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According to the latest research published by SkyQuest Technology, the global commercial refrigeration equipment market was valued at US $37.25 billion in 2021, and the market size is estimated to reach US $58.31 billion by 2028, at a CAGR of 5.1% over the forecast period (2022–2028). The research provides up-to-date analysis of global Commercial Refrigeration Equipment market that primarily includes current market landscape, latest trends, drivers, and overall market environment.
Over the past few years, people’s lifestyles and eating habits have undergone a significant transformation around the world, and demand for packaged and frozen goods has increased dramatically. The prospective market for commercial refrigeration equipment is driven by the requirement for commercial refrigeration systems, which grows together with the demand for these products. Commercial refrigeration equipment shipments increased at a CAGR of 3.4% from 2013 to 2021, and the market was valued at US $49.8 billion. Some of the key factors affecting the sales of commercial refrigeration equipment include an increase in the volume of international food trade, rising investments in the food and beverage industry, rising demand from the pharmaceutical and drug industries, rising technological innovations, rising demand for cold storage services, rising demand for industrial refrigerators, and a quickly expanding hospitality sector.
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The hospitality industry, as well as the growing appeal of frozen food items and ready-to-drink drinks, are predicted to have a significant impact on sales of restaurant refrigerators, displays fridges, ice cream display freezers, and commercial freezers.
Refrigerator & Freezer segment to exhibit highest CAGR over 2022-2028. Due to the rising need for cold storage equipment for multiple industrial applications, the refrigerator and freezer segment is predicted to increase at an exponential rate. In the food service industry, refrigerators and freezers are basic equipment that are used to store and serve consumers with nutritious, fresh foods. The expansion of the export and import services through a variety of transportation modes, including by road, sea, and air transport, is causing the transport refrigeration segment to expand at a rapid rate. Due to quick delivery and sales services, the category has the largest market share. Refrigerated display cases and ice makers are also expected to rise moderately owing to their applications and moderate selling prices. These kinds of equipment are most frequently used in bakeries and full-service and quick-service restaurants for exhibiting cakes and pastries and serving iced beverages.
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The other sub-segment consists of vending machines, which exhibit consistent growth as a result of stagnant demand because they have a longer shelf life and fewer uses in different industries. Demand for display refrigerators, walk-in coolers, ice cream display freezers, commercial beverage coolers, etc. is projected to be impacted by shifting customer tastes.
The food and beverage segment is anticipated to dominate the commercial refrigeration equipment market. The food and beverage application is growing at the fastest rate in this industry due to increasing consumer interest in nutritious and ready-to-eat food products worldwide. The rise in popularity of frozen food products among working people who don’t have as much time to prepare conventional meals is a major factor in the development of this segment.
The chemical and pharmaceutical industries are predicted to increase exponentially due to the implementation of large commercial refrigerators for the storage of chemicals, pathology samples, and other biological samples. The need for anti-COVID therapies and other treatments is driving healthcare facilities and pharmaceutical companies to install advanced refrigeration and freezer units. As the demand for frozen meat and other foods and beverages rises, retail outlets in industrialised nations sell frozen meals to their consumers, which is predicted to result in a progressive market expansion. Due to a rise in customers’ shifting preferences for full and fast service restaurants and their culinary services, hotels and restaurants show constant growth rates.
Due to the restricted applications in the worldwide hospitality industry, the other sub-segment are predicted to see low development. Read the market research report, “Global Commercial Refrigeration Equipment Market By Type (Refrigerator & Freezer, Transport Refrigeration, Refrigerated Display Cases, Ice Machines, and Others), By Refrigerant Type (Fluorocarbons, Hydrocarbons, Inorganics), By System Type (Self-contained, Remotely Operated), By Application (Food & Beverage, Retail Stores, Hotels & Restaurants, Chemicals & Pharmaceuticals, and Others), & By Region-Forecast and Analysis 2022-2028” by SkyQuest
The market for commercial refrigeration equipment is highly concentrated, with a few significant vendors holding most of the market share. The top four stakeholders in 2021—Carrier Corporation, Daikin Industries, Ltd., Danfoss A/S, and Hussman Corporation—were responsible for 20–25% of the industry’s sales. However, leading market participants have seen their profit margins shrink as a result of the rise of numerous minor companies in developing nations. Through 2028, market fragmentation will persist due to local companies’ improved capabilities and regional regulatory requirements. Most businesses invest a lot of money on thorough research and development projects. Key players’ main strategy includes product portfolio diversification and mergers and acquisitions. The well-known players in this market include 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, and United Technologies Corporation. The report published by SkyQuest Technology Consulting on global Commercial Refrigeration Equipment market provides in-depth qualitative insights, historical data, and verifiable projections. The projections featured in the report have been derived using proven research methodologies and assumptions.
