NEW YORK — The global commercial refrigeration equipment market was valued at $37.03 billion in 2015 and it is expected to grow to $55.69 billion by 2022, led by the walk-in coolers segment, according to a new report from P&S Market Research.
The global commercial refrigeration equipment market is being driven by the growth of supermarket, hypermarket, and food retail chains, especially in the developing regions.
The consumption of ready to eat products, beverages, and frozen food has increased considerably in emerging countries over the past few years. The growth in disposable income along with the increasing impact of the Western lifestyle has fueled the acceptance of such products among the middle-class consumers of developing countries. This changed food consumption trend is being supported by the rapid expansion of supermarket, hypermarket, and food and restaurant chains around the world.
The commercial refrigeration equipment market in Asia-Pacific, Latin America, and the emerging countries of the Middle East have shown promising growth during the last few years. The market in Europe is heading towards maturity. In the developed nations, the growth of commercial refrigeration equipment is mainly anticipated from replacement units.
The U.S. is by far the largest commercial refrigeration equipment market in North America. The country accounted for nearly 87 percent share in the North American commercial refrigeration equipment market in 2015.
