Forecast on the commercial refrigeration market

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According to Allied Market Research (“Commercial Refrigeration Market by Product and End-User: Global Opportunity Analysis and Industry Forecast, 2021–2027” report), the commercial refrigeration market size was valued at $28.19 billion in 2019, and is projected to reach $35.25 billion by 2027, growing at a CAGR of 4.4% from 2021 to 2027. Asia-Pacific is one of the prominent regions in the market that accounted for approximately two-fifths of the total commercial refrigeration market share in 2019. Based on product type, the market is divided into deep freezers, bottle coolers, storage water coolers, commercial kitchen refrigeration, medical refrigeration, chest refrigeration, and others. The “others” sub-segment includes ice cubes, bottled water dispenser, visi coolers, refrigerated display cases, and beer dispensers. The chest refrigeration segment is expected to maintain its dominance in the global market during the forecast period. However, medical refrigeration is anticipated to gain traction in the near future, owing to increase in demand for commercial refrigeration in hospitals and various other medical facilities. Based on end user, the supermarket/hypermarket segment accounted for a maximum share in the global commercial refrigeration market in 2019 and is expected to remain dominant during the forecast period. However, the retail pharmacies segment is expected to experience rapid growth with a CAGR of 6% from 2021 to 2027. Based on region, the commercial refrigeration market analysis has been carried across North America, Europe, Asia-Pacific, and LAMEA. An increase in demand for commercial refrigeration equipment in Asia-Pacific and LAMEA is expected in the near future, owing to the augment in industrialization and high degree of implementation of automation in this region. Moreover, rise in the number of food outlets coupled with increase in the number of retail pharmacies and experience centers such as supermarket and hypermarkets are expected to provide opportunities for growth for commercial refrigeration market. Asia-Pacific is expected to remain dominant during the forecast period, with major growth expected in China, India, and the other developing countries. Rise in the number of full service restaurants, quick service restaurants as well as increase in the adoption of frozen food and confections are the major drivers fueling the commercial refrigeration market growth in these countries. Finally, Allied Market Research explains that the players in the commercial refrigeration industry have adopted acquisition as their key strategy to increase their market share and to remain competitive in the market. The leading players have also focused on product launch, partnership, and collaboration as a key strategy to gain significant market share globally. The key players profiled in the commercial refrigeration market report include United Technologies Corporation, Daikin Industries Ltd., Illinois Tool Works Inc., Johnson Controls International Plc, Dover Corporation, AB Electrolux, Panasonic Corporation, Ali Group Srl, Frigoglass S.A.I.C., and Haier Electronics Group Co., Ltd.

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