Report ID: SQMIG20D2180
Report ID:
SQMIG20D2180 |
Region:
Global |
Published Date: December, 2024
Pages:
165
|
Tables:
120 |
Figures:
77
North America is expected to hold a significant revenue share of more than 36% by 2030, having dominated the global commercial refrigeration equipment market in 2022. The developed U.S. retail market is largely responsible for the considerable rise. Numerous top producers of industrial refrigeration equipment such as Excellence Industries, Illinois Tool Works Inc., Lennox International Inc., True Manufacturing Co., Standex International Corporation are well represented in the region. Additionally, the early use of smart equipment in commercial kitchens is helping the local economy grow.
Due to rising product demand caused by improving economic conditions, stable employment rates, increasing gross disposable income, and rising spending on leisure activities like travelling and eating out, the Asia-Pacific is predicted to see a CAGR of over 6% by the end of 2028. Due to the widespread use of vaccine storage units among academic institutions and biopharmaceutical firms, China and India present a significant market potential. Moreover, the rise of the regional market is projected to be aided by the booming travel and tourist sectors in Malaysia, Indonesia, and Singapore.
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Report ID: SQMIG20D2180