International. The global commercial refrigeration equipment market was valued at $29.6 billion in 2014 and is expected to reach $40.9 billion by 2020, according to a report by P&S Market Research.
The firm expects the market to increase at a compound annual growth rate (CAGR) of 5.7%, in terms of value, from 2015 to 2020.
The commercial refrigeration market is being driven by the growth of supermarkets, hypermarkets, and retail food chain organizations. According to the Institution of Mechanical Engineers, in the year 2014, 25% of total food production in developing countries is wasted mainly due to inadequate refrigeration. In Africa, about 50% of food and vegetables are wasted due to a lack of commercial refrigeration equipment.
Based on the type of equipment, beverage refrigeration equipment is expected to show the highest growth (7.2% CAGR) from 2015 to 2020. Display cases, cold rooms, and beverage refrigeration together accounted for 60% of the global commercial refrigeration equipment on the market in 2014.
