The US commercial refrigeration systems market, which was valued at $5.73bn in 2015, is projected to expand at a healthy CAGR of 3.2% to reach $5.92bn by the end of 2016, according to a new report by Future Market Insights (FMI).
Growing demand for frozen and chilled products, expansion of the cold chain capacity, technological advances in commercial refrigeration systems and rebates for energy efficient products are some of the major underlying factors driving the growth of the market.
The US commercial refrigeration systems market is segmented on the basis of application and product type. By application, the market is segmented into foodservice, food & beverage distribution, food & beverage retail, and food & beverage production.
On the basis of product type, the market is classified into transportation & refrigeration systems, refrigerator & freezers, beverage refrigeration equipment, refrigerated display cases, ice machines, and refrigerated vending machines.
By application, foodservice segment accounted for the highest share of 30% in terms of value in 2014. This segment is expected to remain dominant in the market over the forecast period.
The ice machines segment and beer dispensing equipment sub-segment are projected to play an important role in the foodservice industry due to various factors such as increasing per capita food consumption and rising number of foodservice restaurants in the country.
By product type, the transportation refrigeration systems segment is projected to expand at the highest CAGR of 5.5% during the forecast period, due to the expansion of cold chain capacity in the US. The south-east region represents the largest market potential, followed by the middle-east and far-west regions. California, Texas, and Florida represent a huge potential for refrigerated systems due to high density of restaurants and convenience stores in these states. Other high-growth markets include Arizona, Georgia, and Utah.
Key trends identified in the US commercial refrigeration systems market include the rapid adoption of Internet of Things (IoT), compatible commercial refrigeration systems for enhancing system output, government initiatives to support the use of eco-friendly refrigerants and continued advances in energy-efficient products.
However, the declining replacement rate of commercial refrigeration equipment could pose a major challenge for tier II & III players.
Key players in the US commercial refrigeration market include Daikin Industries, Standex International Corporation, Whirlpool Corporation, United Technologies, Dover Corporation, Ingersoll-Rand Plc, Hussmann Corporation, Lennox International, Manitowoc Company, Emerson Electric Co and Illinois Tool Works.
To read more from the new report visit http://www.futuremarketinsights.com/reports/us-commercial-refrigeration-equipment-market