Commercial Refrigeration System Market – Overview
The commercial refrigeration system market is predicted to display double-digit growth rate and grow almost two times over the forecast period from 2020 – 2030. Massive growth of the food service industry and vast rise in demand for frozen foods are some key factors behind the growth of commercial refrigeration system market. Export of mega volume of sea food from different parts of the world spells demand for commercial refrigeration systems.
Technological advances in commercial refrigeration system, with the new ones driven by solar power, energy efficient are some upcoming trends in the commercial refrigeration system market.
The upcoming report on the commercial refrigeration system market provides a comprehensive analysis of the said market for the 2020- 2030 forecast period based on past and current growth scenario. The report looks into demand dynamics, regional outlook and vendor landscape to provide the analysis, along with how the COVID-19 pandemic will impact the market.
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Commercial Refrigeration System Market – Competitive Landscape
The commercial refrigeration system market is competitive with several large players in the fray. Key players are adopting growth strategies such as mergers and acquisitions and joint ventures to expand their global presence, and are simultaneously improving their distribution network to gain a foothold globally.
Key players having strong presence in the commercial refrigeration system market include Hussmann, Ingersoll Rand plc, AHT Cooling System GmbH, Berkshire Hathaway Inc., Panasonic Corporation, Dover Corporation, Daikin, Traulsen, and Johnson Controls Inc.
Commercial Refrigeration System Market – Key Trends
Among a slew of factors, growth of retail food chains in tier I and tier II cities in developing countries has led to monumental rise of the commercial refrigeration system market. Popularity of food service restaurants and retail food chains in large cities has encouraged to open up outlets in small and mid-size towns of developing countries. Changing food habits and rising popularity of non-native foods is indirectly spurring growth of commercial refrigeration system market in developing countries. Cold beverages, milk shakes, frappes, frozen desserts, and frozen snacks are increasingly finding place in the everyday food of individuals in these places. Hectic lifestyle, long work hours, personal commitments are some reasons because of which individuals are increasingly adopting ready-to-eat food and desserts in tier II cities of developing countries.
The popularity of ready-to-eat food and frozen desserts spells demand for commercial refrigeration system for distribution and storage.
Large volume export of meats, poultry, and sea food is another key factor for the growth of commercial refrigeration system market. Sea food from East Asian and Nordic countries is exported to several parts of the world using commercial refrigeration systems. Trailer refrigeration system, shipping containers refrigeration system, and truck refrigeration system are the transportation refrigeration system used for transport and export of perishable foods. Rise in popularity of non-native foods and rising global travel is stoking demand for exotic fruits, vegetables, meats, and dairy products. This spurs growth of commercial refrigeration system market.
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Commercial Refrigeration System Market – Regional Assessment
North America holds leading revenue share, among other regions, in the commercial refrigeration system market. Food habits that calls in vast demand for frozen food, packaged ready-to-eat food is a key factor behind growth of commercial refrigeration system market. Food manufacturing units display massive demand for commercial refrigeration system for storage of perishable foods that are produced in mass volume. Frozen desserts, meats, curries, and breads manufactured at food manufacturing units need to be stored at very low temperatures to maintain the shelf life of these foods.
Asia Pacific is expected to emerge as a key region in the commercial refrigeration system market. Massive growth of the hospitality industry and economic development leading to changing food habits in developing countries of the region are aiding growth of the commercial refrigeration system market.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.