Nov 4, 2020   SOURCE: BusinessWire

Commercial Refrigeration Equipment Market Worth USD 12.39 Billion by 2024 | Technavio

The new commercial refrigeration equipment market research from Technavio indicates Neutral growth in the short term as the business impact of COVID-19 spreads.

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Technavio has announced its latest market research report titled Global Commercial Refrigeration Equipment Market 2020-2024 (Graphic: Business Wire)

Technavio has announced its latest market research report titled Global Commercial Refrigeration Equipment Market 2020-2024 (Graphic: Business Wire)

Get detailed insights on the COVID-19 pandemic Crisis and Recovery analysis of the commercial refrigeration equipment market. Download free report sample

"One of the primary growth drivers for this market is the growing demand for frozen food across the globe,” says a senior analyst for the Industrials industry at Technavio.

The growing demand for frozen food across the globe is one of the major factors fueling commercial refrigeration equipment market growth. Demographic changes such as the increase in number of female workforce and the rise in income levels have surged the demand for frozen food, driving the need for commercial refrigeration equipment. The use of advanced technologies and energy-efficient refrigeration systems are major emerging commercial refrigeration equipment market trends that will further drive market growth. This equipment have operation control including anti-short cycling, automatic defrost, and temperature control which can be monitored through a digital controller. These technologies are increasingly being used with various commercial refrigeration equipment such as display cases.

As the markets recover Technavio expects the commercial refrigeration equipment market size to grow by USD 12.39 billion during the period 2020-2024.

Commercial Refrigeration Equipment Market Segment Highlights for 2020

  • The commercial refrigeration equipment market is expected to post a year-over-year growth rate of 5.11%.
  • Walk-in coolers or walk-in freezers refer to an enclosed storage space refrigerated to temperatures above or below 32 degrees Fahrenheit.
  • These are manufactured in standard sizes and can be customized based on the end-users requirements. Moreover, the availability of such products help the vendors to meet the unique requirement of their customers.
  • Market growth in this segment will be slower than the growth of the market in the refrigerators for drinks segment.

Regional Analysis

  • 44% of the growth will originate from the APAC region.
  • The increasing number of product launches will significantly influence commercial refrigeration equipment market growth in this region.
  • China and Japan are the key markets for commercial refrigeration equipment in APAC. Market growth in this region will be faster than the growth of the market in other regions.

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Notes:

  • The commercial refrigeration equipment market size is expected to accelerate at a CAGR of almost 6% during the forecast period.
  • The commercial refrigeration equipment market is segmented by Product (Walk-in coolers, Display cases, Refrigerators for drinks, Ice-making machines, and Others), End-user (Retail, Restaurants, Hotels, and Catering units), and Geography (APAC, Europe, North America, MEA, and South America).
  • The market is fragmented due to the presence of many established vendors holding significant market share.
  • The research report offers information on several market vendors, including AB Electrolux, Ali Group Srl, Daikin Industries Ltd., Dover Corp., Hoshizaki Corp., Illinois Tool Works Inc., Imbera FoodService, Standex International Corp., The Middleby Corp., and Welbilt Inc.

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