Kenneth Research, in its repository of market research reports, have recently added a report on Commercial Refrigeration Equipment Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Commercial Refrigeration Equipment Market products.
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By the end of 2050, the world’s population aged 60 years and above is anticipated to reach 2 billion, states the World Health Organization (WHO), in one of its statistics. Additionally, several manufacturers are increasingly showing interest for manufacturing healthy beverages, which is also anticipated to drive the growth of the market in the coming years.
Global Commercial Refrigeration Equipment Market was valued at USD 30 Billion in the year 2017. Global Commercial Refrigeration Equipment Market is further estimated to grow at a CAGR of 6.3% from 2019 to reach USD 49.02 Billion by the year 2025. The North America region holds the highest Market share in 2017 and the Asia Pacific is considered as the fastest growing Market in the forecasted period. At a country level, US, China, and Hong Kong are projected to grow strongly in the coming years due to increasing density of population.
Major market players in Commercial Refrigeration Equipment Market are United Technologies Corp., Ingersoll-Rand Plc, Johnson Controls Incorporated, Daikin Industries Ltd., Dover Corp., Hussmann Corp., AHT Cooling Systems GmbH, Ali SpA, Illinois Tool Works Incorporated, Emerson Electric Company, and brief overview of 11 companies is also provided in the report. Rising research and development expenses are catering to changing demand of end users. Similarly, growth strategies such as acquisition, merger, and expansion of the distribution network were few techniques adopted by most of Tier 1 and Tier 2 manufacturers in recent years.
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SWOT Analysis of Commercial Refrigeration Equipment Market:
Strength:
Increasing demand for packaged food products
Weakness:
Regular innovations making products costly
Opportunities:
Advancement in technology
Threats:
Intense competition among the producers
The Global Commercial Refrigeration Equipment Market is segmented as By Product Type, Application, Distribution Channel and Region. The Product Type is segmented as refrigerator and freezer, refrigerated display cases, transportation refrigeration, beverage refrigeration, refrigerated vending machine and ice machine in which refrigerator and freezer hold the highest share in the Market.
Commercial Refrigeration Equipment Market:
By Distribution Channel
*Departmental Stores
*Online
By Product Type
*Refrigerator and Freezer
*Refrigerated Display Cases
*Transportation Refrigeration
*Beverage Refrigeration
*Refrigerated Vending Machine
*Ice Machine
By Application
*Food service
*Food and beverage distribution
*Food and beverage retail
*Food and beverage production
*Others
By Region
North America
*USA
*Canada
Europe
*Germany
*U.K.
*France
*Italy
*Rest of Europe
APAC
*China
*India
*Japan
*Rest of Asia-Pacific
RoW
*Latin America
*Middle East & Africa
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