Commercial Refrigeration Market Expects Growth Over Next 5 YearsPosted August 23, 2016 by CPS
If you own or manage a commercial kitchen, have you noticed an increased need or demand for refrigeration equipment? Maybe you haven’t noticed it, but according to recent research, the global demand for industrial refrigeration equipment is expected to grow at a Compound Annual Growth Rate (CAGR) of just over 9% between 2016 and 2021.
The report, published by Zion Research, was titled, “Commercial Refrigeration Equipment Market (Transport Refrigeration Equipment, Refrigerators and Freezers, Beverage Refrigerators, Parts and Other) 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.”
Despite the incredibly lengthy title, this report was straightforward in its conclusion: The global demand for industrial refrigeration equipment market was valued at $36.63 billion in 2015 and is expected to generate revenue of $61.44 billion by the end of 2021. That gives us a CAGR of around 9%.
If you’ve ever worked in a commercial kitchen, let alone own one, you are familiar with the many uses of commercial refrigeration equipment and the many forms they come in – including, reach-in refrigerators, freezers, walk-in refrigerators, under counter refrigerators and bar refrigerators, to name a few.
Why is this market expected to grow over the next 5 years? The main reasons include changing food consumption trends and an increased demand in international food trade. The commercial refrigeration market is segmented based on different products. Transport refrigeration, for example, was the largest segment in the market in 2015 and it expects to continue its dominance over the current forecast period. The beverage refrigeration segment expects to see the fastest growth, mainly due to a rising number of restaurants.
As the commercial refrigeration market continues to grow, CPS continues to keep up with demand! Shop our massive inventory of OEM parts for refrigeration accessories and much more.