HVAC and Construction

Painting tools market to witness remarkable gains from the automotive sector, APAC to be a prominent revenue contributor over 2017-2024

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Considering the remarkable contribution of paints & coatings across myriad industrial domains, painting tools market is gaining popularity across the construction, automotive, packaging, and wood coatings sectors to fulfil the requirement of aesthetics via paint application. The advent of automation and the numerous technological advancements coming to the fore by the day have led to the introduction of improved painting techniques. For instance, various automotive giants have of late, attempted to implement robot assisted paint shops, subject to the complications arising in the manual painting process. In addition, robotic painting also reduces the elements of excess labor and toxicity, owing to which companies have been trying to invest in and commercialize robots for industrial painting, thereby augmenting painting tools market share. Such advancements in the operational processes may lead to an increase in productivity and enable convenient utilization of painting techniques, thereby boosting painting tools industry over the years ahead. As per recorded statistics, in 2016, painting tools market generated a revenue of USD 9.3 billion.

U.S. Painting Tools Market Size, by Application, 2016-2024 (USD Million)
U.S. Painting Tools Market Size, by Application, 2016-2024 (USD Million)

Growing industrialization and urbanization across the various regions of the globe are likely to fuel the demand for painting tools. Brushes, rollers, gun sprays, etc., are some of the crucial and commonly used painting tools. Various regional governments and private organizations across the globe have been investing heavily in infrastructure developments, subject to the requirement for paints that will prevent chemical attacks, abrasion, and enable protection from UV rays. Nowadays, different types of coatings are available for different kinds of surfaces, which necessitates the requirement of various types of tools. Increasing usage of paints is thus, likely to favor global paints and coatings market, and by extension, will impel painting tools industry share noticeably.

Painting tools market share from construction applications is predicted to surpass a revenue collection of USD 10 billion by 2024, owing to the increasing industrialization and escalating housing need of the rapidly growing population. As per Global Market Insights, Inc., “Worldwide Painting Tools Market will generate a revenue of more than USD 14 billion by 2024.”

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Apart from the construction, the product finds applications in the automotive sector as well. Various automotive manufacturing companies such as Audi, Volkswagen, Opel, BMW, and Mercedes-Benz have been using painting tools to improve the appearance of the vehicle via painting. In 2016, automotive sector contributed USD 550 million to the overall painting tools industry share. The products are prominently used across Germany, since the region has a strong base of automotive giants. Statistics claim Germany to have covered around 15% of Europe painting tools market share in 2016.

Industrial painting is a rather complex process and requires the usage of highly efficient tools. Painting tools industry giants have been focusing on development of eco-friendly and efficient spraying tools of late, to ease the process of painting. In fact, the electrostatic manual spray gun is one of the emergent technological advancements in spraying tools. With the introduction of new advanced materials such as the Graco designed FRP based spray gun, which is light, reliable, and low maintenance, the complications in the painting process for automobiles has considerably been reduced. Pertaining to the increasing demand for spray guns in automotive applications, painting tools market size from spray guns will exceed a revenue collection of USD 3000 million by the end of 2024.

Industry giants are engaging in strategic collaborations and mergers & acquisitions to widen their customer base across numerous geographies. The key players in painting tools market are Braun Brush Co., Gordon Brush, Richard Tools, EPOS Egypt, Dura Paints, Purdy®, Milton Brushware, MAAN, Mill-Rose Company, Nespoli Group S.p.A, USA Tools, Anderson Products, Shawky Brush & Roller Factory, Harbor Freight Tools, Makinah, and Allway Tools, Inc.

Author Name : Sunil Hebbalkar

APAC fire door market to register highest growth rate over 2017-2024, extensive investments in infrastructure development to stimulate the regional industry

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The two essential factors that are likely to positively leverage fire door market include the rising concerns over safety and a major requirement to reduce property damage due to fire outbreaks. The thriving construction sector along with hefty government funding for infrastructural growth is projected to create lucrative avenues for this business. The distinct types of fire doors manufactured by business players facilitate a reduction in the spread of smoke between two sections of a building. In addition, companies have been trying to manufacture products equipped with eco-friendly protection technology, which is expected to elevate the popularity of fire door market in the oncoming years. Global Market Insights, Inc., has forecast fire door industry to surpass USD 16.7 billion by 2024, having accumulated a revenue of more than USD 9.6 billion in 2016.

