Techno World Commercial-Refrigeration-Equipment-Market | Page 2

The global commercial refrigeration equipment market is estimated to be valued at US$ 29.38
billion in 2017 and is expected to witness a CAGR of 5.1% during the forecast period (2017 –
2025).
Growth of multi-chain food & beverages retailing to present strong growth prospects
through the forecast period
The global food & beverages (F&B) industry has witnessed considerable growth over the last
decade. According to the Cushman & Wakefield food & beverage market report in summer 2017,
the retail industry share of footwear, clothing, and white goods among others has witnessed
substantial decline, with F&B, leisure & entertainment gaining significant business share.
Increasing inclination of consumers towards different regional cuisines and exploration of
international flavors are among the major growth factors driving growth of the commercial
refrigeration equipment market.
Increasing employment of woman in the workforce is driving growth of the market,
specifically in Asia Pacific
According to Economic & Labor Market Analysis by International Labor Organization, the woman
employment ratio in emerging economies, specifically in Asia Pacific, had significantly increased
by 2012. Urban lifestyle and the increasing number of woman in the workforce are likely to cause
significant decrease in time dedicated to household chores. This has led to substantial demand
for frozen and ready-to-eat food, in turn, boosting growth of the commercial refrigeration
equipment market in the region.
Asia Pacific is expected to remain the fastest growing region for commercial
refrigeration equipment market over the forecast period
China is expected to witness CAGR of over 8%, owing to significant increase in consumer
spending and improving economic conditions of the country. According to Coherent Market
Insights’ Analysis, China alone accounted for around 8% of the global consumer spending on
eating outside homes. Increasing disposable income coupled with high spending on eating at
restaurants in other emerging economies such as India, South Korea, and ASEAN countries are
expected to propel growth of the commercial refrigeration equipment market over the forecast
period. The U.S. has the largest market for commercial refrigeration equipment and is expected
to sustain its dominance across the globe, owing to highest deployments of refrigerators in its
mature retail industry and concentrated presence of large number of players in the region.
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Key industry participants in the commercial refrigeration equipment market include United
Technologies Corporation, Ingersoll-Rand plc, Johnson Controls Incorporated, Daikin Industries
Limited, Dover Corporation, Hussmann Corporation, AHT Cooling Systems GmbH, Ali SpA, Illinois
Tool Works Incorporated, Emerson Electric Company, Leer Incorporated, True Manufacturing