Commercial Refrigeration Equipment Market Overview
Commercial refrigeration equipment refers to the cold storage equipment used in commercial settings. Examples include the reach-in refrigerators and freezers found in supermarkets, specialty food stores, convenience stores, and grocery stores. The walk-in refrigerators and freezers found in restaurant equipment and cafeterias would also be considered commercial refrigeration equipment.
The food processing sector needs equipment and solutions to produce, process, and distribute food to billions of households across the globe. This sector has become gradually important as the world’s population is on the rise, and dietary preferences are evolving, reflecting higher incomes and a shift to value-added products. This is the most valuable factor that steadily contributes to the growth of the global Commercial Refrigeration Equipment market.
Furthermore, the global demand for fresh and processed fruits and vegetables is growing owing to the varying food consumption habits of the urban population. The increase in disposable incomes in developing countries has led to a rise in demand for fresh and processed fruits and vegetables. Again, frozen food products are gradually becoming an important part of daily diet across the world. This key factor further escalates the demand for Commercial Refrigeration Equipment, which in turn, propels the growth of the market to a large extend.
Additionally, rapid urbanization in developing countries and increasing living standards are enhancing the demand for processed and packaged food, thus leading to higher commercial refrigeration equipment sales, which is anticipated to boost the growth of the Commercial Refrigeration Equipment market during the forecast period.
Fluorocarbon refrigerants adversely affect the ozone layer. Concerning this, governments of many countries across the world are imposing regulations to limit the use of fluorocarbon refrigerants. They have agreed to phase out the use of HCFCs and HFCs by imposing limits on their consumption. Hence, the stringent regulations against the use of fluorocarbon refrigerants are expected to restrain the growth of the global Commercial Refrigeration Equipment market.
| Report Metric |
Details |
| Market size available for years |
2023–2030 |
| Base year considered |
2023 |
| Forecast period |
2024–2030 |
| Forecast unit |
Value (USD Million) |
| Segments covered |
Product Type, Refrigerant Type, Application and Region |
| Regions covered |
North America (the U.S. and Canada), Europe (UK, Germany, France, Italy, Spain, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, Australia, South East Asia, Rest of Asia Pacific), Latin America and the Middle East and Africa (Brazil, Saudi Arabia, UAE, Rest of LAMEA) |
| Companies covered |
Carrier, Emerson Electric Company, Daikin, Danfoss, GEA Group, AB Electrolux, Ali S.p.A., Dover Corporation |
Covid-19 Impact on Commercial Refrigeration Equipment Market
Consumers across the globe are adjusting to the new normal and there is a noteworthy discrepancy in consumer behavior. Consumer's purchasing habits, behavior, and attitudes have changed in light of COVID-19. People are shopping very consciously and are majorly centered on basic needs and are buying locally. Consumers are using digital commerce to play, learn, and connect to manage isolation and follow social distancing policy. The covid-19 has consistently impacted the shopping behavior of 9 in 10 consumers. Nearly 30-50 percent of the consumers have shifted towards online shopping from March 2020 to December 2020.
Commercial Refrigeration Equipment Market Segment Overview
Based on Refrigerant Type, the Fluorocarbons segment is anticipated to lead the Commercial Refrigeration Equipments market during the forecast period. Fluorocarbons are chemical compounds comprising carbon, hydrogen, chlorine, and fluorine as their main constituents. However, not all fluorocarbons may contain both chlorine and fluorine atoms. The applications of these refrigerants are in refrigerators (domestic, transport, and commercial) and large-scale refrigerators (supermarket/ hypermarket). In addition, fluorocarbons are further classified into three types – HFCs, HCFCs, and HFOs.
Commercial Refrigeration Equipment Market, By Product Type
· Refrigerator & Freezer
· Transportation Refrigeration
· Refrigerated Display Cases
· Beverage Refrigeration
· Ice Cream Merchandiser
· Refrigerated Vending Machine
Commercial Refrigeration Equipment Market, By Refrigerant Type
· Fluorocarbons
· Hydrocarbons
· Inorganics
Commercial Refrigeration Equipment Market, By Application
· Hotels & Restaurants
· Supermarkets & Hypermarkets
· Convenience Stores
· Bakeries
Commercial Refrigeration Equipment Regional Overview
Based on the region, Asia Pacific dominated the global Commercial Refrigeration Equipment market and is predictable to maintain its dominance over the forecast period. Factors such as the growing population in this region, improving economic conditions, such as rising GDP & disposable incomes, and a thriving consumer appliances sector are majorly contributed to the growth of the Commercial Refrigeration Equipment market in this region. Other key aspects such as growth in the manufacturing sector, increase in spending on private & public infrastructure development, and rapid urbanization are positively influencing the growth of the market in this region.
