The Global Commercial Refrigeration Equipment market is to grow at a CAGR of 8.1 percent over the period 2012-2016. One of the key factors contributing to this market growth is the increasing demand from the APAC region. The Global Commercial Refrigeration Equipment market has also been witnessing the development of technically advanced commercial refrigeration equipment. However, the high cost of ownership could pose a challenge to the growth of this market.
The development of technically advanced commercial refrigeration equipment is one of the major trends in the Global Commercial Refrigeration Equipment market. All refrigeration systems use refrigerant for cooling purposes. The majority of vendors manufacture refrigeration systems that use either hydrochlorofluorocarbons or hydrofluorocarbons. However, these refrigerants have a negative impact on the ozone layer. Hence, vendors are focusing on developing alternative refrigerants. For instance, some vendors are offering refrigeration equipment that uses natural refrigerants, such as CO2, that do not have an adverse impact on the environment. This technical advancement is expected to stimulate the sale of commercial refrigeration equipment in the future. In addition, the Global Commercial Refrigeration Equipment market is witnessing the increased production of remote-monitored commercial refrigeration equipment.
The increasing demand from the APAC region is one of the major drivers in the Global Commercial Refrigeration Equipment market. In 2012, the APAC region accounted for 32-34 percent of the revenue generated in the market. The APAC region is expected to grow at the higher rate than the other geographies during the forecast period. China and India are the leading developing countries in the APAC region and are experiencing high demand for commercial refrigeration equipment because of the growing number of restaurants and supermarkets. Also, the improvement of the infrastructure in the APAC region is creating demand for vending machines at airports and train stations.
The key vendors dominating this market space are Daikin Industries Ltd., United Technologies Corp., Dover Corp., and Illinois Tool Works Inc. The other vendors mentioned in the report are Ingersoll Rand plc, Lennox Industries Inc., and Manitowoc Co. Inc.
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