PORTLAND, Oregon, Nov. 12, 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 was valued at $27.11 billion in 2018, and is estimated to reach $37.41 billion by 2026, growing at a CAGR of 4.1% from 2019 to 2026.
Increase in demand for chilled products, changing lifestyle, rapid urbanization, and rise of the organized retail sector facilitate the growth of the global commercial refrigeration market. However, need for consistent and frequent maintenance and technical issues that may arise if proper maintenance is not offered restrain the market growth. On the other hand, technological advancements and rise in the number of quick service restaurants offer new opportunities in the market.
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Based on product type, the chest refrigeration and deep freezers segments together held the major share of the global commercial refrigeration market in 2018, accounting for nearly half of the total revenue, and is estimated to maintain its top position throughout the forecast period. Contrarily, the medical refrigeration segment is estimated to grow at the highest CAGR of 5.1% from 2019 to 2026. This is due to rise in demand for commercial refrigeration in various medical facilities, especially from the developing countries. The research also analyzes bottle coolers, commercial kitchen refrigeration, storage water coolers, and others.
Based on end user, the supermarket/hypermarket and convenience stores segments accounted for the highest share of the global commercial refrigeration market in 2018, contributing for more than two-fifths of the total market share, and would maintain its dominance by 2026. Contrarily, the retail pharmacies segment is expected to register a CAGR of 5.7% from 2019 to 2026. This is due to the rise in demand in hospitals and various medical facilities, especially in developing countries.
Based on region, Asia-Pacific and North America together accounted for more than three-fifths of the total share of the global commercial refrigeration market in 2018, and is estimated to maintain its largest revenue share during the forecast period. Moreover, Asia-Pacific is expected to grow at the largest CAGR of 4.7% from 2019 to 2026. This is due to rise in industrialization, implementation of automation, and increase in number of food outlets. The research also explores regions including Europe and LAMEA.
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Leading market players discussed in the report are 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., and Haier Electronics Group Co., Ltd.
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