Commercial Refrigeration Equipment Market, By Geography
· North America (US & Canada)
· Europe (UK, Germany, France, Italy, Spain, Russia & Rest of Europe)
· Asia-Pacific (Japan, China, India, Australia, & South Korea, & Rest of Asia-Pacific)
· LAMEA (Brazil, Saudi Arabia, UAE & Rest of LAMEA)
Commercial Refrigeration Equipment Market Competitor overview
Some key developments and strategies adopted by manufacturers in Commercial Refrigeration Equipment are highlighted below.
· In July 2021, BITZER has launched gas coolers for carbon dioxide (CO2) applications in commercial and light industry refrigeration. These coolers provide resistance to pressure and thermal efficiency. They offer advantage for systems with medium or large capacity of more than 250 kW.
· In May 2021, Danfoss launches multi-refrigerant, A2L-ready condensing units for ultra-low GWP installations. It comes with high energy efficiency and reduces consumption of energy and indirect emissions.
Commercial Refrigeration Equipment Market, Key Players
· Carrier
· Emerson Electric Company
· Daikin
· Danfoss
· GEA Group
· AB Electrolux
· Ali S.p.A.
· Dover Corporation
Frequently Asked Questions (FAQ) :
Q1. What is the total CAGR expected to be recorded for the Commercial Refrigeration Equipment market during the forecast period?
The Commercial Refrigeration Equipment market is expected to record a CAGR of ~ 6 %, during the forecast period.
Q2. Which segment is projected to hold the largest share in the Commercial Refrigeration Equipment Market. ?
The Fluorocarbons segment is projected to hold the largest share in the Commercial Refrigeration Equipment Market.
Q3. What are the driving factors for the Commercial Refrigeration Equipment market?
The increase in demand for frozen food items and the thriving hospitality and tourism industries are some key factors that boost the growth of the Commercial Refrigeration Equipment market progressively.
Q4. What are the restraining factors for the Commercial Refrigeration Equipment market?
The stringent regulations against the use of fluorocarbon refrigerants is expected to restrain the growth of the global Commercial Refrigeration Equipment market.
Q5. Which are the prominent players offering Commercial Refrigeration Equipment?
Carrier, Emerson Electric Company, Daikin, Danfoss, GEA Group, AB Electrolux, Ali S.p.A., Dover Corporation are some of the key players offering Commercial Refrigeration Equipment.
List of Figures
Figure 1: Global Commercial Refrigeration Equipment Market Revenue Breakdown (USD Billion, %) by Region, 2019 & 2027
Figure 2: Global Commercial Refrigeration Equipment Market Value Share (%), By Segment 1, 2019 & 2027
Figure 3: Global Commercial Refrigeration Equipment Market Forecast (USD Billion), by Sub-Segment 1, 2016-2027
Figure 4: Global Commercial Refrigeration Equipment Market Forecast (USD Billion), by Sub-Segment 2, 2016-2027
Figure 5: Global Commercial Refrigeration Equipment Market Value Share (%), By Segment 2, 2019 & 2027
Figure 6: Global Commercial Refrigeration Equipment Market Forecast (USD Billion), by Sub-Segment 1, 2016-2027
Figure 7: Global Commercial Refrigeration Equipment Market Forecast (USD Billion), by Sub-Segment 2, 2016-2027
Figure 8: Global Commercial Refrigeration Equipment Market Forecast (USD Billion), by Sub-Segment 3, 2016-2027
Figure 9: Global Commercial Refrigeration Equipment Market Forecast (USD Billion), by Others, 2016-2027
Figure 10: Global Commercial Refrigeration Equipment Market Value Share (%), By Segment 3, 2019 & 2027
Figure 11: Global Commercial Refrigeration Equipment Market Forecast (USD Billion), by Sub-Segment 1, 2016-2027
Figure 12: Global Commercial Refrigeration Equipment Market Forecast (USD Billion), by Sub-Segment 2, 2016-2027
Figure 13: Global Commercial Refrigeration Equipment Market Forecast (USD Billion), by Sub-Segment 3, 2016-2027
