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Global commercial refrigeration equipment market to reach USD61.44-bn
The global demand for commercial refrigeration equipment was valued at USD36.63-billion in 2015 and is expected to generate revenue of USD61.44-billion by the end of 2021 , according to a new report by Zion Market Research .
Zion Research has published a new report titled Commercial Refrigeration Equipment Market ( Transport Refrigeration Equipment , Refrigerators and Freezers , Beverage Refrigerators , Parts , and Others ), Market for Food Service , Food and Beverage Production , Food and Beverage Distribution , Food and Beverage Retail , and Other Applications : Global Industry Perspective , Comprehensive Analysis and Forecast , 2015 – 2021 .
According to the report , global demand for the commercial refrigeration equipment market is expected to grow at a compound annual growth rate ( CAGR ) of slightly above 9.0 % between 2016 and 2021 .
The rising number of hypermarkets , speciality food stores , and supermarkets primarily drives the global commercial refrigeration equipment market across the globe . Another major driving factor is the changing food consumption trends and rising international food trade . However , environmental regulations , energy efficiency , and increasing fuel costs are major restraints that may limit the growth of the market . Nonetheless , the consolidation of warehouses and the growth of cold supply chains are likely to disclose the new avenues for the commercial refrigeration equipment market in the near future .
The commercial refrigeration equipment market is segmented on the basis of different products , including transport refrigeration equipment , refrigerators and freezers , beverage refrigerators , parts , and other . In 2015 , transport refrigeration equipment was the largest segment in the commercial refrigeration equipment market and accounted for the largest share of the total market . It is expected to continue its dominance and be the fastest growing segment in the global market over the forecast period . The transport refrigeration segment , followed by the beverage refrigerators segment and other equipment , formed other key outlets for the industrial refrigeration equipment market in 2015 . The beverage refrigerators segment is expected to witness high growth due to the rising number of restaurants , especially in the fast food segment . The other equipment segment is projected to grow at a moderate rate during the forecast period , due to the increasing demand for refrigerated display cases in retail stores .
North America , Europe , Asia Pacific , Latin America , the Middle East and Africa are key regional segments of the global commercial refrigeration equipment market . North America is expected to remain the dominant region over the forecast period . Demand for commercial refrigeration equipment was highest in Asia Pacific in 2015 . Hence , Asia Pacific is expected to be both the fastest growing and the largest revenuecontributing region in the commercial refrigeration equipment market during the forecast period . Moreover , Europe and Latin America are also expected to show moderate growth for this market in the years to come . CLA
Read more on the report at www . zionmarketresearch . com .
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