Key Dynamics in Global Commercial Refrigeration Equipment market ● Drivers: o Rising investments in food and beverage industry to drive market growth o Adoption of advanced magnetic refrigeration technology to boost market growth ● Challenges: o Higher purchasing and maintenance cost to hinder market growth o Stringent regulations against the use of fluorocarbon refrigerants
What does this Report Deliver?
• Market Estimation for 20+ Countries • Global Commercial Refrigeration Equipment market demand by Region, Sub-Region, and Country • Customization on Segments, Regions, and Company Profiles • 100+ tables, 150+ Figures • Global, Regional, and Country specific Global Commercial Refrigeration Equipment Market Trends • Comprehensive Mapping of ready to drink beverages Industry Parameters • Attractive Investment Proposition in the Global ready to drink beverages Industry • Competitive Strategies Adopted by Global Commercial Refrigeration Equipment Market Key Players • Drivers, Restraints, Opportunities, Challenges, and the impact on the Global Commercial Refrigeration Equipment Market Size • Market growth rate till 2028 • Regulatory scenario, regional dynamics, and Global Commercial Refrigeration Equipment market insights of leading countries in each region • In-depth Market insights by Region and Country • Market Segmentation Trend Analysis, Opportunities, and Growth • Porter’s five force analysis to know the market’s condition • Pricing Analysis and Global Commercial Refrigeration Equipment market Sales • Parent market analysis • Product portfolio benchmarking SkyQuest has segmented the Global Commercial Refrigeration Equipment Market based on Type, Refrigerant Type, Application, and Region: ● Global Commercial Refrigeration Equipment market by Type (Revenue, USD Billion, 2022–2028) o Refrigerator & Freezer o Transport Refrigeration o Refrigerated Display Cases o Ice Machines o Others ● Global Commercial Refrigeration Equipment market by Refrigerant Type (Revenue, USD Billion, 2022–2028) o Fluorocarbons o Hydrocarbons o Inorganics ● Global Commercial Refrigeration Equipment market by System Type (Revenue, USD Billion, 2022–2028) o Self-contained o Remotely Operated ● Global Commercial Refrigeration Equipment market by Application (Revenue, USD Billion, 2022–2028) o Food & Beverage o Retail Stores o Hotels & Restaurants o Chemicals & Pharmaceuticals o Others ● Global Commercial Refrigeration Equipment market by Region (Revenue, USD Billion, 2022–2028) o North America US Canada o Europe Germany France UK Italy Spain Rest of Europe o Asia Pacific China India Japan Rest of Asia Pacific o Central & South America Brazil Rest of CSA o Middle East & Africa GCC Countries South Africa Rest of MEA
Key Players in the Global Commercial Refrigeration Equipment market • Emerson Electric Co. (US) • Carrier Corporation (US) • Danfoss (Denmark) • GEA Group Aktiengesellschaft (Germany) • DAIKIN EUROPE GROUP (Belgium) • Johnson Controls (Ireland) • Nor-Lake, Inc. (US) • The Middleby Corporation (US) • Imbera (Mexico) • Welbilt (US) • AB Electrolux (Sweden) • Ali Group S.r.l. (Italy) • AHT Cooling Systems GmbH (Austria) • Hillphoenix, A Dover Company (US) • Excellence Industries (US) • Illinois Tool Works Inc. (US) • Lennox International Inc. (US)
About Us- SkyQuest Technology Group is a Global Market Intelligence, Innovation Management & Commercialization organization that connects innovation to new markets, networks & collaborators for achieving Sustainable Development Goals.
Contact Us- SkyQuest Technology Consulting Pvt. Ltd. 1 Apache Way, Westford, Massachusetts 01886 USA (+1) 617-230-0741 Email- [email protected]
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