Figure 14: Global Commercial Refrigeration Equipment Market Forecast (USD Billion), by Others, 2016-2027
Figure 15: Global Commercial Refrigeration Equipment Market Value (USD Billion), by Region, 2019 & 2027
Figure 16: North America Commercial Refrigeration Equipment Market Value Share (%), By Segment 1, 2019 & 2027
Figure 17: North America Commercial Refrigeration Equipment Market Forecast (USD Billion), by Sub-Segment 1, 2016-2027
Figure 18: North America Commercial Refrigeration Equipment Market Forecast (USD Billion), by Sub-Segment 2, 2016-2027
Figure 19: North America Commercial Refrigeration Equipment Market Value Share (%), By Segment 2, 2019 & 2027
Figure 20: North America Commercial Refrigeration Equipment Market Forecast (USD Billion), by Sub-Segment 1, 2016-2027
Figure 21: North America Commercial Refrigeration Equipment Market Forecast (USD Billion), by Sub-Segment 2, 2016-2027
Figure 22: North America Commercial Refrigeration Equipment Market Forecast (USD Billion), by Sub-Segment 3, 2016-2027
Figure 23: North America Commercial Refrigeration Equipment Market Forecast (USD Billion), by Others, 2016-2027
Figure 24: North America Commercial Refrigeration Equipment Market Value Share (%), By Segment 3, 2019 & 2027
Figure 25: North America Commercial Refrigeration Equipment Market Forecast (USD Billion), by Sub-Segment 1, 2016-2027
Figure 26: North America Commercial Refrigeration Equipment Market Forecast (USD Billion), by Sub-Segment 2, 2016-2027
Figure 27: North America Commercial Refrigeration Equipment Market Forecast (USD Billion), by Sub-Segment 3, 2016-2027
Figure 28: North America Commercial Refrigeration Equipment Market Forecast (USD Billion), by Others, 2016-2027
Figure 29: North America Commercial Refrigeration Equipment Market Forecast (USD Billion), by U.S., 2016-2027
Figure 30: North America Commercial Refrigeration Equipment Market Forecast (USD Billion), by Canada, 2016-2027
Figure 31: Latin America Commercial Refrigeration Equipment Market Value Share (%), By Segment 1, 2019 & 2027
Figure 32: Latin America Commercial Refrigeration Equipment Market Forecast (USD Billion), by Sub-Segment 1, 2016-2027
Figure 33: Latin America Commercial Refrigeration Equipment Market Forecast (USD Billion), by Sub-Segment 2, 2016-2027
Figure 34: Latin America Commercial Refrigeration Equipment Market Value Share (%), By Segment 2, 2019 & 2027
Figure 35: Latin America Commercial Refrigeration Equipment Market Forecast (USD Billion), by Sub-Segment 1, 2016-2027
Figure 36: Latin America Commercial Refrigeration Equipment Market Forecast (USD Billion), by Sub-Segment 2, 2016-2027
Figure 37: Latin America Commercial Refrigeration Equipment Market Forecast (USD Billion), by Sub-Segment 3, 2016-2027
Figure 38: Latin America Commercial Refrigeration Equipment Market Forecast (USD Billion), by Others, 2016-2027
Figure 39: Latin America Commercial Refrigeration Equipment Market Value Share (%), By Segment 3, 2019 & 2027
Figure 40: Latin America Commercial Refrigeration Equipment Market Forecast (USD Billion), by Sub-Segment 1, 2016-2027
Figure 41: Latin America Commercial Refrigeration Equipment Market Forecast (USD Billion), by Sub-Segment 2, 2016-2027
Figure 42: Latin America Commercial Refrigeration Equipment Market Forecast (USD Billion), by Sub-Segment 3, 2016-2027
Figure 43: Latin America Commercial Refrigeration Equipment Market Forecast (USD Billion), by Others, 2016-2027
Figure 44: Latin America Commercial Refrigeration Equipment Market Forecast (USD Billion), by Brazil, 2016-2027
Figure 45: Latin America Commercial Refrigeration Equipment Market Forecast (USD Billion), by Mexico, 2016-2027
Figure 46: Latin America Commercial Refrigeration Equipment Market Forecast (USD Billion), by Rest of Latin America, 2016-2027
Figure 47: Europe Commercial Refrigeration Equipment Market Value Share (%), By Segment 1, 2019 & 2027
