International.
The global commercial refrigeration equipment market was valued at $37.03 billion in 2015 and is expected to grow to $55.69 billion by 2022, led by the walk-in refrigerator segment, according to a new report from P&S Market Research.
Consumption of ready-to-eat products, beverages and frozen foods has increased considerably in emerging countries in recent years. The growth of disposable income, coupled with the growing impact of the Western lifestyle, has fueled the acceptance of such products among middle-class consumers in developing countries. This trend of changing food consumption is being supported by the rapid expansion of supermarket chains, hypermarkets and restaurants around the world.
The commercial refrigeration equipment market in Asia-Pacific, Latin America, and emerging Middle Eastern countries have shown promising growth over the past few years. The market in Europe is heading towards maturity. In developed countries, the growth of commercial refrigeration equipment is mainly expected in replacement units.
The U.S. is by far the largest market for commercial refrigeration equipment in North America. The country accounted for nearly 87% share of the North American commercial refrigeration equipment market in 2015.
