The hospitality category, under the end-user segment generated the highest revenue in the commercial refrigeration equipment market, as the food and beverage sector and foodservice sector is growing, particularly with the rising number of quick-service restaurants. Other reasons for the dominance of this category in the sector are the advancements in infrastructure, rising awareness about improving the aesthetics and food quality, for higher customer satisfaction, and surging investments in green technologies.
The hotels and restaurants segment is projected to be the most significant application segment of the commercial refrigeration equipment market. The advanced commercial refrigerators provide for practical designs to catch the eye of consumers at any such point of sale.
The food service application segment is expected to continue the largest commercial refrigeration equipment market share during the forecast period. This is ascribed to the rise in the number of restaurants chains, expansion of the tourism sector, and an increase in government support for deploying sustainable refrigeration solutions at restaurants, hotels, educational institutions, hospitals, and fast food joints.
In a recent research report by Maximize Market Research, the Commercial Refrigeration Equipment Market is expected to surpass US $ 50.45 Bn by the year 2026, from US $ 35.50 Bn in 2019.
Despite a huge decline in the sales of products during the initial phase of pandemic spread and lockdown restrictions all over the region, the market is observed to pick up a quick pace for registering a CAGR of almost more than 7.3%, during the tenure of 2020 – 2026.
The report published by Maximize encompasses the market dynamics, which could affect the market growth of white goods in the region, the Value – Chain Analysis, and the PORTER’s analysis for the white goods market at a global level.
The study is consolidated based on two major segments and further into sub-segments, by Product (Walk-In Coolers, Beverage Refrigeration Equipment, Display Showcases, Ice Merchandisers & Ice Vending Equipment), by Distribution Channel (Specialty Stores, Hypermarkets/Supermarkets, Online), by Application (Food Service, Food & Beverage Production, Food & Beverage Retail), and by End User (Hospitality, Hypermarkets/Supermarkets, Departmental Stores, Healthcare, Offices & Buildings, Convenience Stores, Government) to forecast the market size by value; also includes the analysis of past market dynamics from 2016 – 2019, considering 2019 as the base year.
Lastly, the market research report provides a regional comparison and a complete country level analysis for the latest trends, along with the major key players – Standex International Corporation, Lennox International Inc., Daikin Industries, Ltd., Illinois Tool Works Inc., AHT Cooling Systems GmbH, Whirlpool Corporation, United Technologies Corporation, Manitowoc Company, Inc., Panasonic Corporation, Qingdao Haier Co. Ltd., Fujimak Corporation, Hoshizaki Corporation, Electrolux AB, Dover Corporation, and Ingersoll-Rand PLC.
You can browse the market data Tables and Figures spread through a comprehensive research report and in-depth TOC on “Global Commercial Refrigeration Equipment Market.”
Contact:
MAXIMIZE MARKET RESEARCH PVT. LTD.
Omkar Heights,
ManikBaug, Vadgaon Bk,
Sinhagad Road, Pune – 411051,
Maharashtra, India.
+91 9607195908