According to a new market report published by Credence Research Inc “Commercial Refrigeration Equipment Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 – 2022,” the commercial refrigeration equipment market is expected to reach US$ 41.5 Bn by 2022, with increasing demand for frozen foods and changing food consumption habits. The market for commercial refrigeration equipment is also expected to increase with growing food service and cold chain industry major countries across the world. Stringent energy consumption regulation is forcing retailers to replace their outdated refrigeration equipment with energy efficient solutions. This represents a significant demand for commercial refrigeration equipment in replacement market. High initial investment cost is the primary factor limiting the growth of these products particularly in price sensitive markets.
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Commercial refrigeration equipment are classified into reach-ins & walk-ins, display cases, beverage refrigeration equipment, ice machines, refrigerated, vending machines, transportation equipment, other equipment and related parts. Reach-in and walk in systems accounted for the largest revenue share compared to other product categories and is expected to see the promising growth through the forecast period with growing number of hotels, restaurants, and production industry. The transportation equipment segment is expected to see the fastest growth through the forecast period. Beverage and vending machines are also expected to see the promising growth with changing food consumption habits.
Food service industry is expected to be the fastest growing application segment for commercial refrigeration equipment with increasing number of hotels and restaurants across the world. In addition, the considerable demand for commercial refrigeration equipment is expected from food and beverage production industry with introduction of stringent food production regulations.
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