Europe Fire Door Market Size, By Product, 2016-2024 (USD Million)

Fire doors find extensive applications across residential and commercial sectors. This is evident from the statistics – the residential sector contributed over 25% to the overall fire door market share in 2016, and is expected to generate substantial revenue over the coming years. Vital drivers accounting for the growth of this segment include surging purchasing capacity of consumers, in addition to the growing cognizance regarding individual safety. The advent of the smart era has also led to the implementation of several smart city projects, which will lead to renewed demand for the product. Augmented by favorable government schemes for maintaining a green environment, fire door market will gain substantial traction over 2017-2024.

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Fire door industry revenue from the commercial sector, on the other hand, was assessed at USD 7 billion in 2016, and is slated to cross the margin of USD 12.9 billion by 2024. This upsurge in growth can be credited to the increasing need to maintain workplace safety. Protection for the personnel working across the railway, information technology, marine, education, petrochemicals, automotive, textiles, medical, and steel sectors is expected to boost the product demand.

Fire door market has penetrated several geographies, on account of the fact that fire safety is a legal mandate across the globe. On that note, Europe contributed more than 33% toward the overall fire door market share in 2016. High expenditure on the construction activities along with implementation of strict security legislations is forecast to propel Europe fire door market, which is projected to record a CAGR of more than 6% over the coming timeline. Major regions that are likely to boost the industry share include UK, Germany, and France.

Asia Pacific fire door industry, which accounted for more than 28% of the overall industry share in 2016, is anticipated to experience a massive expansion over the years to come. Large fund allocation for infrastructural development along with the enhanced use of aluminum as a likely substitute for wood is predicted to create profitable avenues for fire door industry.

The upsurge in the incidences of fire outbreaks has led to great requirement for safety systems as well as protection technology, owing to which, it has been forecast that MEA fire door market size will hit USD 600 million by 2024. Saudi Arabia and UAE are forecast to be the key regional revenue pockets.

While flush glazed, hinged, sliding, and double action doors are the main types of fire doors circulated in the business circuits, companies are always on the move to develop better, innovative products. Nonetheless, it is evident that the currently available products enjoy a widespread reach and will continue to do so in the years ahead. For instance, hinged fire door industry is projected to register substantial gains of more than 6.5% over 2017-2024, subject to easy product availability in single leaf & double leaf forms along with its quick deployment. Flush glazed doors are heavily used for the purposes of proper ventilation, noise prevention, insulation, and heat resistance, on the grounds of which flush glazed door market is anticipated to register a CAGR of more than 9% over the coming timeframe. Sliding fire door industry, worth USD 1 billion in 2016, is also forecast to witness a considerable progress over the years ahead. Popular use of the product in yachts and cruise ships, owing to its slim & compact design and lightweight features are expected to inflate the revenue.

These doors are manufactured using a plethora of carefully selected materials. The key ones that are commonly utilized, however, include glass, vermiculate boards, steel, aluminum, timber, and gypsum. Steel fire door industry, which produced a revenue of more than USD 4.2 billion in 2016, is foreseen to expand considerably during the period from 2017 to 2024. High, robustness, cost-efficiency, resistance to ductility, and low maintenance costs are some of the material features predicted to contribute substantially toward the industry growth.

Glass fire door market is forecast to record a cumulative growth of more than 7.5% over the period of 2017-2024, owing to large-scale use of the material across exterior applications coupled with its ability to prevent the spreading of fire flames.

Fire doors are deployed for internal as well as external applications, though their usage in the latter is more prominent. For instance, the external sector contributed nearly 89% toward the overall fire door market share in 2016, and is projected to push the industry development in the near future. Strict safety norms along with immensely flourishing manufacturing activities across the globe will enlarge the scope of fire door industry in the external sector.

