According to a new market report published by Transparency Market Research " Commercial Refrigeration Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019", the market was valued at USD 11.16 billion in 2012, and is expected to reach USD 15.90 billion by 2019, growing at a CAGR of 5.2% from 2013 to 2019. Lack of adequate power infrastructure and increasing demand for reliable electricity delivery are the major driving forces of this market.
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The commercial refrigeration equipment market is driven by various factors including continuous evolving technology, changing food consumption trends, rising international food trade, emergence of supermarkets and fast food chains, rise in horticulture, and sea-food and processed food exports across the globe. However, some of the key restraints for the commercial refrigeration equipment market include less energy-efficient commercial refrigeration equipments, the Montreal and Kyoto protocol and increasing fuel cost.
Currently, the transportation refrigeration segment retains the maximum share of 18.8% with revenue of USD 5.4 billion owing to the rise in international food trade across the globe. The transportation refrigeration segment is expected to attain revenue of USD 10.2 billion in 2018 at a CAGR of 11.1% from 2012 to 2018. The transportation refrigeration segment is followed by refrigerators and freezers segment, which is estimated to be USD 5.1 billion in 2012.
In the overall application market, the food service sector currently retains the maximum share of 32.0% with revenue of USD 9.3 billion, which is estimated to reach USD 16.1 billion in 2018. The food, beverage and distribution application market is estimated to attain revenue of USD 10.2 billion in 2018, growing at a CAGR of about 9.8% from 2012 - 2018.
Some of the major players leading the market include Daikin Industries Ltd., Carrier, Dover, ITW, and Hussmann. Through continuous innovation and development these players continue to dominate the commercial refrigeration equipment market.
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