International. The global commercial refrigeration equipment market accounted for a total of $29.1 billion in 2012 and is expected to grow to $46.6 billion in 2018.
The study presented by Transparency Market Research says that the Asia-Pacific region leads this market in terms of revenue with 34.1% of the sector, followed by North America.
According to the report, the commercial refrigeration equipment market is driven by several factors including continuous evolution of technology, changing food consumption trends, increasing international food trade, constant emergence of supermarkets and fast food chains, increasing horticulture and seafood, and processed food exports across the globe.
Currently, the refrigerated transport segment maintains the maximum percentage of 18.8% with revenues of US$5.4 billion due to the increase in international food trade worldwide, and expects to reach revenues of US$10.2 billion in 2018. This segment is followed in the ranking by the refrigerators and freezers market, which is estimated at US$5.1 billion in 2012.
In the broader application market, the food service sector retains the maximum percentage of 32% with revenues of $9.3 billion, and is estimated to reach $6.1 billion in 2018. The market for applications such as food, beverage, and distribution would achieve revenues of US$10.2 billion in 2018.
