ShareThe global commercial refrigeration equipment market
The global commercial refrigeration equipment market was valued at USD 29,558.8 million in 2014 and it is expected to reach USD 40,874.9 million by 2020.
The global commercial refrigeration equipment market was valued at USD 29,558.8 million in 2014 and it is expected to reach USD 40,874.9 million by 2020.
P&S Market Research’s analyst forecast the market to grow at a Compound annual growth rate (CAGR) of 5.7%, in terms of value, over the period 2015 – 2020. The global commercial refrigeration equipment market is driven by the growth of supermarket, hypermarket, and organized food retail chains. According to the Institution of Mechanical Engineers in the year 2014, 25% of total food production in developing countries was wasted mainly as a result of improper refrigeration. In Africa, about 50% of the food and vegetables are wasted due to the lack of commercial refrigeration equipment.
Based on the type of equipment in the commercial refrigeration equipment market, the beverages refrigeration equipment is expected to witness the fastest growth (7.2% CAGR) during 2015 – 2020.
Display cases, walk-in coolers and refrigeration for beverages combined, accounted about 60% of the global commercial refrigeration equipment market in 2014.
The significant growth in the number of supermarkets and hypermarkets in developing markets has boosted the demand of energy efficient refrigeration equipment in recent years.
With supermarket refrigeration equipment accounting for approximately 60% of the total electricity consumption of supermarkets, energy efficiency and optimizing operating costs will remain one of the top concerns for the commercial refrigeration equipment players in maturing markets of western countries.
In addition, the innovation in product design, refrigerants and improvements in overall energy consumption facilitated the introduction of advanced and innovative commercial refrigeration products, such as multi-deck display cabinets and open-front refrigeration cases, over the years.
Source: https://www.psmarketresearch.com
P&S Market Research’s analyst forecast the market to grow at a Compound annual growth rate (CAGR) of 5.7%, in terms of value, over the period 2015 – 2020. The global commercial refrigeration equipment market is driven by the growth of supermarket, hypermarket, and organized food retail chains. According to the Institution of Mechanical Engineers in the year 2014, 25% of total food production in developing countries was wasted mainly as a result of improper refrigeration. In Africa, about 50% of the food and vegetables are wasted due to the lack of commercial refrigeration equipment.
Based on the type of equipment in the commercial refrigeration equipment market, the beverages refrigeration equipment is expected to witness the fastest growth (7.2% CAGR) during 2015 – 2020.
Display cases, walk-in coolers and refrigeration for beverages combined, accounted about 60% of the global commercial refrigeration equipment market in 2014.
The significant growth in the number of supermarkets and hypermarkets in developing markets has boosted the demand of energy efficient refrigeration equipment in recent years.
With supermarket refrigeration equipment accounting for approximately 60% of the total electricity consumption of supermarkets, energy efficiency and optimizing operating costs will remain one of the top concerns for the commercial refrigeration equipment players in maturing markets of western countries.
In addition, the innovation in product design, refrigerants and improvements in overall energy consumption facilitated the introduction of advanced and innovative commercial refrigeration products, such as multi-deck display cabinets and open-front refrigeration cases, over the years.
Source: https://www.psmarketresearch.com