NEW YORK, May 30, 2018 (GLOBE NEWSWIRE) — The global commercial refrigeration equipment market is projected to grow at a CAGR of 6.1% during 2017-2022, to reach $55.6 billion by 2022. The market is driven by surging urbanization and expansion of hypermarkets and supermarkets in the developing countries of Asia-Pacific and Latin America. The significant growth in the number of supermarkets and hypermarkets in developing areas has boosted the demand of energy efficient refrigeration equipment in the recent years.
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The unorganized food and beverages industry in developing countries is acting as a barrier to the growth of the worldwide commercial refrigeration equipment market. The developing countries such as India, China, and Brazil are among the largest producers and consumers of food and dairy products in the world. However, the markets as well as the upstream and downstream supply chain management in these regions are mostly unorganized. The food and beverages industry in the developing market suffer largely by the fragmented supply chains, low level of value addition, low economies of scale, and insufficiency of marketing infrastructure. This is hindering the acceptance of advanced and professional processing and distribution approach.
The commercial refrigeration equipment market in developed countries has witnessed slightly lower growth, as compared to the developing countries of the Latin America and the Asia-Pacific. Very high price sensitivity and stiff competition is expected in the North American commercial refrigeration equipment industry during the forecasted period. The high penetration of commercial refrigeration equipment in enterprise, education and healthcare industries is expected to maintain the competition level at the same level in the commercial refrigeration equipment market in North America. Asia-Pacific is expected to be the fastest growing commercial refrigeration equipment industry during the forecasted period.
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The companies in the commercial refrigeration equipment market are launching new products to improve their position in the market. For instance, in February 2017, Carrier launched new Danaos Total Transparency service counter, featuring a continuous glass superstructure without brackets. The objective to launch this product was to provide transparency to superstructures while maintaining freshness of the fresh produce. Also, in January 2017, Carrier introduced Toshiba Carrier single-phase variable refrigerant flow (VRF) heat recovery system having capability to achieve greater heat recovery capacity. It is a part of Carrier’s commercial VRF products that offers higher installation flexibility, improved zoning control and enhanced efficiency.
Some of the other major companies operating in the commercial refrigeration equipment market include Daikin Industries, Dover Corporation, Johnson Controls, AB Electrolux, Hussmann Corporation, AHT Cooling Systems GmbH, Frigoglass S.A.I.C., Illinois Tool Works Inc. and Ali Group S.p.A.
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