Figure 48: Europe Commercial Refrigeration Equipment Market Forecast (USD Billion), by Sub-Segment 1, 2016-2027
Figure 49: Europe Commercial Refrigeration Equipment Market Forecast (USD Billion), by Sub-Segment 2, 2016-2027
Figure 50: Europe Commercial Refrigeration Equipment Market Value Share (%), By Segment 2, 2019 & 2027
Figure 51: Europe Commercial Refrigeration Equipment Market Forecast (USD Billion), by Sub-Segment 1, 2016-2027
Figure 52: Europe Commercial Refrigeration Equipment Market Forecast (USD Billion), by Sub-Segment 2, 2016-2027
Figure 53: Europe Commercial Refrigeration Equipment Market Forecast (USD Billion), by Sub-Segment 3, 2016-2027
Figure 54: Europe Commercial Refrigeration Equipment Market Forecast (USD Billion), by Others, 2016-2027
Figure 55: Europe Commercial Refrigeration Equipment Market Value Share (%), By Segment 3, 2019 & 2027
Figure 56: Europe Commercial Refrigeration Equipment Market Forecast (USD Billion), by Sub-Segment 1, 2016-2027
Figure 57: Europe Commercial Refrigeration Equipment Market Forecast (USD Billion), by Sub-Segment 2, 2016-2027
Figure 58: Europe Commercial Refrigeration Equipment Market Forecast (USD Billion), by Sub-Segment 3, 2016-2027
Figure 59: Europe Commercial Refrigeration Equipment Market Forecast (USD Billion), by Others, 2016-2027
Figure 60: Europe Commercial Refrigeration Equipment Market Forecast (USD Billion), by U.K., 2016-2027
Figure 61: Europe Commercial Refrigeration Equipment Market Forecast (USD Billion), by Germany, 2016-2027
Figure 62: Europe Commercial Refrigeration Equipment Market Forecast (USD Billion), by France, 2016-2027
Figure 63: Europe Commercial Refrigeration Equipment Market Forecast (USD Billion), by Italy, 2016-2027
Figure 64: Europe Commercial Refrigeration Equipment Market Forecast (USD Billion), by Spain, 2016-2027
Figure 65: Europe Commercial Refrigeration Equipment Market Forecast (USD Billion), by Russia, 2016-2027
Figure 66: Europe Commercial Refrigeration Equipment Market Forecast (USD Billion), by Rest of Europe, 2016-2027
Figure 67: Asia Pacific Commercial Refrigeration Equipment Market Value Share (%), By Segment 1, 2019 & 2027
Figure 68: Asia Pacific Commercial Refrigeration Equipment Market Forecast (USD Billion), by Sub-Segment 1, 2016-2027
Figure 69: Asia Pacific Commercial Refrigeration Equipment Market Forecast (USD Billion), by Sub-Segment 2, 2016-2027
Figure 70: Asia Pacific Commercial Refrigeration Equipment Market Value Share (%), By Segment 2, 2019 & 2027
Figure 71: Asia Pacific Commercial Refrigeration Equipment Market Forecast (USD Billion), by Sub-Segment 1, 2016-2027
Figure 72: Asia Pacific Commercial Refrigeration Equipment Market Forecast (USD Billion), by Sub-Segment 2, 2016-2027
Figure 73: Asia Pacific Commercial Refrigeration Equipment Market Forecast (USD Billion), by Sub-Segment 3, 2016-2027
Figure 74: Asia Pacific Commercial Refrigeration Equipment Market Forecast (USD Billion), by Others, 2016-2027
Figure 75: Asia Pacific Commercial Refrigeration Equipment Market Value Share (%), By Segment 3, 2019 & 2027
Figure 76: Asia Pacific Commercial Refrigeration Equipment Market Forecast (USD Billion), by Sub-Segment 1, 2016-2027
Figure 77: Asia Pacific Commercial Refrigeration Equipment Market Forecast (USD Billion), by Sub-Segment 2, 2016-2027
Figure 78: Asia Pacific Commercial Refrigeration Equipment Market Forecast (USD Billion), by Sub-Segment 3, 2016-2027
Figure 79: Asia Pacific Commercial Refrigeration Equipment Market Forecast (USD Billion), by Others, 2016-2027
Figure 80: Asia Pacific Commercial Refrigeration Equipment Market Forecast (USD Billion), by China, 2016-2027
Figure 81: Asia Pacific Commercial Refrigeration Equipment Market Forecast (USD Billion), by India, 2016-2027
Figure 82: Asia Pacific Commercial Refrigeration Equipment Market Forecast (USD Billion), by Japan, 2016-2027
Figure 83: Asia Pacific Commercial Refrigeration Equipment Market Forecast (USD Billion), by Australia, 2016-2027
