.1.6.2 Ice flake machineries
4.1.1.6.3 Ice nugget machineries
4.1.1.7 Other equipment
4.1.2 By Application
4.1.2.1 Food service
4.1.2.2 Food and beverage distribution
4.1.2.3 Food and beverage retail
4.1.2.4 Others
4.1.3 By End-User
4.1.3.1 Supermarkets
4.1.3.2 Hotels/restaurants & catering
4.1.3.3 Hypermarkets
4.1.3.4 Convenience stores
4.1.3.5 E-commerce
4.1.3.6 Others
4.2 Value Chain Analysis
4.2.1 Commercial refrigeration equipment manufacturers
4.2.2 Independent wholesalers/distributors
4.2.3 Retailers
4.2.4 End users
4.3 Market Dynamics
4.3.1 Trends
4.3.1.1 Increasing use of display refrigerators
4.3.1.2 Shift towards eco-friendly refrigerants
4.3.2 Drivers
4.3.2.1 Development of organized retail
4.3.2.2 Increasing demand for ready-to-eat products and beverages
4.3.2.3 Impact analysis of drivers on market forecast
4.3.3 Restraints
4.3.3.1 Unorganized food and beverages industry in developing countries
4.3.3.1 Changing government regulations for energy efficient commercial refrigeration systems
4.3.3.2 Impact analysis of restraints on market forecast
4.3.4 Opportunities
4.3.4.1 Technological advancements
4.3.4.2 Increasing demand for commercial refrigeration by quick service restaurants
4.4 Porter's Five Forces Analysis
Chapter 5. Global Market Size and Forecast
5.1 By Equipment Type
5.1.1 Walk-in Coolers, by Type
5.1.2 Transportation Refrigeration Equipment, by Transportation Mode
5.1.3 Display Cases, by Type
5.1.4 Beverage Refrigeration, by Type
5.1.5 Ice-making Machineries, by Type
5.2 By Application
5.3 By End-User
5.4 By Region
Chapter 6. North America Market Size and Forecast
Chapter 7. Europe Market Size and Forecast
Chapter 8. Asia-Pacific Market Size and Forecast
Chapter 9. Middle East & Africa Market Size and Forecast
Chapter 10. Latin America Market Size and Forecast
Chapter 11. Competitive Landscape
11.1 Market Share Analysis of Key Players
11.2 Global Strategic Developments of Key Players
11.2.1 Mergers and Acquisitions
11.2.2 Product and Service Launches
11.2.3 Partnerships
11.2.4 Others
Chapter 12. Company Profiles
- lectrolux
- Frigoglass S.A.I.C.
- Dover Corporation
- Daikin Industries Ltd.
- AHT Cooling Systems GmbH
- Ali Group S.r.l.
- a Socio Unico
- Illinois Tool Works Inc.
- Johnson Controls International PLC
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