The global commercial refrigeration equipment market has been accumulating lucrative opportunities with the increasing rate of international food trade over the past years. Commercial refrigeration equipment is largely used in the transportation of extremely perishable foods and beverages, promising the market of an improving growth rate.
Food as the number one human need in all parts of the world is anticipated to remain as a strong growth factor for the global commercial refrigeration equipment market. For instance, China, Indonesia, and India have been at the forefront of increasing the production rates of seafood, whereas Peru has been a leader in aquaculture activities.
The global commercial refrigeration equipment market portrays a fierce competition to exist in its vendor landscape, mainly due to the presence of innumerable players holding notable shares, says Transparency Market Research on the basis of a recently published report. Most companies operating in this market have embraced strategic alliances with other companies as a prime scheme to nurture their growth.
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Incorporating product differentiation, expansion of product portfolios, and improving supply rate of equipment to end-use industries are a few other strategies implemented by most businesses present in the global commercial refrigeration equipment market. Haier, Inc. (Haier Group), Ingersoll Rand Plc, Whirlpool Corporation, Daikin Industries, Ltd., Hussmann Corporation, United Technologies Corporation – Unit (Carrier), Danfoss A/S, Dover Corporation, Electrolux AB, Metalfrio Solutions SA, Beverage-Air Corporation (Ali S.p.A), Illinois Tool Works Inc., and are chief companies working in this market.
Statistically speaking, the global commercial refrigeration equipment market had gained a revenue worth US$39.44 bn in 201, which is further projected to increase up to US$66.88 bn by 2022. Such a growth is expected to occur with a grand CAGR of 9.1% during the forecast period ranging from 2015-2022.
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