HVAC and Construction Industry Commercial refrigeration equipment Market Trends | Page 2

Hexa Research Fact-based market research, penetrating industry insights and validated forecasts to help you make better decisions for a stronger future The market is segmented into products, applications, and regions. Products consist of beverage refrigeration, refrigerators & freezers, transportation refrigeration equipment, parts, and others. Beverage refrigeration could rise due to a boom in restaurants across the globe. Transportation held about 20% of the market in 2015. Zero -emission technologies and efficient fuel consumption are some of the trends that should propel this segment’s growth till 2024. Applications are split into food service, food & beverage retail, food & beverage production, food & beverage distribution, and others. Food service segment includes food serving facilities such as restaurants, schools, supermarkets, and convenience stores. It is estimated to increase owing to robust demand of cold-storage and cascade refrigeration system in the food & beverage industry in the coming years. North America, Europe, Asia Pacific, South America, and MEA (the Middle East & Africa) constitute the regional markets. North America is expected to witne ss substantial growth on account of higher disposable incomes and proliferation of food outlets and retail restaurants. Europe would benefit from economic revival and an expanding retail sector. Asia Pacific is likely to grow at a CAGR of 6.6% during the forecast period. Main market drivers are changing food habits, high processed food exports, rise in horticulture, and rising purchasing power of the populace. The global commercial refrigeration equipment market is highly competitive. Key players encompass Dover Corporation, Carrier Corporation, Illinois Tool Works, Electrolux, and Johnson Controls. They focus on strategic alliances (mergers, acquisitions, partnerships) and research & development of novel products to stay competitive. Market entry barriers include high capital investment, stringent regulatory environment, and increasing research & development costs. Contact: [phone] Email : [email protected] Website: http://www.hexaresearch.com/