Commercial Refrigeration Equipment Market to reach 18 mn units by 2024 with Emerson, Johnson Controls, Parker Hannifin, Ingersoll Rand, Electrolux, Haier & 10 Companies

SELBYVILLE, Del., Oct. 18, 2018 /PRNewswire-PRWeb/ -- The commercial refrigeration equipment market will grow significantly due to increasing investments in the food and beverage industry. In light of growing population, the players in the food and beverage industry are increasing the production to keep up with the continuously growing demand.

The food service application sector will dominate the market, with shipments forecast to exceed 4.5 million units by 2024 and the industry growth from food and beverage production applications is forecast to grow at 2.5% CAGR, particularly due to the production of milk & dairy products.

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U.S. commercial refrigeration equipment market, which approached USD 10 billion in revenue in 2017, is expected to witness growth due to growing food-service sector in the country.

The Europe commercial refrigeration equipment market is characterized by the increasing trade of perishable products such as milk & milk products, fruits, and flowers. According to the International Flower Trade Association, the export of cut flowers from Europe, particularly from France and the Netherlands, is increasing rapidly, propelling the demand for the transportation refrigeration equipment in the region.

Asia Pacific commercial refrigeration equipment market is expected to witness growth due to rapidly growing GDP and emerging middle class in countries including India and China. Increasing disposable income and increasing number of women professionals is increasing the consumption of frozen foods in the region. Growing sea food industry in countries including Japan, South Korea, China, and Malaysia will augment the industry growth.

The India commercial refrigeration equipment market is expected to grow at over 5% CAGR in terms of revenue over the forecast timespan due to the growing demand for frozen food in the country.

Browse key Commercial Refrigeration Equipment Market insights from the 2017 report spread across 310 pages offering 345 market data tables as well as 53 figures & charts along with the table of contents:
https://www.gminsights.com/industry-analysis/commercial-refrigeration-equipment-market

Company Profiled in This Report based on Business Overview, Financial Data, Product Landscape, Strategic Outlook, SWOT Analysis:

1.    Emerson
2.    Johnson Controls
3.    Parker Hannifin
4.    United Technologies
5.    Ingersoll Rand
6.    GEA Group
7.    Electrolux
8.    Daikin Europe
9.    Danfoss
10.    Dover Corporation
11.    Haier
12.    Illinois Tool Works
13.    Hussman Corporation
14.    Lennox International, Inc.
15.    Parker Hannifin Corp

Growing demand for the transportation refrigeration equipment is also expected to propel the commercial equipment refrigeration market due to increased trade of food products, thus increasing the commercial refrigeration equipment market growth. According to the World Trade Organization, the total food exports accounted for more than USD 1,400 Billion. Reduction in investment barriers in countries including India, Japan, and Singapore are allowing the food product manufacturers from countries including U.S. and UK. This is encouraging the foreign players to supply high quality food products in the countries that do not produce quantities that cater to the increasing demand.

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