International.
The global commercial refrigeration equipment market would reach the figure of US$41.5 million by 2022, with increasing demand for frozen foods and changing food consumption habits, according to a new market report published by Credence Research Inc.
The food service industry is expected to be the fastest growing segment of applications for commercial refrigeration equipment with the growing number of hotels and restaurants worldwide. In addition, considerable demand for commercial refrigeration equipment is expected from the food and beverage production industry with the introduction of strict food production regulations.
Asia-Pacific is the largest regional market and is expected to see faster growth in the forecast period. This growth is mainly attributed to growing demand in India and China. North America and Europe are mature markets and most of the growth in these regions would come from equipment replacement. In addition, promising growth is anticipated in South America and the Middle East with the growing retail and food service industry in these regions.
