Asia Pacific is Top Revenue Contributor to Global Commercial Refrigeration Equipment Market

According to a new market report published by Transparency Market Research “Commercial Refrigeration Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2022”, the global commercial refrigeration equipment market was valued at US$ 33,612.2 Mn in 2014 and is expected to reach US$ 66,887.3 Mn by 2022, expanding at a CAGR of 9.1% from 2015 to 2022.

Asia Pacific was the largest revenue contributor in 2014 and accounted for 35.4% of the global commercial refrigeration equipment market’s revenue. Changing food consumption trends and rising international food trade are the key factors fuelling the growth of the commercial refrigeration equipment market. The market has witnessed rising demand for refrigeration equipment in the food service industry owing to the increasing number of the supermarkets, hotels, cafes, and fast food chains worldwide. Asia Pacific is expected to be the fastest-growing and the largest revenue contributing commercial refrigeration equipment market over the forecast period. Product innovation and regulations would further trigger the replacement of conventional commercial refrigeration equipment with new, energy-efficient ones over the forecast period. This expected rise in demand for new energy-efficient commercial refrigeration systems in all regions would help boost the growth rate of the commercial refrigeration equipment market over the forecast period.

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Focus on increasing sales in emerging markets and new product development are a few of the key strategies adopted by leading players in the commercial refrigeration equipment market. The other equipment segment, which includes display cases, ice machines, refrigerated vending machines, cryogenic equipment, liquid chillers, and small market products like compressor racks, dairy coolers, and egg refrigerators accounted for the largest portion of the commercial refrigeration equipment market revenue share (40.1%) in 2014. Proliferation of retail chains is driving the demand for this segment. Refrigerated display cases drive the growth of the other equipment segment. Transportation refrigeration equipment is expected to be the fastest-growing segment over the forecast period from 2015 to 2022. The growing trade for milk, meat, fish, vegetables, fruits, and other perishable food products is boosting the demand for this segment. The food and beverage retail industry is expected to be the fastest-growing application segment for the commercial refrigeration equipment market.