R e s e a r c h
slated to exhibit a CAGR of 4.7% during the forecast period. The Food Service application
segment is expected to be the largest segment in the global commercial refrigeration equipment
market and is estimated to account for a value share of 32.3% by the end of 2016. The Food and
Beverage Production segment was valued at US$ 4,705.3 Mn in 2015 while the Food and
Beverage Retail segment stood at a market valuation of US$ 7,595.4 Mn in 2015.
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Among regions, North America is expected to dominate the overall global commercial
refrigeration equipment market over the forecast period. Sales of commercial refrigeration
equipment in North America is projected to increase from US$ 7,960.7 Mn in 2015 to US$ 12.54
M a r k e t
Bn by 2026. Growing Asian economies such as China and India are expected to witness
relatively faster growth during the forecast period. The China commercial refrigeration equipment
market is expected to grow with the highest value CAGR of 8.2% in the forecast period. The
market in Asia Pacific excluding China is expected to register a relatively high CAGR of 5.3%
throughout the period 2016-2026.
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Standex International Corporation, Lennox International Inc., Daikin Industries Ltd., Illinois Tool
P e r s i s t e n c e
Works Inc., AHT Cooling Systems GmbH, Whirlpool Corporation, United Technologies
Corporation, Manitowoc Company, Inc., Panasonic Corporation, Qingdao Haier Co. Ltd., Fujimak
Corporation, Hoshizaki Corporation, Electrolux AB, Dover Corporation, and Ingersoll-Rand PLC.,
are some of the leading companies operating in the global commercial refrigeration equipment
market. Top market players are focusing on – new product development and launch of advanced
and sustainable products through strategic R&D initiatives in product innovation; geographical
expansion especially in high-growth markets such as India, China, and Brazil by increasing the
number of manufacturing facilities w