International.
The global commercial refrigeration equipment market is projected to grow at a compound annual growth rate of 5% between 2016 and 2026, reaching an expected value of US$45.91 billion by the end of 2026, according to a report by Persistence Market Research.
The rapid growth of the retail sector, coupled with strong growth in the food and related services sector, is anticipated to be an important factor for the global commercial refrigeration equipment market during the forecast period.
In addition, government regulations regarding the use of natural refrigerants over synthetic refrigerants is another factor that is expected to drive the growth of this market during the forecast period. However, the decline in replacement rates for commercial refrigeration equipment is expected to offset growth. In addition, strict government regulations related to the development of efficient and environmentally friendly equipment are expected to be a challenge especially for Tier 2 and Tier 3 players.
The refrigerators and freezers segment is expected to dominate the global market for this equipment. This segment is expected to be valued at US$8,649.3 million by the end of 2016 and is expected to exhibit a CAGR of 4.7% during the forecast period. The foodservice applications segment is expected to be the largest in this market and is estimated to account for a 32.3% share by the end of 2016. The food and beverage production segment was valued at US$ 4,705.3 million in 2015, while the retail segment placed at a market valuation of US$ 7,595.4 million in 2015.
North America is estimated to dominate the global commercial refrigeration equipment market during the forecast period. Sales of commercial refrigeration equipment in North America would increase from $7,960.7 million in 2015 to $12.54 billion in 2026.
