Coronavirus Business Impact – Commercial Refrigeration Equipment Market In-depth Analysis of the Industry with Future Estimations


Posted November 30, 2020 by devanshuraizada

The commercial refrigeration equipment market at a CAGR of 3.0% during 2020–2030. The market was valued at $24.6 billion in 2019, and at this rate, it is expected to reach $33.9 billion by 2030.
 
Due to the increasing concerns for the environment, most of the manufacturers have shifted from fluorinated gases (F-Gases) to natural gases. The emerging economies are yet to make a complete transition; however, most of the developed nations have banned F-gases since the 1990s. To follow in their footsteps, BRICS (Brazil, Russia, India, China, and South Korea) members are rapidly switching to cleaner refrigerants.

This shift is an attempt to reduce carbon emissions, as agreed upon in the Kyoto Protocol. This will eventually generate a huge demand for energy-efficient and eco-friendly refrigeration equipment. The demand for such equipment comes primarily from the supermarkets, convenience stores, hypermarkets, and restaurants situated in the Asia-Pacific (APAC) region. The increasing disposable income of the growing population of the emerging nations in the APAC region will generate an ample demand for this equipment in the future.

With more money in hand, people are eating out frequently and consuming a large amount of packaged food and beverages. The shift in the eating habits will thereby lead to an increase in the adoption of refrigeration equipment for commercial purposes. To cater to the increasing demand from restaurants, supermarkets, retail shops, and hypermarkets, several companies are offering such systems.

Some of the leading companies in the commercial refrigeration equipment market are Midea Group, United Technologies Corporation, Middleby Corporation, Johnson Controls International plc, Illinois Tool Works Inc., Dover Corporation, Panasonic Corporation, Daikin Industries Ltd., Tefcold A/s, Omega Refrigeration, Akreeti Industries, and Standex International Corporation. The equipment offered by these enterprises is in tune with the technological demands of consumers, as well as the emission-control targets in place.

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The future will, thus, witness the launch of new and improved commercial refrigeration equipment to keep up with the increasing demand from industries related to food and beverage products and services. This market research report provides a comprehensive overview of the commercial refrigeration equipment market

Historical and the present size of the commercial refrigeration equipment market
Future potential of the market through its forecast for the period 2020– 2030
Major factors driving the market and their impact during the short, medium, and long terms
Market restraints and their impact during the short, medium, and long terms
Recent trends and evolving opportunities for the market participants
Historical and the present size of the market segments and understand their comparative future potential
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Issued By Devanshu
Country United States
Categories Business
Last Updated November 30, 2020