Commercial Refrigeration Market Size is Expected to Reach USD 37,410.1 Million by 2026 | Valuates Reports
BANGALORE, India, Feb. 20, 2020 /PRNewswire/ -- Commercial refrigeration is the process of removing excess heat from a source or object to keep the temperature lower than its surrounding area. Commercial refrigeration equipment is used to preserve foods such as vegetables, fruits, meat and other similar products by maintaining a specific temperature to increase a product's shelf-life.
The market size of Commercial Refrigeration in 2018 was estimated at USD 27,110.0 Million and is projected to reach USD 37,410.1 Million by 2026, rising at a CAGR of 4.1 per cent from 2019 to 2026.
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TRENDS INFLUENCING THE COMMERCIAL REFRIGERATION MARKET SIZE
- During the forecast period for the commercial refrigeration market, demand for packaged food is expected to rise at a moderate pace globally. This is in turn expected to raise market demand for commercial refrigeration. In addition, increased food safety regulations are expected to boost commercial refrigeration demand during the analysis period.
- Due to lifestyle change and rapid urbanization, the commercial refrigeration market is driven by an increase in consumer demand for frozen & chilled products. Furthermore, rapid growth in the organized retail sector, such as an increase in hypermarkets and supermarkets, further boosts the overall sales of commercial refrigerators, leading to market growth.
- Advances in technology and an increase in the number of fast-service restaurants, especially in the growing economies, are expected to offer many opportunities for market growth.
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SEGMENT WISE COMMERCIAL REFRIGERATION MARKET SHARE ANALYSIS
- During the forecast period, the chest refrigeration segment is expected to maintain its dominance on the world market. However, medical cooling is expected to gain traction in the near future, owing to increased demand for commercial cooling in hospitals and various other medical facilities, particularly in emerging countries.
- The supermarket/hypermarket segment, based on end users, accounted for a maximum share in the global commercial refrigeration market in 2018, and is expected to remain dominant over the forecast period. However, from 2019 to 2026, the retail pharmacies segment is expected to grow rapidly with a CAGR of 5.7 per cent.
REGION WISE COMMERCIAL REFRIGERATION MARKET SHARE ANALYSIS
- An increase in demand for commercial refrigeration equipment in Asia-Pacific and LAMEA is expected due to an increase in industrialization and a high level of automation implementation in this region.
- Asia-Pacific accounted for roughly two-fifths of the total commercial refrigeration market in 2018 and is expected to remain dominant over the forecast period, with significant growth expected in China, India and other developing countries. The increase in the number of full-service restaurants, fast-service restaurants and the rise in the adoption of frozen food and clothing are the main drivers driving the growth of the commercial refrigeration industry in those countries.
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THE KEY PLAYERS PROFILED IN THE COMMERCIAL REFRIGERATION MARKET REPORT INCLUDE
- United Technologies Corporation
- Daikin Industries Ltd
- Illinois Tool Works Inc. (ITW)
- Johnson Controls International Plc
- Dover Corporation
- AB Electrolux
- Panasonic Corporation
- Ali Group Srl
- Frigoglass S.A.I.C.
- Others.
COMMERCIAL REFRIGERATION MARKET SEGMENTS:
BY PRODUCT TYPE
- Deep Freezers
- Bottle Coolers
- Storage Water Coolers
- Commercial Kitchen Refrigeration
- Medical Refrigeration
- Chest Refrigeration
- Others .
BY END-USER
- Full-Service Restaurant & Hotels
- Food Processing Industry
- Hospitals
- Retail Pharmacies
- Supermarket/Hypermarket
- Convenience Stores
- Quick Service Restaurants
- Others.
KEY BENEFITS FOR COMMERCIAL REFRIGERATION MARKET:
- The report provides a quantitative analysis of the current commercial refrigeration market trends, estimations, and dynamics of the market size from 2018 to 2026 to identify the prevailing commercial refrigeration market opportunities.
- The key countries in all the major regions are mapped based on their market share.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis and the commercial refrigeration market size and segmentation assists in determining the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global industry.
- The market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players in the commercial refrigeration industry.
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SIMILAR REPORTS:
● COMMERCIAL REFRIGERATION EQUIPMENT MARKET
The global market size of Commercial Refrigeration Equipment was USD 24170 Million in 2019 and is expected to reach USD 31900 Million by the end of 2026, with a CAGR of 4.0 per cent in 2021-2026.
The top five players have over 30 per cent market share in 2018, including Ingersoll Rand, Daikin Industries, Dover Corporation, and Carrier, etc.
Commercial refrigeration equipment refers to machines and systems used for commercial refrigeration applications which generally include transport refrigeration equipment, commercial refrigerators and freezers, refrigerators for commercial beverages, and so on.
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● INDUSTRIAL REFRIGERATION MARKET
The global market for industrial refrigeration is expected to reach USD 29,133 Million in 2026, from USD 19,666 Million in 2018, growing from 2019 to 2026 at a CAGR of 4.9 per cent.
Industrial cooling refers to the cooling process using cooling and cooling systems to extract the heat from a low-temperature medium and pass it to a high-temperature environment. The wide freezing and refrigeration plants, industrial refrigeration systems are installed for use in various industrial applications such as food & beverage manufacturing, cold storage, and others.
The global industrial refrigeration market is segmented on the basis of offering, component, refrigeration type, application, type, and region to give an in-depth analysis of the market
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● COMMERCIAL REFRIGERATION COMPRESSORS MARKET
Refrigeration compressor is the core part of the cooling system, and its performance is the most important index of the cooling system. Refrigeration Compressor is both a motor and a pump that moves the refrigerant through the system that is normally used in the refrigerator and air conditioner; Refrigeration Compressors can also be found on other cooling devices.
This research analyzes the market status, market share, growth rate, future trends, market dynamics, opportunities and challenges, risks and barriers to entry, sales channels, distributors and the Five Forces Analysis by Porter.
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● COMMERCIAL REFRIGERATION FANS MARKET
For the refrigeration process, the use of fans to expel heat from a condenser coil is crucial. The commercial refrigeration fans market research analyzes the market status, market share, growth rate, future trends, market dynamics, opportunities and challenges, risks and barriers to entry, sales channels, distributors and the Five Forces Analysis by Porter.
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https://reports.valuates.com/market-reports/QYRE-Othe-2X232/commercial-refrigeration-fans-market
● MAGNETIC REFRIGERATION MARKET
Magnetic refrigeration technology is a form of solid-state cooling based on the property of the material (magnetic thermal effect). During the forecast period the magnetic refrigeration market at APAC is expected to grow at the highest rate.
This magnetic refrigeration report analyzes the market status, market share, growth rate, future trends, market dynamics, opportunities and challenges, risks and barriers to entry, sales channels, distributors and the Five Forces Analysis by Porter.
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https://reports.valuates.com/market-reports/QYRE-Othe-1K232/magnetic-refrigeration-market
● COMMERCIAL REFRIGERATION AND FREEZING EQUIPMENT MARKET
This study presents the production, revenue, market share and growth rate of Commercial Refrigeration and Freezing Equipment for each key enterprise and also covers the breakdown data (production, consumption, revenue and market share) by region, type and application.
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