ALBANY, N.Y. - The global commercial refrigeration equipment market accounted for $29.1 billion in 2012 and is expected to reach $46.6 billion in 2018, according to a new market report published by Transparency Market Research.

In the overall global market, Asia Pacific leads the commercial refrigeration equipment market in terms of revenue with 34.1 percent market share, followed by North America.

According to the report, the commercial refrigeration equipment market is driven by various factors including continuous evolving technology, changing food consumption trends, rising international food trade, emergence of supermarkets and fast food chains, rise in horticulture, and seafood and processed food exports across the globe. However, some of the key restraints for the commercial refrigeration equipment market include less energy-efficient commercial refrigeration equipment, the Montreal and Kyoto protocol, and increasing fuel cost.

Currently, the transportation refrigeration segment retains the maximum share of 18.8 percent with revenue of $5.4 billion owing to the rise in international food trade across the globe. The transportation refrigeration segment is expected to attain revenue of $10.2 billion in 2018. The transportation refrigeration segment is followed by refrigerators and freezers segment, which is estimated to be $5.1 billion in 2012.

In the overall application market, the food service sector currently retains the maximum share of 32 percent with revenue of $9.3 billion, which is estimated to reach $6.1 billion in 2018. The food, beverage, and distribution application market is estimated to attain revenue of $10.2 billion in 2018.