Fire door industry size across the internal sector, worth USD 1 billion in 2016, is expected to grow at a rate of more than 7.4% over the coming seven years. Escalating demand for the product in commercial as well as residential constructions along with its use in kitchens and bedrooms will embellish the business landscape.

Market players are focusing on extensive business expansion by executing major growth strategies. One of the key tactics is that of product value addition, which plays a great role in augmenting fire door market revenue, since consumers primarily look out for innovations in the already available products. In addition, forming strategic alliances with other companies is also undertaken by fire door market players, which include The ASSA ABLOY Group, Mesker Door Incorporation, Chase Doors, Howden Joinery Group plc, U.K fire doors Limited, Nihon Funen Company Limited, and Republic Doors and Frames, and Essexford Joinery (Fire Doors) Limited.

Author Name : Dhananjay Punekar

Building thermal insulation market to accrue a major share via residential applications over 2016-2024, Europe to majorly boost the regional demand

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Reduced GHG emissions, high energy preservation, and the prospering construction sector are expected to spur building thermal insulation market size. As per reliable statistics, global construction funding, which was more than USD 7.5 trillion in 2016, is anticipated to exceed USD 13 trillion by 2024. This is certain to help industry players discover new growth avenues in the business, thereby boosting building thermal insulation market trends. Escalating product popularity can be attributed to its beneficial features such as ease of installation, longevity, moisture sensitivity, better conductivity, and compressive strength. According to Global Market Insights, Inc.,” Building thermal insulation industry value, which was estimated at USD 25 billion in 2016, is projected to surpass USD 34.9 billion by 2024.

Building floors, walls, and roofs essentially require thermal insulation. Wall applications, which contributed more than USD 12 billion toward building thermal insulation industry revenue in 2016, are expected to grow considerably over the years to come. The mounting requirement for minimizing power consumption along with weather proofing needs will boost the product usage across this application.

U.S. Building Thermal Insulation Market Size, By End-Use, 2016-2024 (USD Million)
U.S. Building Thermal Insulation Market Size, By End-Use, 2016-2024 (USD Million)

Floor applications, which contributed over 19% toward building thermal insulation market share in 2016, are forecast to witness a substantial expansion over the years to come. Rise in the number of construction projects along with swift urbanization trends will push the revenue.

Building thermal insulation market size from roof applications will grow at a rate of nearly 4% over the period of 2017-2024. The growth can be credited to the high demand for flat roofs in the commercial buildings. Flat roofs are expected to collect a revenue of more than USD 5.6 billion by 2024.

Building thermal insulation makes use of expanded polystyrene, wood insulation, and polyurethanes materials. Wool insulation material, which contributed more than 50% toward building thermal insulation industry share in 2016, is expected to drive the market revenue over the years ahead.  Rising product popularity across commercial and residential sectors will influence the business landscape.

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Expanded polystyrene material is expected to record a CAGR of more than 4% over the coming timeframe, subject to the product’s enhanced process ability, low conductivity, longevity, and lightweight property. Polyurethanes materials, which contributed more than USD 1.8 billion toward building thermal insulation market in 2016, are forecast to record a significant CAGR over 2016-2024. This growth can be attributed to its low thermal conductivity and versatility.

Subject to the massively expanding global constructions sector, this product is in heavy demand across major geographies. For instance, Asia Pacific building thermal insulation market will collect a significant revenue with an annual growth rate of more than 4% over the coming seven years. Escalating development in the infrastructure along with surging use of this product across the residential and commercial sectors will enhance product demand across this region. Japan, India, and China will be the prominent revenue contributors.

Europe building thermal insulation industry accounted for over 45% of the global contribution in 2016 and will collect considerable revenue by the end of 2024. Deployment of supportive regulatory norms by the European commission and REACH will stimulate the industry growth noticeably. Germany is slated to contribute significantly toward the regional demand.