Figure 84: Asia Pacific Commercial Refrigeration Equipment Market Forecast (USD Billion), by Southeast Asia, 2016-2027
Figure 85: Asia Pacific Commercial Refrigeration Equipment Market Forecast (USD Billion), by Rest of Asia Pacific, 2016-2027
Figure 86: Middle East & Africa Commercial Refrigeration Equipment Market Value Share (%), By Segment 1, 2019 & 2027
Figure 87: Middle East & Africa Commercial Refrigeration Equipment Market Forecast (USD Billion), by Sub-Segment 1, 2016-2027
Figure 88: Middle East & Africa Commercial Refrigeration Equipment Market Forecast (USD Billion), by Sub-Segment 2, 2016-2027
Figure 89: Middle East & Africa Commercial Refrigeration Equipment Market Value Share (%), By Segment 2, 2019 & 2027
Figure 90: Middle East & Africa Commercial Refrigeration Equipment Market Forecast (USD Billion), by Sub-Segment 1, 2016-2027
Figure 91: Middle East & Africa Commercial Refrigeration Equipment Market Forecast (USD Billion), by Sub-Segment 2, 2016-2027
Figure 92: Middle East & Africa Commercial Refrigeration Equipment Market Forecast (USD Billion), by Sub-Segment 3, 2016-2027
Figure 93: Middle East & Africa Commercial Refrigeration Equipment Market Forecast (USD Billion), by Others, 2016-2027
Figure 94: Middle East & Africa Commercial Refrigeration Equipment Market Value Share (%), By Segment 3, 2019 & 2027
Figure 95: Middle East & Africa Commercial Refrigeration Equipment Market Forecast (USD Billion), by Sub-Segment 1, 2016-2027
Figure 96: Middle East & Africa Commercial Refrigeration Equipment Market Forecast (USD Billion), by Sub-Segment 2, 2016-2027
Figure 97: Middle East & Africa Commercial Refrigeration Equipment Market Forecast (USD Billion), by Sub-Segment 3, 2016-2027
Figure 98: Middle East & Africa Commercial Refrigeration Equipment Market Forecast (USD Billion), by Others, 2016-2027
Figure 99: Middle East & Africa Commercial Refrigeration Equipment Market Forecast (USD Billion), by GCC, 2016-2027
Figure 100: Middle East & Africa Commercial Refrigeration Equipment Market Forecast (USD Billion), by South Africa, 2016-2027
Figure 101: Middle East & Africa Commercial Refrigeration Equipment Market Forecast (USD Billion), by Rest of Middle East & Africa, 2016-2027
List of Tables
Table 1: Global Commercial Refrigeration Equipment Market Revenue (USD Billion) Forecast, by Segment 1, 2016-2027
Table 2: Global Commercial Refrigeration Equipment Market Revenue (USD Billion) Forecast, by Segment 2, 2016-2027
Table 3: Global Commercial Refrigeration Equipment Market Revenue (USD Billion) Forecast, by Segment 3, 2016-2027
Table 4: Global Commercial Refrigeration Equipment Market Revenue (USD Billion) Forecast, by Region, 2016-2027
Table 5: North America Commercial Refrigeration Equipment Market Revenue (USD Billion) Forecast, by Segment 1, 2016-2027
Table 6: North America Commercial Refrigeration Equipment Market Revenue (USD Billion) Forecast, by Segment 2, 2016-2027
Table 7: North America Commercial Refrigeration Equipment Market Revenue (USD Billion) Forecast, by Segment 3, 2016-2027
Table 8: North America Commercial Refrigeration Equipment Market Revenue (USD Billion) Forecast, by Country, 2016-2027
Table 9: Europe Commercial Refrigeration Equipment Market Revenue (USD Billion) Forecast, by Segment 1, 2016-2027
Table 10: Europe Commercial Refrigeration Equipment Market Revenue (USD Billion) Forecast, by Segment 2, 2016-2027
Table 11: Europe Commercial Refrigeration Equipment Market Revenue (USD Billion) Forecast, by Segment 3, 2016-2027
Table 12: Europe Commercial Refrigeration Equipment Market Revenue (USD Billion) Forecast, by Country, 2016-2027
Table 13: Latin America Commercial Refrigeration Equipment Market Revenue (USD Billion) Forecast, by Segment 1, 2016-2027
Table 14: Latin America Commercial Refrigeration Equipment Market Revenue (USD Billion) Forecast, by Segment 2, 2016-2027
