Refrigeration Appliance Industry to Freeze the CAGR at 11% by 2018

The correct use of a refrigeration appliance is most wisely done by the food service industry or hotels or restaurants. Restaurant owners purchase things in bulk so efficient refrigeration is required by them in order to store the food items and ingredients safely at a favorable temperature. Commercial refrigerating appliances are necessary for the food industry as without them it will be impossible to store the food items in large quantities. There are different types of designs and models available for the refrigerating appliances in the market, and it becomes quite confusing for the consumer to choose amongst them.

The need for a commercial refrigerator depends upon the size of the business, its functionality, space limitation, storage requirements, increasing international food trade, growth in horticulture, cropping up of fast food chains and supermarket and the budget of the company. According to a global market report, the refrigeration sector used for transportation is predicted to achieve a  revenue of 10.2 billion dollars  by the year 2018 with attaining a compound annual growth (CAGR) of 11.1 percent. Presently, the food service segment contributes the highest revenue of 9.3 billion dollars which will attain a figure of 16.1 billion dollars by the year 2018. Approximately a CAGR of about 9.8 percent will be recorded by the year 2018 in the beverage, food and distribution market which needs refrigeration appliances. Universally the refrigeration equipment market is estimated to reach 40.6 billion dollars by the year 2018 with a CAGR of 8.2 percent.