The commercial refrigeration equipment market will be worth almost $48 billion (£36 billion) by 2023, analysts are predicting.

Research house Global Market Insights said the market is headed for annual compound growth of 5.6% over the next eight years. Last year it was worth $31 billion (£24 billion).

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The advent of industrialisation, coupled with mounting disposable income, has led to significant change in food consumption, with the rapid growth of fresh and frozen food set to drive demand.

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“The industry is expected to witness growth owing to huge capital investment with growing emergence of food services in terms of transportation, distribution and production,” stated Global Market Insights.

“Increasing use of these devices in processes, horticulture, and seafood is estimated to elevate demand. Further, the growing international trade of frozen food items amongst countries due to changing food consumption trends has led to substantial rise in demand for commercial refrigeration equipment market.”

Global energy demand for air conditioning and refrigeration accounts for around 20% of overall energy consumption. Growing awareness regarding refrigerants that possess high global warming potential will present opportunities for technological advancement, the report said.

The changing regulatory landscape is also expected to be one of the main drivers of trends. In the US and Western Europe, the ban on fluorocarbon-based refrigerants that have high ozone-depleting potential is expected to force consumers to purchase latest optimised equipment for more environmentally benign refrigerants.

Growing demand in developed countries such as the US by retrofitting to drive energy effiiency has increased maintenance and servicing activities of the existing inventory, it added.