Growing commercialization along with rising implementation of energy efficient equipment to control GHG emissions across MEA will stimulate product demand favorably. MEA building thermal insulation market is slated to collect a revenue of more than USD 320 million by 2024. UAE and Saudi Arabia will be the major revenue pockets.

The deployment rate of thermal insulation is indeed appreciable across residential, industrial, and commercial buildings. Building thermal insulation market in the commercial sector is predicted to register notable gains of more than 4% over the coming seven years, driven by the renovation of existing constructions. In addition, the product witnesses heavy demand across various manufacturing units and commercial shops for maintaining temperatures & providing a comfortable shopping experience to the consumers.

Residential sector, which contributed over 56% of building thermal insulation market share in 2016, is expected to record a CAGR of more than 4% during the period from 2017 to 2024. A substantial rise in the disposable incomes of consumers and their increasing purchase parity will favorably influence the business space.

Kingspan Group, huntsman international LLC., Saint-Gobain, Dow Building Solutions, BASF Polyurethanes GmbH, Owens Corning, CertainTeed Corporation, and Johns Manville are the key players in building thermal insulation market.

Author Name : Dhananjay Punekar

U.S. baghouse filters market for woodworking industry to produce massive income via lumber applications over 2016-2024, Texas to majorly push the regional demand

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Strict norms enforced by NFPA and OSHA regarding the health of the workers in hazardous worksites will spur U.S. Baghouse Filters Market expansion for woodworking sectors. U.S wood products industry, worth USD 70 billion in 2015, is expected to massively influence the business trends. In addition, this product is witnessing an escalated demand from the construction sector, which is expected to generate profitable avenues for the business in the near future. According to Global Market Insights, Inc.,” U.S. baghouse filters industry size for woodworking segment is anticipated to cross a revenue of USD 85 million by 2024, registering a CAGR of more than 4% over 2016-2024.

U.S. Baghouse Filters Market Share for Woodworking Industry, By Product, 2016
U.S. Baghouse Filters Market Share for Woodworking Industry, By Product, 2016 

Taking into consideration the regional trends, Utah baghouse filters industry size for the woodworking sector across the furniture & fixture applications will grow at a CAGR of more than 4% over the coming seven years. Rise in infrastructural funding coupled with the escalating popularity of smart & cost-effective furniture in residential and commercial complexes in the region will augment the U.S. baghouse filters market expansion for woodworking industry.

U.S. baghouse filters market revenue in California from the architectural woodworking sector is expected to grow notably over the coming years. It is expected to make remarkable contributions toward the overall U.S. baghouse filters industry size for woodworking sector, on account of the rising customer expenditure on renovation activities and interior design.

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U.S. baghouse filters market share for woodworking segment in Florida is expected to record gains of more than 3.5% over the coming timeline, subject to the elevated presence of lumber producing firms across the region. Texas is also set to contribute more than USD 3.5 million toward U.S. baghouse filters market size for woodworking industry by 2024. Growing customer preference for fashionable furniture is projected to push the regional growth.

Pennsylvania industry is expected to make major contributions toward U.S. baghouse filters market share for woodworking industry. Rising awareness regarding the harmful effects of copious amount of dust released during woodworking processes along with modernizations in techniques of wood sawing, milling, and cutting will push the regional growth.

Baghouse filters find varied applications in flooring, veneer, cabinetry, architectural woodworking, lumber, industrial woodworking, windows & doors, composite panels, and furniture & fixtures. U.S. baghouse filters industry revenue for the woodworking sector in lumber applications is expected to surpass USD 20 million by 2024, owing to the large presence of saw mills coupled with easy transport access and efficient distribution channels.

Cabinetry applications are expected to grow at a CAGR of more than 4% over 2016-2024 and are expected to contribute significantly towards U.S. baghouse filters industry size for woodworking sector over the coming years. Extensive product use in construction and repairing activities will accelerate the growth. U.S. baghouse filters market for woodworking industry in veneer applications is anticipated to grow at a CAGR of more than 3.5% over the coming seven years.

