Surge in demand for frozen & chilled products among the consumers with changes in lifestyle, rapid urbanization, and growth in the organized retail sector drive the growth in the global commercial refrigeration industry
PORTLAND, Oregon, Aug. 8, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Commercial Refrigeration Market by Product Type (Deep Freezers, Bottle Coolers, Storage Water Coolers, Commercial Kitchen Refrigeration, Medical Refrigeration, Chest Refrigeration, Others), and End-User (Full Service Restaurant & Hotels, Food Processing Industry, Hospitals, Retail Pharmacies, Supermarket/Hypermarket, Convenience Stores, Quick Service Restaurants and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global commercial refrigeration market garnered $27.11 billion in 2018 and is expected to reach $37.41 billion by 2026, registering a CAGR of 4.1% from 2019 to 2026.
Surge in demand for frozen & chilled products among the consumers with changes in lifestyle, rapid urbanization, and growth in the organized retail sector drive the growth in the industry. However, requirement for frequent maintenance activities and potential technical issues that rise owing to lack of proper maintenance hinder the market growth. On the other hand, advancements in technology and increase in the number of quick service restaurants create new opportunities in the industry.
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Chest refrigeration segment to continue its dominant position by 2026
Based on product type, the chest refrigeration segment accounted for the major market share in 2018, contributing for more than one-fourth of the total share, and is expected to continue its dominant position during the forecast period. This is due to high demand from different industries, especially the food and beverage industry for its high capacity. On the other hand, the medical refrigeration segment is expected to register the highest CAGR of 5.1% from 2019 to 2026. This is attributed to surge in demand for commercial refrigeration in hospitals and various medical facilities, especially in the emerging nations. The research also analyzes deep freezers, bottle coolers, storage water coolers, commercial kitchen refrigeration, and others.
Supermarket/hypermarket segment to maintain its leadership status during the forecast period
Based on end user, the supermarket/hypermarket segment held the major share in 2018, accounting for more than one-fourth of the total share, and is expected to maintain its leadership status during the forecast period. This is due to significant increase in the number of experience shopping centers across the globe. On the other hand, the retail pharmacies segment is estimated to grow at the highest CAGR of 5.7% from 2019 to 2026.
Asia-Pacific to present lucrative opportunities
Based on region, Asia-Pacific region accounted for more than two-fifths of the total market share in 2018, and is expected to register the highest market revenue during the forecast period. In addition, this region would grow at the highest CAGR of 4.7% from 2019 to 2026. This is a lucrative region, owing to increase in industrialization and high degree of implementation of automation along with surge in number of food outlets. The research also analyzes regions including North America, Europe, and LAMEA.
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Leading market players
Key Market players analyzed in the research include United Technologies Corporation, Illinois Tool Works Inc. (ITW), Daikin Industries Ltd., Dover Corporation, Johnson Controls International Plc, Panasonic Corporation, AB Electrolux, Frigoglass S.A.I.C., Ali Group Srl, and Haier Electronics Group Co., Ltd.
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