Commercial refrigeration equipment market size was valued at USD 31.50 billion in 2018 and is expected to reach at USD 47.98 billion at a CAGR of 5.4% over the forecast period.
With the growth in the food and beverages market, there are opportunities for commercial refrigeration equipment to grow. Commercial refrigeration is expected to exhibit huge growth on an account of increasing consumption of frozen and processed foods.
Growth in the commercial refrigeration equipment market is mainly due to worldwide increasing income. Additionally, there are fast growing markets across the Asian and Pacific region that are bolstering demand. With this quick regional growth, in addition to greater urbanization of markets, there is a higher need for these refrigeration products.
Global commercial refrigeration market is segmented by Product Type, by Refrigerant Type, by Application and by Region. By Refrigerant Type market is segmented into Fluorocarbons, Hydrocarbons, and Inorganics. Fluorocarbons segment is expected to exhibit highest market share at a CAGR of xx% over forecast period. By Geography, North America is expected to lead the global market over forecast period.
Key players operating in the market include Carrier Corporation (US), Emerson Electric Company (US), Daikin Industries, Ltd. (Japan), and GEA Group AG (Germany). Hussmann Corporation, AB Electrolux, Frigoglass S.A.I.C., AHT Cooling Systems GmbH, Ali Group, and Illinois Tool Works Inc.
Maximize Market Research, a global market research firm with a dedicated team of specialists and data has carried out extensive research about the market. The report encompasses the market by different segments and region, providing an in-depth analysis of the overall industry ecosystem, useful for making an informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics, and future opportunities that might exist in the market. The driving forces, as well as considerable restraints, have been explained in depth. in addition to this, competitive landscape describing the strategic growth of the competitors have been taken into consideration for enhancing market know-how of our clients and at the same time explain Global commercial refrigeration market positioning of competitors.
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