Study reveals increasing requirement for energy efficient refrigeration equipment pushes innovation in commercial refrigeration fans market
The U.S. market is expected to be the most dominant market for commercial refrigeration fans in North America.
The North America commercial refrigeration fans market report estimates key macroeconomics and forecast factors that are projected to drive the growth of the market. For instance, the North America commercial refrigeration fans market was valued at $800 million in 2018, and is expected to exceed $1,000 million by the end of 2029, according to a report published by Persistence Market Research, New York. What’s more is, the market is projected to grow at a CAGR of 3% during the forecast period, 2019-2029.
The U.S. market is expected to be the most dominant market for commercial refrigeration fans in North America, owing to the increasing number of food processing plants in the region. Increasing induction of refrigerated vehicles to strengthen cold chain supply systems and governmental initiatives to prevent food wastage are anticipated to drive the commercial refrigeration fans market. Besides, the export of agricultural produce to other countries is also fueling the demand for refrigerated containers. The Mexico market is expected to grow at a rapid pace owing to the positive economic outlook forecasted for the region and the increasing number of supermarkets and hypermarkets in the country.
The induction of refrigerated trucks and trailers to transport food and minimize spoilage is gaining steam in North America. Transportation refrigeration is also being used in containers to export surplus agricultural produce.
Increase in the production of food and beverages, along with the expansion of cold chain capacities to ensure efficient storage and reduce wastage of food is estimated to boost the demand for commercial refrigeration fans across North America. Thus, such rapid expansion of cold warehouse capacities in North America is expected to drive the demand for commercial refrigeration fan systems across the region.