The global commercial refrigeration equipment market has a highly competitive vendor landscape, exhibiting the presence of numerous players, states Transparency Market Research (TMR). Companies in this market are involving into mergers and acquisitions that have given them a strategic advantage to strengthen their position in the market.
PDF Brochure For Future Advancements:
Some of the key players in the commercial refrigeration equipment market are Whirlpool Corporation, Ltd., Haier, Inc. (Haier Group), Beverage-Air Corporation (Ali S.p.A), United Technologies Corporation – Unit (Carrier), Ingersoll Rand Plc, Dover Corporation, Hussmann Corporation, Metalfrio Solutions SA, Daikin Industries, and Illinois Tool Works Inc. Many companies are putting efforts in expanding their product portfolio, adopting newer strategies for product differentiation, and increasing supply of equipment for the end-use industries will expand the market.
According to TMR, the global market for commercial refrigeration equipment, which was US$ 39.44 bn in 2016, is expected to reach US$ 66.88 bn by the end of 2022. The market is also estimated to rise at a CAGR of 9.1% during the forecast period starting from 2015 and ending in 2022. Based on product type, transportation refrigeration equipment segment is expected to lead the market in coming years.
Globalization and liberalization of agriculture will give impetus to the segment over the coming years. Geographically, in the global commercial refrigeration equipment market Asia Pacific is holding the leading position as a reason for increasing food industry in the region. Growing disposable income is also contributing in increasing this market in Asia Pacific region.