The size of the global for commercial refrigeration equipment market was USD 31.80 Billion in 2021, and it is projected to exhibit a compound annual growth rate (CAGR) of 6.2% during the forecast period. Factors such as rapid changes in lifestyle, a rising preference for ready-to-eat products and beverages, the expanding pharmaceutical industry, and the incorporation of advanced technologies in the global commercial refrigeration equipment market are expected to drive revenue growth. The increasing disposable income, coupled with the rapid expansion of hypermarkets, supermarkets, hotels, and restaurants worldwide, is contributing to the growing acceptance of frozen foods among middle-class consumers in many developing economies.
Manufacturers are placing greater emphasis on the development and introduction of energy-efficient commercial refrigeration systems to reduce the carbon footprint. Stringent regulations and increasing concerns about refrigerant gases that contribute to global warming are driving the potential for growth in the commercial refrigeration equipment market.
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Top Companies Operating in the Global Commercial Refrigeration Equipment Market Report:
Carrier, Heatcraft Worldwide Refrigeration, Baltimore Aircoil Company, Henry Group Industries, Emerson Electric Co., Carnot Refrigeration, Rockwell Industries Limited, Danfoss A/S, BITZER Kühlmaschinenbau GmbH, and Hillphoenix.
Driving Factors of Commercial Refrigeration Equipment Market
· Growth of the Food Service Industry: The expansion of the food service industry, including restaurants, hotels, cafeterias, and catering services, drives the demand for commercial refrigeration equipment. These establishments require reliable refrigeration solutions to store and preserve food products, ensuring food safety and quality.
· Increasing Food Retail Sector: The growth of organized retail, supermarkets, convenience stores, and hypermarkets globally has created a significant demand for commercial refrigeration equipment. These establishments require various refrigeration units, such as display cases, walk-in coolers, and freezers, to store and showcase perishable food items.
· Changing Consumer Preferences: Shifting consumer preferences towards convenience foods, frozen foods, and ready-to-eat meals have increased the need for commercial refrigeration equipment. Manufacturers and retailers need efficient refrigeration systems to store and distribute these products across the supply chain.
Key Regional Markets Covered in the Report:
· North America (U.S.A., Canada, Mexico)
· Europe (Italy, U.K., Germany, France, Rest of Europe)
· Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
· Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
· Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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Further market segmentation
Product Outlook
- Transportation Refrigeration Equipment
- Refrigerators & Freezers
- Beverage Refrigeration
- Display Showcases
- Ice Merchandisers & Ice Vending Equipment
- Other equipment
Refrigerant Type Outlook
- Fluorocarbons
- Hydrocarbons
- Inorganics
Application Outlook
- Hotels & Restaurants
- Supermarkets & Hypermarkets
- Convenience Stores
- Bakeries
Key Takeaways of the Global Commercial Refrigeration Equipment Market Report:
· A comprehensive overview of the global Commercial Refrigeration Equipment industry.
· Accurate market projections in terms of market size, share, and volume.
· Thorough study of the global market dynamics, such as major market revenue growth drivers, opportunities, threats, challenges, restraints, and future growth avenues.
· Deep-dive analysis of the upcoming market trends.
· Qualitative and quantitative analyses of the global Commercial Refrigeration Equipment market.
· Elaborate study of the leading regional markets in the global Commercial Refrigeration Equipment market.
· Complete overview of the market’s competitive landscape.
· Brief look at the company profiles and portfolios.
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