HVAC and Construction Industry Commercial Refrigeration Equipment Market | Page 2

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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 regiona l
markets. North America is expected to witness 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.
Browse Related Category Market Reports @ https://www.hexaresearch.com/research-category/hvac-and-
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