Commercial Refrigeration Equipment Market worth $43.3 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Sept. 29, 2021 /PRNewswire/ -- According to the new market research report "Commercial Refrigeration Equipment Market by product Type, Refrigerant Type (Fluorocarbons, Hydrocarbons, Inorganics), Application (Hotels & Restaurants, Supermarkets & Hypermarkets), and Region - Global Forecast to 2026", published by MarketsandMarkets™, the global Commercial Refrigeration Equipment Market is estimated to be USD 32.0 billion in 2021 and is projected to reach USD 43.3 billion by 2026, at a CAGR of 6.2%, from 2021 to 2026. Improving consumer lifestyles and flourishing food and healthcare industries, growing cold chain market, and increasing use of advanced technologies, for instance, magnetic refrigeration, are opportunities for the growth of the commercial refrigeration equipment market.
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The transportation refrigeration segment is estimated to account for the largest share of the commercial refrigeration equipment market in 2021.
In terms of product type, the transportation refrigeration segment is estimated to account for the largest share of the commercial refrigeration equipment market in 2021. The commercial refrigeration equipment for refrigerated transport is one of the essential links in the cold chain system for the distribution of food commodities, such as bakery & confectionery products, dairy products, beverages, fresh fruits & vegetables, ice creams, frozen dairy products, processed meat, and fish & seafood products.
The supermarkets & hypermarkets segment is estimated to be the largest segment of the commercial refrigeration equipment market, based on application, in 2021.
In terms of application, the supermarkets & hypermarkets segment is estimated to be the largest segment of the commercial refrigeration equipment market in 2021. Various commercial refrigeration equipment (CRE) such as display cases, refrigerated vending machines, among others, are being used as selling points in supermarkets & hypermarkets. High consumption of FMCG products including ready-to-eat salads and sandwiches and beverages, among others, are sold using CRE products to help improve customer service and engagement.
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Asia Pacific is expected to be the largest market for commercial refrigeration equipment during the forecast period.
Asia Pacific is the largest market for commercial refrigeration equipment, globally. The region consists of key revenue-generating countries, such as India and China. These countries have a large consumer base and lucrative opportunities for chilled and frozen food products. In addition, development in the automotive industry of these countries is expected to boost the growth of the refrigerated transport market in the region.
Key players in the commercial refrigeration equipment market include Carrier (US), Emerson Electric Company (US), Daikin (Japan), Danfoss (Denmark), and GEA Group (Germany).
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Refrigerants Market by Type (HCFC, HFC, HFO, Isobutane, Propane, Ammonia, Carbon Dioxide, Air, Water, Propene, Isopentane), Application (Domestic, Industrial, Commercial, Chillers, Split AC, VRF, Window, MAC), and Region
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