Commercial Refrigeration Equipment Global Market Report 2021: COVID 19 Impact And Recovery To 2030
The Business Research Company’s Commercial Refrigeration Equipment Global Market Report 2021: COVID 19 Impact and Recovery to 2030
LONDON, GREATER LONDON, UK, March 15, 2021 /EINPresswire.com/ -- Our reports have been revised for market size, forecasts, and strategies to take on 2021 after the COVID-19 impact: https://www.thebusinessresearchcompany.com/global-market-reports
The increasing demand for frozen & chilled products from consumers is anticipated to drive the commercial refrigeration market. Preference for frozen & chilled products have increased due to changing lifestyle, accelerated urbanization, and benefits offered by frozen products such as longer shelf life, convenience, reduced food preparation & clean up time. As per the study of the American Frozen Food Institute (AFFI) released in May 2020, there is a significant growth in the purchase of frozen products among consumers with 70% of consumers buying more frozen food than usual during the COVID-19 situation. Frozen food sales increased to 80% in the week of March 15 and 94% in the week of March 22 when compared to the same weeks in 2019. Frozen and chilled products are stored in commercial refrigerators in supermarkets, hypermarkets, and refrigerated trucks from where they are bought and transported. This is likely to generate a higher requirement for commercial refrigeration equipment for storing, which propels the growth of the market.
The major players covered in the global commercial refrigeration equipment market are Dover Corporation, Daikin Industries Ltd., Carrier Commercial Refrigeration Inc., Johnson Control Inc., Haier Group Corp, Danfoss, Emerson Electric Company.
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https://www.thebusinessresearchcompany.com/report/commercial-refrigeration-equipment-global-market-report
The global commercial refrigeration equipment market size is expected to grow from $59.21 billion in 2020 to $60.36 billion in 2021 at a compound annual growth rate (CAGR) of 1.9%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The commercial refrigeration market is expected to reach $76.63 billion in 2025 at a CAGR of 6.1%.
TBRC’s commercial refrigeration industry analysis report is segmented by product type into refrigerator & freezer, refrigerated display cases, beverage refrigeration, ice cream merchandiser, refrigerated vending machine, by application into hotels & restaurants, supermarkets & hypermarkets, convenience stores, bakery, and by refrigerant type into fluorocarbons, hydrocarbons, inorganics.
Commercial Refrigeration Equipment Global Market Report 2021: COVID 19 Impact and Recovery to 2030 is one of a series of new reports from The Business Research Company that provides commercial refrigeration equipment market overview, forecast commercial refrigeration equipment market size and growth for the whole market, commercial refrigeration equipment market segments, and geographies, commercial refrigeration equipment market trends, commercial refrigeration equipment market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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