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As per estimates, the U.S. commercial refrigeration equipment market size stood at an appreciable USD 10 billion in 2017. On account of the increasing consumer expenditure on food and the changing meal consumption trends, in tandem with the robust expansion of food service industry in the nation, U.S. commercial refrigeration equipment industry is forecast to garner quite some proceeds in the years ahead.
Commercial refrigeration equipment market has been expanding its horizon with the surging global demand for safer and sustainable food preservation techniques. Along with the provision of cooling at diverse storage conditions, equipment manufacturers are also focusing on minimizing the harmful environment impact of the refrigerants. Mandatory rollouts, especially across developed nations, for banning fluorocarbon based refrigeration that in turn leads to ozone depletion, are expected to further augment the revenue graph of commercial refrigeration equipment industry in the years ahead.
As per the U.S. Department of Energy, these systems are designed to provide about 30% energy savings. The eventually lowered GHG emissions and reduced operations costs would further augment the deployment of this technology, thereby propelling U.S. commercial refrigeration equipment market share.
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The development of zero emission technology by major players in order to mitigate the environmental issues will ensure that commercial refrigeration equipment market share continues to soar in the years ahead. Aided by the numerous research and development activities by prominent players and the increasing demand from the food and beverages sector, global commercial refrigeration equipment industry size is expected to cross USD 35 billion by 2024.
One of the most pivotal drivers of commercial refrigeration equipment market is the rapidly increasing demand for packaged food and beverages. Having been infused with the awareness of healthy eating, consumers have been depicting an interest to adopt healthy diets, thereby upscaling the demand for frozen foods. Apparently, the Academy of Nutrition & Dietetics declares that frozen veggies and fruits encompass the ability to retain nutrients better than the fresh products that are consumed merely a few hours post packaging. The rising awareness regarding this trends is also expected to add a new growth dimension to the global commercial refrigeration equipment market, that incidentally accrued returns worth USD 30 billion in 2017.
The United States to emerge as a profitable growth ground for commercial refrigeration equipment market. The U.S. has been forecast to be a rather lucrative growth hub for this vertical, the reason of which can be aptly attributed to the expanding food and beverage sector in the region. The country is remnant of upgraded production services such as microprocessor-based controller, improvised materials, and smart defrost systems. In addition, the efforts of regional players to reduce labor costs by transiting the production facilities overseas will also complement the market outlook.
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Despite the appreciable growth of this vertical, commercial refrigeration equipment market has been facing a couple of restraints putting a dampener on its development. One of the major challenges faced by prominent contenders of this market is the rapidly slow deployment rate of technologically-advanced devices instead of conventional devices, that has been taking place on account of the requirement of huge capital investments. Driven by the escalating prices, F&B SMBs – local markets and grocery outlets for example, have been particularly reluctant to adopt these advanced devices, consequently posing a threat to the growth of this vertical.
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Industrial Refrigeration System Market: https://www.globenewswire.com/news-release/2020/11/23/2131353/0/en/Industrial-Refrigeration-Market-to-cross-USD-19-Bn-by-2026-Global-Market-Insights-Inc.html