International.
The global commercial refrigeration equipment market was valued at $36.63 million in 2015, and is expected to generate revenue of $61.44 million by the end of 2021, growing at a compound annual growth rate (CAGR) of just over 9% between 2016 and 2021, according to a report by Zion Market Research.
The global market for commercial refrigeration equipment is mainly being driven by the increasing number of hypermarkets, specialty grocery stores, and supermarkets across the globe. Another important factor is the change in food consumption trends and the increase in international food trade. However, environmental regulations and rising fuel costs are safety elements that can limit the growth of the market. However, the consolidation of warehouses and the growth of cold supply chains are likely to open new avenues for the growth of this market in the near future.
North America is expected to see the most stable growth over the next few years.
Asia Pacific is expected to be the fastest growing market during the forecast period. Asia Pacific was the largest revenue contributor in 2015 and accounted for 34% of the global market share. Within Asia, China will remain the world's fastest growing market. On the other hand, the consumption of ready-to-eat products and frozen foods has increased significantly in emerging countries in recent years. In addition, technological advances in emerging countries such as Russia, Taiwan, Brazil, India, and China are encouraging growth.
