The global commercial refrigeration equipment market was valued at $37.03bn in 2015 and it is expected to grow to $55.69bn by 2022, led by the walk-in coolers segment, according to a new report from P&S Market Research.
The research has found that the demand for commercial refrigeration is uneven among all the major geographical regions.
The commercial refrigeration equipment market in Asia Pacific, Latin America, and emerging countries of Middle East have shown promising growth during the past few years.
The European commercial refrigeration equipment market is heading towards maturity.
Commercial refrigeration equipment demand in developed areas is almost at saturation point, owing to the lack of expansion opportunity for commercial refrigeration equipment end users in the region.
With moderate or gradual population growth in most of the developed market, the growth of commercial refrigeration equipment is mainly anticipated from replacement units, owing to government regulations towards safe refrigerants and continuously improving power consumption ratings of the cabinets.
The consumption of ready to eat products, beverages and frozen food has increased considerably in emerging countries, over the past few years.
The growth in disposable income, along with the increasing impact of western lifestyle has fuelled the acceptance of such products among the large middle-class consumers of developing countries.
The changed food consumption trend is being supported by the rapid expansion of supermarket, hypermarket, and food and restaurant chains around the world.