Commercial Refrigeration Equipment Market over $47 billion by 2023: Global Market Insights, Inc.
Commercial refrigeration equipment market size was USD 30.94 billion in 2015, and is forecast to grow at 5.6% CAGR from 2016 to 2023.
Commercial Refrigeration Equipment Market size is expected to reach USD 47.75 billion by 2023; according to a new research report by Global Market Insights, Inc.
To access sample pages or purchases this report titled, “Commercial Refrigeration Equipment Market Size by Application (Food & Beverage Retail, Food & Beverage Distribution, Food & Beverage Production, Food Service), By Product (Refrigerators & Freezers, Transportation Refrigeration Equipment, Beverage Refrigeration), Industry Analysis Report, Regional Outlook (U.S., Germany, UK, France, Italy), Application Potential, Price Trend, Competitive Market Share & Forecast, 2016 - 2023” in detail along with the table of contents:
The industry is expected to witness growth owing to huge capital investment with growing emergence of food services in terms of transportation, distribution and production. Increasing use of these devices in processes, horticulture, and seafood is estimated to elevate demand. Further, the growing international trade of frozen food items amongst countries due to changing food consumption trends has led to substantial rise in demand for commercial refrigeration equipment market.
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The global energy demand for air conditioning and refrigeration accounted for around 20% of the overall energy consumption. Growing awareness regarding refrigerants that possess high global warming potential will present opportunities for technological advancement. For instance, the advent of magnetic systems is predicted to save up to 30% of the total energy consumption. It is a green technology product that requires low maintenance and offer higher energy efficiency.
Changing regulatory scenario is expected to phase out certain refrigerants, in order to reduce their power usage. For example, in the U.S. and Western Europe, ban on fluorocarbon-based refrigerants that have high ozone-depleting potential is expected to force consumers to purchase latest optimized equipment for more environmentally benign refrigerants. Growing demand in developed countries such as the U.S. by retrofitting to drive energy effiiency has increased maintenance and servicing activities of the existing inventory.
Rising fuel prices is anticipated challenge transportation refrigeration sector growth. However, introduction of zero-emission technology in order to deliver environmental benefits with reduced fuel consumption will mitigate the impact of the restraint.
Key insights from the report include:
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