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