International. According to a market study conducted by Freedonia, global demand for commercial refrigeration equipment is estimated to grow by 4.6% annually through 2016 and will report around $32 billion.
The analysis indicates that this represents an acceleration compared to the growth range between 2006 and 2011. For example, the Central and South American market, which grew by 6.6% annually to US$750 million in 2006, went on to record profits in 2011 of US$1,030 million. It is now estimated to grow 5.7% annually to $1.36 billion in 2016.
This strong demand will be driven by growth in several developing countries, particularly in Asia, especially china (by far the fastest growing market for commercial refrigeration between 2011 and 2012) and India.
The United States is currently the largest market for these products and should account for nearly a quarter of global sales through 2016.
