Commercial Refrigeration System Market Overview
Commercial refrigeration system is generally used to prevent the spillage of food and beverage stuffs and keep them fresh for longer duration. It is used where the temperature is sustained at a level much below than that of its surrounds. They are usually used in supermarkets, food & beverage manufacture centers, stores, and distribution centers.
Market Size and Forecast
Global commercial refrigeration system market is anticipated to flourish at a CAGR of 6.8% during the forecast period i.e. 2017-2024. Further, the market of commercial refrigeration system was valued at USD 6.1 Billion in 2016 and is projected to garner USD 9.68 Billion by the end of 2024.
In the regional market, North America is the leading commercial refrigeration system market in terms of revenue share. In North America region the U.S is the dominating market for commercial refrigeration system. Factor such as, increasing use of solar powered systems is expected to drive the growth of the commercial refrigeration system during the forecast period.
Apart from this, U.S. commercial refrigeration system market is likely to be driven by development in the food and service industry and changing consumer preferences for food over the forecast period.
Based on product type, commercial refrigeration market is segmented into beverage refrigeration, freezers & refrigerators and transportation refrigeration, out of which, freezers and refrigerators segments is expected to dominate the market of commercial refrigeration system over the forecast period.
Our in-depth analysis has segmented commercial refrigeration system market into the following segments:
By Refrigerant Type
By Product Type
Global commercial refrigeration system market is further classified on the basis of region as follows:
Growth Drivers and challenges
Factor such as, rising demand for frozen and chilled products is anticipated to drive the growth of the commercial refrigeration system over the forecast period. Further, technological improvements in commercial refrigeration systems and development of cold chain facility are expected to increase the overall market of commercial refrigeration system over the forecast period.
Apart from this, government allowances for energy-efficient products are anticipated to be the dynamic factor behind the growth of the commercial refrigeration system market during the forecast period.
However, intensifying fuel prices and Montreal and Kyoto protocol (substances that deplete the ozone layer) and some existing energy inefficient products are some of the key factors which are expected to limit the growth of commercial refrigeration system market in upcoming years.
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