Demand for transportation refrigeration systems is projected to increase 4.2% per year through 2022 to $2.7 billion, according to a new study from The Freedonia Group, a Cleveland-based industry research firm.
The study, Commercial Refrigeration Equipment in the US, 14th Edition, finds that growth opportunities will stem largely from the ongoing need for refrigerated transport of food and beverages. Most demand for transportation refrigeration systems in the United States is met by domestic production. However, competition from imports has increased in recent years driven by rising imports from Mexico and China due to lower production costs.
Transportation refrigeration systems are among the most expensive types of commercial refrigeration equipment, and some manufacturing capacity has been relocated to help curb production costs.
Kyle Peters, Capital Goods project director, said, “Transportation refrigeration systems will outpace all other commercial refrigeration product segments.” Demand for commercial refrigeration equipment in the US is projected to rise 2.9% per year through 2022.
This 159-page study is available for $5,500 from The Freedonia Group. For further details, contact Corinne Gangloff by phone at 440-684-9600 or email [email protected].
A division of MarketResearch.com, The Freedonia Group is a leading international industrial research company publishing more than 100 studies annually. For more information, access www.freedoniagroup.com or www.marketresearch.com.