Portland, OR, Sept. 05, 2019 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global commercial refrigeration market accounted for $27.11 billion in 2018 and is projected to reach $37.41 billion by 2026, growing at a CAGR of 4.1% from 2019 to 2026. The report offers a detailed analysis of the key segments, top investment pockets, changing dynamics, market size & estimations, and competitive scenario.
Increased urbanization, rise in demand for frozen & chilled products among customers due to change in lifestyle and rapid growth in the organized retail sector have boosted the market growth. However, requirement for frequent maintenance and rise in several technical issues due to lack of proper care hamper the market growth. On the contrary, advancements in technology and increase in number of quick-service restaurants are expected to create lucrative opportunities in the near future.
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The global commercial refrigeration market is segmented on the basis of product type, end user, and geography. Based on product type, the market is divided into deep freezers, bottle coolers, storage water coolers, commercial kitchen refrigeration, medical refrigeration, chest refrigeration, others. The chest refrigeration segment held the largest share in 2018, contributing more than one-fourth of the total market and is expected to continue its dominance throughout the marketing period. However, the medical refrigeration segment is projected to manifest the fastest CAGR of 5.1% through 2026. This is due to increased demand for commercial refrigeration in medical facilities and hospitals.
On the basis of end user, the supermarket/hypermarket segment dominated in 2018, contributing more than one-fourth of the market. However, retail pharmacies segment is projected to grow at the fastest CAGR of 5.7% during the forecast period.
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The global commercial refrigeration market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across the Asia-Pacific region held the largest share in 2018, accounting for more than two-fifths of the market. Moreover, the region is estimated to register the fastest CAGR of 4.7% during the study period, due to increased industrialization and adoption of automation.
The report provides an in-depth analysis of the major market players such as Illinois Tool Works Inc. (ITW), United Technologies Corporation, Dover Corporation, Daikin Industries Ltd., Panasonic Corporation, Johnson Controls International Plc, Frigoglass S.A.I.C., AB Electrolux, Ali Group Srl, and Haier Electronics Group Co., Ltd.
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