Global Commercial Refrigeration Equipment Market: Key Highlights
Global Commercial Refrigeration Equipment Market: Key Market Dynamics
Global Commercial refrigeration equipment Market: Regional Overview
In North America, the commercial refrigeration equipment market is expected to witness the boom in the forecast period owing to the rising demand for processed and frozen food products. The booming economy, increasing investment in food processing, changing dietary preferences coupled with the rise in population with higher income, resulting into shifting preference towards the value-added food products. Increasing prevalence of chronic diseases, resulting in rise in demand for blood banks for the preservation of blood and blood-derived samples is generating higher demand for commercially used biomedical refrigerators
The Asia-Pacific commercial refrigeration equipment market is growing on the grounds of increasing consumption of processed and packaged food. Shifting preference of the population towards higher spending on casual dine outs and fast food with increasing expansion of fast food outlets is escalating consumption of chilled beverages, which drives the demand for commercial refrigeration. Increasing Foreign Direct Investment (FDI), which promotes the expansion of organized retail channels, further fuels the refrigerators, freezers, and commercial refrigeration equipment.
Global Commercial Refrigeration Equipment Market: Key Players Overview
United Technologies Corporation is a conglomerate that operates worldwide through Collins Aerospace, Carrier, Pratt & Whitney and Otis businesses. The company operates in building and aerospace industries by offering a wide range of products include the HVAC system, building automation, elevators, walkways, engines, auxiliary power units, and aircraft components. The company generated annual sales of USD 66.5 billion in 2019 with around USD $ 4 billion for research and development. The company in October 2019, introduced two flexible and modern refrigerated chillers for commercial applications such as grocery stores, convenience stores and hypermarkets for the European market.
Johnson Control is the Ireland based company offering products for the residential, healthcare, government, industrial, sports, marine and navy application. The product range is inclusive of HVAC equipment, building, and automation controls, fire detection equipment and solution, industrial refrigeration, and retail solution among many others. In commercial refrigeration, the company provides PENN control range for pressure, temperature, and moisture controlling in the coolers, freezers.
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