Shaker, pulse jet, and reverse air are the major baghouse filter products. Reverse air baghouse filters are expected to generate more than USD 45 million revenue for U.S. baghouse filters market by 2024. The growth can be ascribed to the product’s ability to effectively carry out operations under intensive heat.

Pulse jet baghouse filters will contribute a revenue of more than USD 25 million toward U.S. baghouse filters market for woodworking industry by 2024.  Wide product application across furniture manufacturing and veneer sectors are expected to boost the growth. Design and operational excellence of shaker baghouse filters are expected to contribute toward the overall market share.

Market players will try to enhance their ROI through product differentiation, new product development, and technological innovations. Clarcor Industries, Amerair Industries Incorporation, Griffin Filters, Aircon Corporation, Donaldson Company Incorporation, Airex Industries Incorporation, FLSmidth Incorporation, Nederman MikroPul GmbH, Imperial systems Incorporation, SLY Incorporation, U.S. Air Filtration Incorporation, Staclean Diffuser Company, Camcorp Incorporation, Mac Process, and Scientific Dust Collectors are the key participants of U.S. baghouse filters industry.

Author Name : Dhananjay Punekar

Germany construction equipment rental market to exhibit a substantial growth rate over 2016-2024, high demand from the residential sector to spur the regional demand

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With the rising number of construction activities and the subsequent requirement for heavy machinery, construction equipment rental market is set to grow at a remarkable pace. Rental facilities help end-use sectors operate new and advanced machinery at an affordable price. In addition, the changing trends of the construction and industrial sectors regarding technologically advanced machinery will provide business opportunities to leading companies, thereby boosting construction equipment rental market.The globe is also witnessing a steady rise in the number of infrastructure renovation activities in various civil sectors, which will augment construction equipment rental industry considerably. According to Global Market Insights, Inc., “Worldwide Construction Equipment Rental Market collected a revenue of USD 34 billion in 2015 and will record an annual growth rate of 9.1% over the coming years of 2016 to 2024.”

U.S. Construction Equipment Rental Market size, by product, 2013-2024 (USD Billion)
U.S. Construction Equipment Rental Market size, by product, 2013-2024 (USD Billion)

Of late, rental agencies offer varied equipment incorporated with advanced features such as ergonomic controls, remote monitoring, GPS system, and quick change linkage. GPS equipped machinery helps to enhance vehicle performance and management. Rental equipment suppliers are focusing on customer satisfaction to attract a wider range of consumers by providing on-time delivery, high product quality, scheduled pick-ups, and enhanced response time, which in turn, will stimulate construction equipment rental industry size considerably.

Based on the product trends, construction equipment rental market is mainly divided into material handling machinery, earthmoving machinery, and concrete & road construction. Surging investment in infrastructure development such as road, dams, and power plants will augment the product demand. Concrete & road construction equipment rental market generated a revenue of USD 10 billion in 2015 and will exhibit a significant growth rate over the coming seven years.

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Earthmoving machinery occupied 55% of the global revenue industry share in 2015 and is anticipated to witness an annual growth rate of more than 9% over the period of 2016 to 2024. The growth can be attributed to the escalating requirement of this product to carry out heavy construction work. Material handling will be another lucrative product segment of construction equipment rental industry. As per statistics, material handling product segment will record a CAGR of 9.9% over the years ahead. Shifting trends toward automation will augment the industry growth notably.

Geographically, Europe construction equipment rental market is predicted to generate significant revenue over the years ahead. Availability of new technologically advanced machinery as well as multifunctional models will augment the industry growth. Germany construction equipment rental industry will register an annual growth rate of more than 6.5% over the coming years of 2016 to 2024. The growth can be attributed to the surging construction activities across the residential sector. Moreover, the implementation of supportive rules and regulations along with increasing energy costs will attribute the product demand.

U.S. construction equipment rental market will surpass a revenue collection of USD 23 billion by 2024, owing to the availability of technologically enhanced equipment coupled with growing concerns regarding safety and security.

