Commercial Refrigeration Equipment Market Revenue to Cross USD 75.34 billion by 2031, Expanding at a 6.7% CAGR Says, Transparency Market Research
Businesses are concentrating on attaining long-term success via innovative new commercial refrigeration equipment models, efficient integration, and ongoing improvement.
Wilmington, Delaware, United States, Oct. 17, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The commercial refrigeration equipment market was estimated to have acquired US$ 40.1 billion in 2021. It is anticipated to register a 6.7% CAGR from 2022 to 2031 and by 2031 the market is likely to gain US$ 75.34 billion.
People throughout the world are spending more on numerous home appliances, including refrigerators, as their quality of life rises. The demand for commercial refrigeration equipment is growing as a result.
To diversify their equipment offerings, companies are expanding their production capacities for commercial refrigeration equipment for food trucks and kitchen refrigerators and freezers. To aid end customers in expanding their businesses in the food service sector, they are offering a comprehensive reference on commercial refrigeration.
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Key Findings of the Market Report
- The market for non-alcoholic beverages has expanded dramatically in recent years.
- This expansion is increasing the use of commercial freezers in a variety of commercial settings, including hotels, restaurants, and airports.
- Compact, reach-in, and under-counter refrigerators are the ideal types of commercial refrigerators for restaurants.
- Making effective use of refrigeration systems requires understanding the different types of commercial refrigerators and how they are used.
Market Trends for Commercial Refrigeration Equipment
- The demand for necessities like food and groceries has increased dramatically over time. Convenience stores, supermarkets, and department stores are among the retail establishments that are growing in number due to the increased need for necessities. The market for items related to commercial food refrigeration equipment is expected to benefit from this.
- In terms of application, the hypermarkets and supermarkets sub-segment of the food retail segment is expected to be the dominant segment of the commercial refrigeration equipment market.
- Cutting-edge food refrigeration systems offer useful designs that draw in customers. Other factors boosting the market’s expansion include shifting consumer habits in food consumption and an increase in the amount of food traded internationally. The food processing, convenience, and specialized food stores are expanding their use of refrigeration in the food business.
Global Market for Commercial Refrigeration Equipment: Regional Outlook
Various reasons are propelling the growth of the commercial refrigeration equipment market in different regions. These are:
- It is anticipated that developing nations in Asia Pacific would have significant expansion in the global market for commercial refrigeration equipment. It is projected that rising urbanization along with the proliferation of food supermarkets, retail chains, and hypermarkets in developing nations would increase demand for commercial refrigeration equipment throughout the projection period.
- The regional market is also driven by the expansion of industrial production and rising expenditures on the construction of both public and private infrastructure.
- North America also has a good opportunity to boost the demand of these products. The growing need for refrigeration systems that are both ecologically and energy-efficient is a major factor propelling the commercial refrigeration equipment market in North America.
- Businesses in North America are looking for refrigeration equipment that minimizes environmental effect and lowers energy costs as a result of tighter laws on energy usage and refrigerants, as well as a greater awareness about ecological sustainability. Companies are adopting eco-friendly refrigeration technologies—like natural refrigerants and sophisticated insulating materials—in greater numbers in an effort to fulfill their CSR objectives and save operating costs.
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Global Commercial Refrigeration Equipment Market: Key Players
The market for commercial refrigeration equipment is concentrated, with the bulk of the market share held by just a few of significant manufacturers. The majority of businesses are making large investments in thorough research and development projects. Key players mostly employ mergers and acquisitions and product portfolio diversification as their tactics.
The following companies are well-known participants in the global commercial refrigeration equipment market:
- AB Electrolux
- Daikin Industries Ltd.
- Dover Corporation
- Emerson Electric Co.
- Frigoglass S.A.I.C.
- Fujimak Corporation
- GEA Group AG
- Hussmann Corporation
- Johnson Controls International PLC
- United Technologies Corporation
Key developments in the global commercial refrigeration equipment market are:
Global Commercial Refrigeration Equipment Market Segmentation
By Product Type
- Blast Freezer
- Contact Freezer
- Walk-in Refrigerator
- Commercial Reach-in Refrigerator
- Under Counter Refrigerator
- Counter Top Beverage Refrigerator
- Merchandiser and Display Refrigerator
- Food Prep Refrigerator
- Reach-in refrigerators & Freezers
- Others (Serve Over Counter, etc.)
- Refrigerated Vending Machines
- Display Cases/Showcase
- Ice Cream Cabinets
- Bakery Display Cases
- Butchery Cases
- Others (Seafood etc.)
- Ice Cream Machines and Ice Machines
- Others (Transportation Refrigerators etc.)
- Remote Condensing
- Food Service
- Full Service Restaurants & Hotels
- Quick Service Restaurants
- Others (Food Trucks, Caterers, etc.)
- Food Retail
- Hypermarkets & Supermarkets
- Convenience Stores
- Specialty Food Stores
- Other Retail Stores
- Food Distribution
- Food Production
- Others (Food Processing Industry, etc.)
- Direct Sales
- Indirect Sales
- North America
- Asia Pacific
- Middle East and Africa
- South America
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About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
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