New York, US, Feb. 22, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Commercial Refrigeration Equipment Market Research Report Information By Type, By Application, And By Region – Market Forecast Till 2030.”, the global commercial refrigeration equipment market is poised to reach USD 50.78 billion by 2030, registering a 5.77% CAGR during the assessment period (2022-2030).
Commercial Refrigeration Equipment Market Overview:
The global commercial refrigeration equipment market is likely to grow steadily. The burgeoning hospitality sector and eCommerce industry will drive market growth. Commercial refrigeration equipment witness increasing application areas. The burgeoning hospitality sector has historically been a major end-user industry. In addition, the ecommerce sector has emerged as a key application market for commercial refrigeration equipment. Growth in online grocery shopping worldwide has triggered demand for commercial refrigeration equipment.
Prominent commercial refrigeration equipment market players include,
- EPTA
- Williams Refrigeration
- Rockwell Industries Limited
- Voltas Inc.
- The Kelvin Group
- Kysor Warren
- Hillphoenix
- A Dover Company
- Hussmann Corporation
- Enex Technologies
- AHT Cooling Systems GmbH
- United Technologies Corporation
- Among others.
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Over recent years, changing shopping practices have boosted e-commerce spending and, therefore, the need for warehouses. Also, increased online grocery shopping has hiked the need for more cold storage spaces. Besides, the rising number of hotels and restaurants and the rise in online grocery apps and grocery delivery companies boost market sales. The rapidly growing food & beverage industry encourages uptake and demand for commercial refrigeration equipment.
Geographical Analysis
North America leads the global commercial refrigeration equipment market. The large presence of equipment manufacturers and distribution channels holding a noteworthy share of all retailer categories boosts the market size. The US and Canada dominate the regional market, with high adoption rates of commercial refrigeration equipment and eco-friendly and energy-efficient refrigerant regulations.
APAC is another lucrative market for commercial refrigeration equipment. The region witnesses increasing numbers of refrigeration equipment production plants. Moreover, the raw material advantage and cost-competitive workforce availability attract foreign investors. India, Japan, and China account for sizable shares in the regional market, witnessing the increasing adoption of commercial refrigeration in local retail chains.
Report Scope:
| Report Metrics | Details |
| Market Size 2030 | USD 50.78 Billion |
| CAGR during 2022-2030 | 5.77% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, and Region |
| Key Market Opportunities | Growth Of Food Retail In Developing Countries |
| Key Market Dynamics | Demand For Ready-To-Eat Products, Beverages, And Frozen Food Energy Efficiency Improvement Of Commercial Refrigeration Equipment |
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Commercial Refrigeration Equipment Market Competitive Analysis
Players initiate strategic approaches such as mergers & acquisitions, collaboration, innovation, and brand reinforcement to gain a larger competitive share. They strive to offer environmentally friendly solutions that can significantly reduce energy consumption. They develop new compact chilling units with optimized free cooling, configuration, and refrigerant specifically designed for low environmental impact solutions.
Companies running commercial refrigeration equipment have many diverse requirements based on the product type, environment, specific processes, and in-house expertise. Therefore, manufacturers design innovative and high-value industrial refrigeration solutions to meet specific customer needs rather than catalog offerings. They offer market-leading energy-saving and performance solutions while maintaining product quality during production, storage, transportation, and distribution.
For instance, on March 03, 2022, Western Refrigeration Private Limited (India) launched four new commercial refrigerated bottle showcase models for the Indian market. All these four products can reduce power consumption by up to 17.8% compared to conventional products. Also, they are friendlier to users and the environment.
These products are developed to meet the needs of the Indian market and contribute to the environment, as the natural refrigerant (R290) used in this equipment has less impact on the environment. Also, several energy-saving measures are implemented for commercial refrigerating and freezing stockers.
Industry Trends
The growing integration of AI and IoT technology into refrigeration systems has boosted market sales. In the past, development costs for industrial-type refrigeration systems were a major barrier to entry. However, heightened interest from investors and the demand-supply gap is encouraging many developers to launch speculative projects.
Industrial refrigeration is crucial in various sectors, including chemicals, pharmaceuticals, food processing, and supermarket distribution. However, in supermarkets and hypermarkets, what is more, pressing is the need to maintain high-quality produce, using carefully controlled & eco-friendly temperature regulation processes while continually looking for ways to reduce operational costs.
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Though far later than other industries, AI intervention in the commercial refrigeration market has brought promises of improved energy savings, equipment longevity, and more. While AI integration involves multiple layers of planning for system incorporation and implementation, the resulting AI-enabled commercial refrigeration systems offer lower energy costs and increased sustainability.
Similarly, IoT plays an important role in commercial refrigeration. IoT solutions help commercial refrigerator manufacturers to produce more efficient and quieter equipment that is less expensive and requires less maintenance and downtime. IoT providers design and manufacture technology-based smart refrigeration controls, refrigeration fan motors, and cloud-based inventory management solutions for the commercial refrigeration industry.
IoT solutions also aid commercial refrigeration companies in recovering lost assets and achieving ROI on their projects more quickly. The use of IoT in commercial refrigeration can increase product sales with the use of temperature tracking sensors and the recovery of lost assets.
The high costs associated with the equipment purchase, installation, and maintenance often challenge smaller retailers, forcing them to shift to renting these services or opt for non-commercial variants. This, as a result, can affect the commercial refrigeration equipment market growth.
To respond to such situations, industry leaders concentrate on upgrading their products to deliver optimum performance while consuming lower electricity and offering preventive maintenance features and a better customer experience. Besides, heightened concerns about climate change and shooting energy costs have increased the need for commercial refrigeration equipment manufacturers to take full advantage of ubiquitous artificial intelligence (AI) technology.
Commercial Refrigeration Equipment Market Segments
The commercial refrigeration equipment market report is segmented into types, applications, and regions. The type segment comprises display cases, walk-in coolers/reach-in coolers, and beverage refrigeration. The walk-in/reach-in coolers segment holds the leading market share due to this equipment's high efficiency and ability to keep food fresh for longer hours.
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The application segment comprises supermarkets, hypermarkets, and others. The supermarket segment holds the leading market share, attaining efficiency and reducing carbon footprints without compromising performance. The region segment comprises the Americas, Europe, Asia-Pacific, and the Rest-of-the-World.
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