In Asia Pacific, China construction equipment rental market collected a revenue of USD 3 billion in 2015 and is anticipated to exhibit substantial growth over the coming seven years. The rapid commercialization and urbanization across China coupled with favorable government support and an ever-growing population will generate lucrative avenues for the business over the coming timeframe. The need for privatization in the construction sector will also augment the growth of construction equipment rental market.

The business growth strategies adopted by the market players include strategic mergers & acquisitions and partnerships. The key participants in construction equipment rental market are Sunbelt Rentals, United Rentals, Neff Rental LLC., The Hertz Corporation, Ahern Rentals, Terex Corporation, Gemini Equipment, Maxim Crane Works, Weldex International Offshore Ltd, and Komatsu Limited.

Author Name :Sunil Hebbalkar

APAC ceramic tiles market to witness highest gains over 2016-2024, expanding construction sector to drive the regional demand

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The tremendous increase in the construction activities across the globe is the prime factor fueling the growth of ceramic tiles market. Owing to the rapid urbanization, the demand and sales of the ceramic tiles is increasing significantly around the world. The global market for ceramic tiles was valued over USD 76.80 billion in 2015 and is poised to reach USD 178.16 billion by 2024, according to a report by Global Market Insights, Inc. As per statistics, China’s construction industry was the largest in the world, with construction expenditure recorded over USD 1.7 trillion. As the construction sector is witnessing a major upswing in Asia Pacific region, the regional ceramic tiles market is likely to grab some colossal takes over the years. Estimates suggest that Ceramic Tiles market will record an annual growth rate of 9.8% over the period of 2016-2024.

U.S Ceramic Tiles Market share, by application, 2013-2024 (USD Million)

U.S Ceramic Tiles Market share, by application, 2013-2024 (USD Million)

Asia Pacific ceramic tiles industry is anticipated to witness highest gains of over 10% CAGR from 2016-2024. Rise in infrastructural spending in the emerging economies including India, South Korea, and Japan will primarily drive ceramic tiles market in the region. Additionally, the growing trends of metal slabs, marble floors, and replacing paints and home decorative products will further propel the product demand in the region.

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The factors like ease of maintenance, good thermal & shock resistance, and durability of ceramic titles is expected to provide a substantial push to this industry. The deployment of ceramics tiles is expected to increase in residential buildings, laboratories, hospitals, and commercial buildings. The residential ceramic tiles industry share was worth USD 36 billion in 2015, owing to the rising renovation and rebuilding projects for enhanced flooring and wall appearance. Moreover, the mounting trend of providing beautiful and eye-catching aesthetic look in shopping malls, airports, offices, etc. has stimulated the commercial applications of ceramic tiles market.

The recent advent of ceramic tiles with stain and germ resistant features is also likely to enhance the market demand of the product. Moreover, the expanding flooring market is poised to provide a notable impetus to the ceramic tiles industry over the coming seven years. As ceramic tiles are one of the most widely used products in flooring application of residential & commercial buildings, the market is ought to exhibit commendable gains in the coming years. The floor ceramic tile market share is anticipated to go up at the fastest rate by 2024, as these can be used as substitutes for marble, paints, and other similar products.

Ceramic wall tiles, being another pivotal product segment, is expected to seize major ceramic tiles industry share. The market is likely to observe gains at over 9.5% CAGR over the period of 2016-2024, owing to its wide preference in kitchen walls. These ceramic walls are available in wide range of colors, designs, and patterns. These walls are also embedded with the properties including resistant to heat and sunlight, and ease of cleaning which has resulted in a larger product demand.

Furthermore, rise in remodeling projects and robust commercial construction projects comprising offices and sports courts in U.S. has significantly propelled the ceramic tiles industry in the region.  The North America ceramic tiles market worth over USD 1.4 billion in 2015 is set to showcase remarkable growth prospects in the years ahead.

Some of the renowned players accumulating a major market chunk of the overall market include Mohawk Industries, Lamosa Grupo, Kajaria Ceramics, Siam Cement Group, Florida Tile, Crossville, and China Ceramics.

