In its recent market report, P&S Market Research has revealed that the global commercial refrigeration equipment market is projected to reach US$55,688.6mn by 2022, growing at a CAGR of 6.1 per cent from 2017 to 2022
The report forecasts the trend in global refrigeration equipment market by equipment type, by application and by end user.
According to the report, the global commercial refrigeration equipment market was worth US$39,157mn in 2016.
The report highlights that rapid urbanisation along with the expansion of supermarkets, hypermarkets and food retail chains in the developing countries are considered the key drivers for the increasing the demand of commercial refrigeration equipment during the forecast period.
With urban population in India and China being expected to reach around 465mn and 850mn respectively by 2020, the report forecasts a boost in the demand of refrigeration equipment in food processing industries, tier II and tier I restaurants, hypermarkets, and medium sized grocery stores in the India and China.
In the developed countries, the short product life cycle of the refrigeration equipment along with the increasing floor area of hypermarkets and supermarkets and restaurants chains are seen to be adding considerable growth in the commercial refrigeration equipment in the forecasted time.
The research also adds that the regulation over the use of F-gases as a refrigerant, considering its negative effect on the ozone layers, is seen as the main hindrance in the growth of the commercial refrigeration equipment market in many developed nations.
Geographically, Asia-Pacific has been forecasted to be the largest and fastest growing commercial refrigeration equipment market in the forecasted period, with the HFC regulation being not much stiff in the Asia-Pacific region.
According to the market report, some of the major players in the global commercial refrigeration market will include United Technologies Corporation, Johnson Controls, Daikin Industries, Dover Corporation, Hussmann Corporation, AB Electrolux, Frigoglass SAIC, AHT Cooling Systems GmbH, Ali Group SpA and Illinois Tool Works Inc