Press Releases

Global Market for Refrigeration Equipment Manufacturing to Reach $83.2 Billion by 2022

September 21, 2018

WELLELSLEY, Mass., Sept. 21, 2018 – Due to factors such as globalization, disposable income and the popularity of retail chains, the global market for refrigeration equipment manufacturing is anticipated to see steady growth over the next five years, according to a new report from BCC Research.

In 2017, the global market for industrial and commercial refrigeration equipment manufacturing was worth $64.5 billion. However, BCC Research estimates that it will reach a value of $83.2 billion by 2022, indicating a compound annual growth rate (CAGR) of 5.2%, according to Commercial and Industrial Refrigeration Equipment Manufacturing: Global Markets to 2022.

Despite having multiple revenue-making drivers, the market is challenged by restraints such as rising trade protectionism and increasing health consciousness among consumers.

Research Highlights

  • Refrigerated display cases accounted for the largest share of the market during 2017 at a value of $13.8 billion and are anticipated to keep growing at a 7.9% CAGR.
  •  Major companies that are shaping the market include Daikin Industries, Ltd., Electrolux Group, Haier Group, Johnson Controls International and United Technologies Corp.
  • North America dominates the market by having a hefty 29.2% share. It was followed by the Asia-Pacific region and the Western Europe region.

“The global commercial and industrial refrigeration equipment market is growing due to stable economic growth in many countries, globalization and growth in the airline industry,” the report notes. “These factors along with technological advances such as robotics and automation are expected to drive the commercial and industrial refrigeration equipment industry.”

Editors/reporters requesting analyst interviews should contact Eric Surber at press@bccresearch.com.

Commercial and Industrial Refrigeration Equipment Manufacturing: Global Markets to 2022( ENG016A )
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