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Global commercial refrigeration equipment market to reach USD61.44-bn
The global demand for commercial refrigeration equipment was valued at USD36.63-billion in 2015 and is expected to generate revenue of USD61.44-billion by the end of 2021, according to a new report by Zion Market Research.
Zion Research has published a new report titled Commercial Refrigeration Equipment Market( Transport Refrigeration Equipment, Refrigerators and Freezers, Beverage Refrigerators, Parts, and Others), Market for Food Service, Food and Beverage Production, Food and Beverage Distribution, Food and Beverage Retail, and Other Applications: Global Industry Perspective, Comprehensive Analysis and Forecast, 2015 – 2021.
According to the report, global demand for the commercial refrigeration equipment market is expected to grow at a compound annual growth rate( CAGR) of slightly above 9.0 % between 2016 and 2021.
The rising number of hypermarkets, speciality food stores, and supermarkets primarily drives the global commercial refrigeration equipment market across the globe. Another major driving factor is the changing food consumption trends and rising international food trade. However, environmental regulations, energy efficiency, and increasing fuel costs are major restraints that may limit the growth of the market. Nonetheless, the consolidation of warehouses and the growth of cold supply chains are likely to disclose the new avenues for the commercial refrigeration equipment market in the near future.
The commercial refrigeration equipment market is segmented on the basis of different products, including transport refrigeration equipment, refrigerators and freezers, beverage refrigerators, parts, and other. In 2015, transport refrigeration equipment was the largest segment in the commercial refrigeration equipment market and accounted for the largest share of the total market. It is expected to continue its dominance and be the fastest growing segment in the global market over the forecast period. The transport refrigeration segment, followed by the beverage refrigerators segment and other equipment, formed other key outlets for the industrial refrigeration equipment market in 2015. The beverage refrigerators segment is expected to witness high growth due to the rising number of restaurants, especially in the fast food segment. The other equipment segment is projected to grow at a moderate rate during the forecast period, due to the increasing demand for refrigerated display cases in retail stores.
North America, Europe, Asia Pacific, Latin America, the Middle East and Africa are key regional segments of the global commercial refrigeration equipment market. North America is expected to remain the dominant region over the forecast period. Demand for commercial refrigeration equipment was highest in Asia Pacific in 2015. Hence, Asia Pacific is expected to be both the fastest growing and the largest revenuecontributing region in the commercial refrigeration equipment market during the forecast period. Moreover, Europe and Latin America are also expected to show moderate growth for this market in the years to come. CLA
Read more on the report at www. zionmarketresearch. com.
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