According to the latest report, titled “Commerical Referigeration Equipment Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast’ the India facility management market is expected to exhibit a Huge CAGR during the Forecast Period. The Commerical Referigeration Equipment Market is projected to grow from USD 48.18 billion in 2021 to USD 68.81 billion in 2028 at a CAGR of 5.2% in the 2021-2028 period.
This COVID-19 analysis of the report includes COVID-19 IMPACT on the production and, demand, supply chain. This report provides a detailed historical analysis of the global Commerical Referigeration Equipment Market by region/country and subsectors. The report covers the revenue, sales volume, price, historical growth, and future perspectives in the Commerical Referigeration Equipment Market.
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A few top players in the industry are–
- Emerson Electric Co. (St. Louis, Missouri)
- Carrier Corporation (Farmington, Central Connecticut)
- Danfoss(Nordborg, Denmark)
- GEA Group Aktiengesellschaft (Düsseldorf, Germany)
- DAIKIN EUROPE GROUP (Ostend, Belgium)
- Johnson Controls (Cork, Ireland)
- Nor-Lake, Inc. (Hudson, Wisconsin)
- The Middleby Corporation (Elgin, Illinois)
- Imbera (Monterrey, Mexico)
- Welbilt (New Port Richey, Florida)
- AB Electrolux (Stockholm, Sweden)
- Ali Group S.r.l. (Cernusco sul Naviglio, Italy)
- AHT Cooling Systems GmbH (Rottenmann, Austria)
- Hillphoenix, A Dover Company (Georgia, U.S.)
- Excellence Industries (Florida, U.S.)
- Illinois Tool Works Inc. (Illinois, U.S.)
- Lennox International Inc. (Texas, U.S.)
- Minus Forty Technologies Corp. (Ontario, Canada)
- Panasonic Corporation (Osaka, Japan)
- True Manufacturing Co., Inc. (Missouri, U.S.)
- Whirlpool Corporation (Michigan, U.S.)
- Standex International Corporation (Salem, U.S.)
- Viessmann (Allendorf, Germany)
- Canadian Curtis Refrigeration Inc. (Vaughan, Canada)
- Everidge, Inc. (Plymouth, U.S.)
The report gives a precise view of the future perspective and present market demands. The report also includes facts and statistics, tables & figures referred to in this report for strategic planning which leads to the success of the organizations. In this market report, the market share that various manufacturers hold in the global Commerical Referigeration Equipment Market and the market concentration is described in the report.
On the basis of Geography, the Global Commerical Referigeration Equipment Market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World (RoW). North America is expected to hold a considerable share in the global Commerical Referigeration Equipment Market. Due to increasing investment for research and development process and adoption of solutions in the region whereas Asia-Pacific is expected to grow at a faster pace during the forecasted period.
The growing number of Commerical Referigeration Equipment Market players across regions is expected to drive market growth further. Moreover, increasing investments by prominent vendors in product capabilities and business expansion is expected to fuel the market during the study period. Many market players are finding lucrative opportunities in emerging economies like China and India, where the large populations are coupled with new innovations in numerous industries.
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Drivers & Restraints:
Growing Demand from Food & Beverage Sector to Stimulate Growth
The food and beverage industry are one of the most profitable sectors in the world, with the biggest yearly revenue contribution to global GDP. Through roughly 680,000 retail stores and food service outlets, the industry provides to clients by converting raw farm commodities from over 2 million farms into consumer food products. This boosts global production and consumption, and commercial refrigeration equipment sales. Furthermore, rising demand for consumer and ready-to-eat food and beverage items due to global increase in the use of commercial refrigeration equipment. Whereas, because this equipment is utilized in commercial applications, the price varies depending on the size, as commercial refrigerators, freezers, and other appliances are designed to fit into vast spaces. Therefore, the cost of owning and maintaining such massive machinery becomes a major market constraint.
An overview of the Commerical Referigeration Equipment Market’s regional outlook:
The market is divided into five regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa (MEA). North America is further subdivided into countries such as the United States and Canada. The Europe region is further divided into the United Kingdom, France, Germany, Italy, Spain, Russia, and the Rest of Europe. China, Japan, South Korea, India, Australia, South East Asia, and the rest of Asia Pacific are subdivided into Asia Pacific. The Latin America region is separated into Brazil, Mexico, and the rest of Latin America, whereas the MEA region is divided into GCC, Turkey, South Africa, and the rest of MEA.
Asia Pacific is expected to dominate the commercial refrigeration equipment market share due to rising demand for frozen food items in India, China, South Korea, and Japan. Food manufacturers all throughout the region are concentrating on making frozen versions of regional foods, which is helping to drive market growth. The region’s growing population, better economic conditions, such as rising GDP and disposable incomes, and a burgeoning consumer appliances sector have all contributed to increased demand for commercial refrigeration equipment. Furthermore, growing urbanization, rise in the manufacturing sector, and increased expenditure on private and public infrastructure construction are all driving the commercial refrigeration equipment market in this region.
The expansion of the regional market will be fueled by increased investments in the food and beverage sectors across North America. Consumers are becoming more aware of the need for nutritious and hygienic food and are prepared to pay a premium for it, prompting restaurants and hotels to use these systems to keep food products fresh and safe. Furthermore, the growing number of fast-food restaurants and the expanding restaurant industry in the U.S. and Canada will boost the market size in North America throughout the forecast period.
- What is the driving factor for the growth of the Commerical Referigeration Equipment Market?
- How will the COVID-19 pandemic impact the demand and consumption of the Commerical Referigeration Equipment Market?
- What is the major application area of the Commerical Referigeration Equipment Market?
- Who are the Commerical Referigeration Equipment Market manufacturers across the globe?
- Which geographical location is dominant in the Commerical Referigeration Equipment Market?
- Which are the top industry players in the Commerical Referigeration Equipment Market?
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