Author Name :Ojaswita Kutepatil

Asia Pacific commercial refrigeration equipment industry to register the highest growth rate over 2016-2024, China to stimulate the regional demand

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Commercial refrigeration equipment market is widening its horizon with the surging global demand for safer and sustainable food preservation techniques. Along with the provision of cooling at diverse storage conditions, these equipment manufacturers are also focused on minimizing the harmful environment impact of the refrigerants, which puts the market on a higher edge. Mandatory rollouts, especially across developed nations, for banning fluorocarbon based refrigeration that in turn leads to ozone depletion, is expected to further augment the market demand. Estimate depicts air conditioner and refrigerators to together account for one-fifth of the overall energy consumption which is huge and is anticipated to result in an energy crisis in near future. In this scenario, growing demand for high energy efficient technologies is indeed providing lucrative opportunities to commercial refrigeration equipment industry in the global business space. For instance, magnetic refrigeration system has resulted in a saving of 30% of the overall energy consumption. As per Global Market Insights, Inc., “Commercial refrigeration equipment market is forecast  to hit a revenue record of USD 47.75 billion by 2023.”

Germany commercial refrigeration equipment market size, by application, 2012 – 2023 (USD Million)

Germany commercial refrigeration equipment market size, by application, 2012 - 2023 (USD Million)

Substantial growth in the retail sector along with increasing penetration of food related service chains are leaving a direct impact on the overall commercial refrigeration equipment market dynamics. A paradigm shift in the global food consumption trend fueled by the rising disposable incomes of the consumers has led to an escalation in frozen food demand. Huge capitalization related to food services along with increasing deployment of these devices for horticulture, seafood, and other processed food items is expected to elevate commercial refrigeration equipment industry growth. Furthermore, a subsequent development in the international trade of frozen food items is also projecting a favorable market outlook.

Considering the geographical aspect, Asia Pacific is poised to mark a strong footprint in global commercial refrigeration equipment market over the coming six years. The ever-increasing middle-class population of China along with large number of fast food chain across this belt is positively influencing the regional market dynamics. APAC commercial refrigeration equipment industry is estimated to record maximum growth rate in the years ahead, with a revenue record of USD 14.5 billion by 2023.

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Commercial refrigeration equipment market is primarily driven by processed food and beverage sector. Since food and beverage market has observed tremendous development in recent years, it is expected to leave a direct impact on the overall industry share. A significant increase in the number of fast food outlets around the world along with rising frozen food consumption slates for the tremendous growth that the market is anticipated to witness in the coming years. Food service sector is expected to dominate the application landscape of global commercial refrigeration equipment industry, with a projected revenue collection over USD 15 billion by 2023. Certain segments like ice creams, soft drinks, seafood, branded dairy products and other packaged food production have grown sharply. The industry is undergoing an evolution with the emergence of supermarkets, shopping malls, departmental stores selling all kinds of packaged food items. These have resulted in an increase in deployment of hi-tech advanced refrigeration equipment that efficiently monitors the overall refrigeration leak, system pressure, and liquid level. Commercial refrigeration equipment market from food and beverage production is poised to grow substantially at a CAGR of 6.6% over 2016-2023.

U.S is one of the major regions projected to experience significant growth based on food and beverage production ground. Upgraded production services which include improvised materials, microprocessor-based controller, smart defrost system etc. along with appreciable demographic trends is driving U.S commercial refrigeration equipment market. In addition to this, regional players’ effort of reducing the labor costs by transiting the production facilities overseas will also complement the market outlook.

Fluctuating crude oil price rate is expected to challenge the commercial refrigeration equipment industry price trends, especially in refrigeration transportation sector. However, development of zero emission technology in order to mitigate the environmental issues will keep commercial refrigeration equipment market demand high. Key players of the market are engaging themselves in research activities to incorporate the technical advancements in the product design for enhancing the portfolio. Some small-scale companies are collaborating with big banners to sustain in the competitive market. Prominent commercial refrigeration equipment industry players include Johnson Controls, Carrier Corporation, Daikin, and Dover Corporation.

Author Name :Satarupa De