CHICAGO, October 5, 2018 /PRNewswire/ --
According to the new market research report "Commercial Refrigeration Equipment Market by Product Type, Refrigerant Type (Fluorocarbons, Hydrocarbons, Inorganics) Application (Hotels & Restaurants, Supermarkets & Hypermarkets), and Region (Europe, APAC, North America) - Global Forecast to 2023", published by MarketsandMarkets™, the global Commercial Refrigeration Equipment Market is projected to grow from USD 33.58 billion in 2018 to USD 45.45 billion by 2023, at a CAGR of 6.2% from 2018 to 2023. Improving consumer lifestyles and flourishing food and healthcare industries, growing cold chain market, and increasing use of advanced technologies, for instance, magnetic refrigeration, are opportunities for the growth of the Commercial Refrigeration Equipment Market.
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In terms of product type, the transportation refrigeration segment, is estimated to account for the largest share of the Commercial Refrigeration Equipment Market in 2018.
In terms of product type, the transportation refrigeration segment, is estimated to account for the largest share of the Commercial Refrigeration Equipment Market in 2018. The commercial refrigeration equipment for refrigerated transport is one of the essential links in the cold chain system for the distribution of food commodities, such as bakery & confectionery products, dairy products, beverages, fresh fruits & vegetables, ice creams, frozen dairy products, processed meat, and fish & seafood products.
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The hotels & restaurants segment is estimated to be the largest segment of the Commercial Refrigeration Equipment Market, based on application, in 2018.
In terms of application, the hotels and restaurants segment is estimated to be the largest segment of the Commercial Refrigeration Equipment Market in 2018. Various commercial refrigeration equipment (CRE) such as display cases, refrigerated vending machines, among others, are being used as selling points in hotel lobbies and act as micro markets. High consumption of FMCG products including ready-to-eat salads and sandwiches and beverages, among others, are sold using CRE products to help improve customer service and engagement.
Asia Pacific is expected to be the largest market for commercial refrigeration equipment during the forecast period.
Asia Pacific is the largest market for commercial refrigeration equipment, globally. The region consists of key revenue generating countries, such as India and China. These countries have a large consumer base and lucrative opportunities for the chilled and frozen food products. In addition, development in the automotive industry of these countries is expected to boost the growth of the refrigerated transport market in the region.
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Key players in the Commercial Refrigeration Equipment Market include Carrier Corporation (US), Emerson Electric Company (US), Daikin Industries, Ltd. (Japan), and GEA Group AG (Germany).
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