Industrialization of Developing Countries to Spur Rapid Growth in Refrigeration Market
CLEVELAND—Industrialization and food retail modernization efforts in many of the world’s developing countries, such as China and India, will help grow the global commercial refrigeration equipment market to $38 billion in 2018. The new “World Commercial Refrigeration Equipment” report by research firm the Freedonia Group forecasts activity by commercial refrigeration product, region, and for 21 countries. It says that recovering economic conditions will drive demand, given that purchases of commercial refrigeration equipment were postponed through much of the 2003–2008 period due to the global economic downturn. Changes in refrigerant and efficiency regulations will drive sales of commercial refrigeration equipment in most of the world’s markets. In Western Europe and the US, the gradual ban on fluorocarbon- based refrigerants that have high ozone-depleting potential will force many consumers to purchase new equipment optimized for more environment-friendly refrigerants. The report adds that among the primary commercial refrigeration products, reach-in and walk-in refrigerators and freezers will record some of the fastest gains in demand through the forecast period. China will continue to be the world’s fastest growing market for commercial refrigeration equipment.
Follow & Share!