Table 15: Latin America Commercial Refrigeration Equipment Market Revenue (USD Billion) Forecast, by Segment 3, 2016-2027
Table 16: Latin America Commercial Refrigeration Equipment Market Revenue (USD Billion) Forecast, by Country, 2016-2027
Table 17: Asia Pacific Commercial Refrigeration Equipment Market Revenue (USD Billion) Forecast, by Segment 1, 2016-2027
Table 18: Asia Pacific Commercial Refrigeration Equipment Market Revenue (USD Billion) Forecast, by Segment 2, 2016-2027
Table 19: Asia Pacific Commercial Refrigeration Equipment Market Revenue (USD Billion) Forecast, by Segment 3, 2016-2027
Table 20: Asia Pacific Commercial Refrigeration Equipment Market Revenue (USD Billion) Forecast, by Country, 2016-2027
Table 21: Middle East & Africa Commercial Refrigeration Equipment Market Revenue (USD Billion) Forecast, by Segment 1, 2016-2027
Table 22: Middle East & Africa Commercial Refrigeration Equipment Market Revenue (USD Billion) Forecast, by Segment 2, 2016-2027
Table 23: Middle East & Africa Commercial Refrigeration Equipment Market Revenue (USD Billion) Forecast, by Segment 3, 2016-2027
Table 24: Middle East & Africa Commercial Refrigeration Equipment Market Revenue (USD Billion) Forecast, by Country, 2016-2027
Research Process
Data Library Research are conducted by industry experts who offer insight on
industry structure, market segmentations technology assessment and competitive landscape (CL), and penetration, as well as on emerging trends. Their analysis is based on primary interviews (~ 80%) and secondary research (~ 20%) as well as years of professional expertise in their respective industries. Adding to this, by analysing historical trends and current market positions, our analysts predict where the market will be headed for the next five years. Furthermore, the varying trends of segment & categories geographically presented are also studied and the estimated based on the primary & secondary research.
In this particular report from the supply side Data Library Research has conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager
and SOFT) of the companies that active & prominent as well as the midsized organization
FIGURE 1: DLR RESEARH PROCESS
Primary Research
Extensive primary research was conducted to gain a deeper insight of the market and industry performance. The analysis is based on both primary and secondary research as well as years of professional expertise in the respective industries.
In addition to analysing current and historical trends, our analysts predict where the market is headed over the next five years.
It varies by segment for these categories geographically presented in the list of market tables. Speaking about this particular report we have conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and many more) of the major players active in the market.
Secondary Research
Secondary research was mainly used to collect and identify information useful for the extensive, technical, market-oriented, and Friend’s study of the Global Extra Neutral Alcohol. It was also used to obtain key information about major players, market classification and segmentation according to the industry trends, geographical markets, and developments related to the market and technology perspectives. For this study, analysts have gathered information from various credible sources, such as annual reports, sec filings, journals, white papers, SOFT presentations, and company web sites.
Market Size Estimation
Both, top-down and bottom-up approaches were used to estimate and validate the size of the Global market and to estimate the size of various other dependent submarkets in the overall Extra Neutral Alcohol. The key players in the market were identified through secondary research and their market contributions in the respective geographies were determined through primary and secondary research.
Forecast Model
