Commercial Refrigeration Equipment Market to Reach $46.6bn in 2018, Report Says
The global commercial refrigeration equipment market accounted for $29.1 billion in 2012 and is expected to reach $46.6 billion in 2018, growing at a CAGR of about 8.2 percent from 2012 to 2018, according to a report by Transparency Market Research.
Commercial Refrigeration Equipment Market – Global Industry Size, Market Share, Trends, Analysis and Forecast, 2012 – 2018 says Asia Pacific leads the market in terms of revenue with 34.1 percent market share, followed by North America.
Various factors drive the commercial refrigeration equipment market, according to the report, including continuous evolving technology, changing food consumption trends, rising international food trade, emergence of supermarkets and fast food chains, rise in horticulture, and sea-food and processed food exports across the globe.
Key obstacles include less energy-efficient commercial refrigeration equipment, the Montreal and Kyoto protocol and increasing fuel cost.
Currently, the transportation refrigeration segment holds the maximum share: 18.8 percent with revenue of $5.4 billion, owing to the rise in international food trade across the globe. Transparency Market Research expects the transportation refrigeration segment to earn revenues of $10.2 billion in 2018 at a CAGR of 11.1 percent from 2012 to 2018.
The second-largest share goes to refrigerators and freezers segment, which the report estimates to be $ 5.1 billion in 2012.
Last month, Pittsburgh’s Giant Eagle and Albertsons in Carpinteria, Calif., among other supermarkets, won EPA awards for using more environmentally friendly refrigerants, Environmental Leader reports.
The 2012 GreenChill Environmental Achievement Awards are part of the EPA partnership program that works with about 8,000 stores, representing more than 20 percent of the supermarket industry. According to the EPA, a typical food retail store leaks about 1,000 pounds of refrigerant annually.
Fresh & Easy Neighborhood Market won the store certification excellence award given to the partner that achieved the most GreenChill store certifications in the past year. It earned 23. In March, the company earned GreenChill Platinum-Level store certification for use of green refrigeration technology at its new store in Folsom, Calif.
Photo Credit: Rudy’s Refrigeration
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