NEW YORK, May 30, 2016 /PRNewswire/ --
According to market research "Global Commercial Refrigeration Equipment Market Size, Share, Development, Growth and Demand Forecast to 2022 - Industry Insights by Equipment Type (Transportation refrigeration equipment, Walk-in Coolers, Display Cases, Beverage Refrigeration, Ice Making Machinery, Parts, Other Equipment) by Application (Food and Beverage Distribution, Food and Beverage Retail, Food Service, Others)" by P&S Market Research, the global commercial refrigeration equipment market was valued at $ 37,033.5 million in 2015 and it is expected to reach $ 55,688.6 million by 2022.
The global commercial refrigeration equipment market is driven by the growth of supermarket, hypermarket, and organized food retail chains. According to Institution of Mechanical Engineers in the year 2014, 25% of total food production in developing countries is wasted mainly due to improper refrigeration. In Africa, about 50% of the food and vegetables are wasted, due to the lack of commercial refrigeration equipment.
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The significant growth in the number of supermarket and hypermarket in developing areas has boosted the demand of energy efficient refrigeration equipment in the recent years. The market in Europe is heading towards maturity.
Commercial refrigeration equipment distribution is achieved mainly through two channels - by employing one's own sales service and/or, by collaboration with autonomous wholesalers such as agents, distributors, brokers, and dealers. The selection of the distribution channels depends largely on the preferred market coverage, the economy of scale of the manufacturer, and attributes of buyer such as buyers' volume, and location.
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The commercial refrigeration equipment market is highly fragmented and most often the end-users need custom based design specification, to fulfill their requirement. Major manufacturers of commercial refrigeration equipment sell their product as package solutions directly to bulk buyers, such as supermarket and hypermarket retailers
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