The refrigerants which are used in refrigeration systems are expected to grow at a CAGR of 5 to 7% and fuel the growth of global refrigeration system market. The use of refrigerants is leading to greenhouse effect and is giving way to the use of green refrigerants in the commercial refrigeration system market, according to the latest report by Future Market Insights.
Global commercial refrigeration system market is estimated to grow almost two fold during the forecast period and register double digit CAGR. North America is the dominant commercial refrigeration system market in terms of revenue share followed by APAC and Europe. Growth in the food and service industry and changing consumer preferences for dining food in North America is driving growth in commercial refrigeration system market domestically.
The Europe commercial refrigeration system market on the other hand is estimated to show significant growth with rising demand for frozen food items and expansion of retail chain in this region. Commercial refrigeration system market is witnessing increasing use of solar powered systems and this technology is anticipated to play a major role in addressing energy scarcity issues. Utilization of advanced refrigerants and energy efficient systems are some of the upcoming trends in global commercial refrigeration system market. More use of commercial refrigeration system in horticulture process and sea food exports is expected to fuel the demand of global refrigeration system market.
Major players in the global commercial refrigeration systems market include Hussmann, Dover Corporation, Ingersoll Rand PLC, Daikin, AHT Cooling System GmbH, Traulsen, Berkshire Hathaway Inc, Johnson Controls Inc, and PanasonicCorporation.
Key players have adopted strategies including joint ventures along with mergers and acquisitions to expand globally and are simultaneously improving their distribution network to establish strong market presence. Also, commercial refrigeration system market is witnessing a significant uptake in commercial sector especially due to growing hotels, restaurants and organized retail showrooms, the report states.
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