Refrigeration Equipment Market Size By Refrigerant Type (HFCs, CO2 Refrigerant, Hydrocarbon Refrigerant, Ammonia Refrigerant, and Others), By Application (Industrial, Commercial, Air Conditioning, Domestic Refrigeration, and Others), By Component (Compressors, Condensers, Evaporators, and Others), By Geographic Scope And Forecast

Report Highlights

Refrigeration Equipment Market Size And Forecast
According to Verified Market Research, the Global Refrigeration Equipment Market was valued at USD 15.81 Billion in 2019 and is projected to reach USD 23.39 Billion by 2027, growing at a CAGR of 5.16% from 2020 to 2027.

Global Refrigeration Equipment Market Overview
In the report, the market outlook section mainly encompasses fundamental dynamics of the market which include drivers, restraints, opportunities and challenges faced by the industry. Drivers and restraints are intrinsic factors whereas opportunities and challenges are extrinsic factors of the market.

The growing demand for packaged frozen food among consumers can be witnessed owing to rapid urbanization and changing lifestyles & preferences, which in turn has raised the importance of refrigeration for food processing, preservation, and transportation. Furthermore, several technological advancements made in the field of refrigeration systems present a great opportunity for market growth over the forecast period. The new technology uses a digital controller for controlling features such as automated defrost, anti-short cycling, and temperature control, and all such advancements are known to boost the market.

Verified Market Research narrows down the available data using primary sources to validate the data and use it in compiling a full-fledged market research study. The report contains a quantitative and qualitative estimation of market elements that interests the client. The Global Refrigeration Equipment Market is mainly bifurcated into sub-segments which can provide classified data regarding the latest trends in the market.