US Demand for Transportation Refrigeration Systems to Increase 4.2% Annually Through 2022
May 11, 2018 (Investorideas.com Newswire) Demand for transportation refrigeration systems is projected to increase 4.2% per year through 2022 to $2.7 billion. Growth opportunities will stem largely from the ongoing need for refrigerated transport of food and beverages. Most demand for transportation refrigeration systems in the US 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. These and other trends are presented in Commercial Refrigeration Equipment in the US, 14th Edition, a new study from The Freedonia Group, a Cleveland-based industry research firm.
Nevertheless, the significant size of these units and the dominance of two US-based firms - Thermo King (US-based subsidiary of Ireland-based Ingersoll-Rand) and Carrier (United Technologies) - limit overall import competition. The large size of transportation refrigeration systems also dampen export opportunities, with the vast majority of US export sales going to Canada.
According to Capital Goods project director, Kyle Peters, "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.
Commercial Refrigeration Equipment in the US, 14th Edition (published 4/2018, 159 pages) is available for $5500 from The Freedonia Group. For further details or to arrange an interview with the analyst, please contact Corinne Gangloff by phone 440.684.9600 or email email@example.com.
Related studies include:
- #3536 US HVAC Market Forecasts (June 2017)
- #3524 Air Conditioning Equipment Market in the US (May 2017)
About The Freedonia Group, a division of MarketResearch.com - The Freedonia Group is a leading international industrial research company publishing more than 100 studies annually. Since 1985, we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Additional Machinery & Equipment studies can be purchased at https://www.freedoniagroup.com/, www.marketresearch.com and www.profound.com.
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