New York, United States, Dec. 06, 2023 (GLOBE NEWSWIRE) -- The Global Commercial Refrigeration Market Size is to Grow from USD 35.1 Billion in 2022 to USD 59.9 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 5.5% during the projected period. The rapid expansion of convenience stores, supermarkets, and hypermarkets, particularly in emerging economies, is expected to fuel demand for commercial refrigeration equipment.
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In recent years, the global commercial refrigeration market has experienced remarkable growth and transformation. This vital industry is poised for continued expansion and innovation, driven by changing consumer preferences and stringent regulatory standards. The burgeoning food and beverage industry is one of the primary factors driving the growth of the commercial refrigeration market. Businesses are investing in advanced refrigeration solutions to ensure product quality and safety as consumer demand for fresh and processed foods increases. Furthermore, the pharmaceutical and healthcare industries are increasingly relying on refrigeration to store vaccines, medicines, and other temperature-sensitive products, driving market growth. In the commercial refrigeration industry, environmental sustainability is a major concern. As a result, manufacturers are increasingly developing eco-friendly refrigeration systems that use natural refrigerants with lower potential for global warming. These initiatives are in line with international efforts to combat climate change and reduce greenhouse gas emissions. The global cold chain logistics sector, which is critical for the transportation and storage of temperature-sensitive goods, is growing. The globalization of the food supply chain, international trade, and e-commerce are driving this growth, all of which rely on efficient refrigeration solutions. Commercial refrigeration contributes significantly to energy consumption in a variety of industries. Meeting energy efficiency standards and lowering carbon emissions can be difficult and expensive. Transitioning to environmentally friendly refrigerants may also necessitate significant investment.
Browse key industry insights spread across 200 pages with 100 market data tables and figures & charts from the report on The "Global Commercial Refrigeration Market Size, Share, and COVID-19 Impact Analysis, By Refrigerant Type (Fluorocarbons, Hydrocarbons, and Inorganics), By Application (Food Service, Food & Beverage Production, Food & Beverage Retail), End Use (Supermarkets & Hypermarkets, Hotels & Restaurants, Bakeries), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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The Fluorocarbons segment accounted for a significant share of the global commercial refrigeration market in 2022.
The global commercial refrigeration market is divided into three segments based on refrigerant type: fluorocarbons, hydrocarbons, and inorganics. In 2022, the Fluorocarbons segment accounted for a sizable share of the global commercial refrigeration market. Fluorocarbons have high energy efficiency, thermal stability, and system compatibility. They've been used in supermarkets and convenience stores, among other commercial refrigeration applications. Hydrochlorofluorocarbons (HCFCs) and hydrofluorocarbons (HFCs) are two types of fluorocarbons.
The Food Service segment accounted for the largest share of the global commercial refrigeration market in 2022.
The global commercial refrigeration market is classified into three applications: food service, food and beverage production, and food and beverage retail. The Food Service segment held the largest share of the global commercial refrigeration market in 2022. Food service accounts for a sizable portion of the commercial refrigeration market, particularly in cities with a thriving restaurant and hospitality industry.
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North America is anticipated to hold a significant share of the Global Commercial Refrigeration Market over the predicted timeframe.
North America is expected to account for a sizable portion of the global commercial refrigeration market in the coming years. North America includes the United States, Canada, and Mexico. It is a mature market dominated by food retail chains, restaurants, and food processing industries. The Food & Beverage Retail segment dominates the commercial refrigeration market in North America.
During the forecast period, Asia Pacific is anticipated to expand at the fastest rate in the global commercial refrigeration market. Asia-Pacific encompasses a vast and diverse region that includes countries such as China, India, Japan, and Southeast Asian countries. This region is rapidly urbanizing, with a growing middle class and shifting consumption patterns. The Food & Beverage Retail segment is a major player in the Asia-Pacific region, driven by the expansion of supermarkets, convenience stores, and hypermarkets.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Commercial Refrigeration Market include Daikin, Johnson Controls, Carrier, Dover, Baltimore Aircoil Company, Blue Star Limited, De Rigo Refrigeration, Fogel, Hussmann, Imbera, KMW, Mayekawa Mfg. Co., Ltd., Runte, SCM Frigo, and Others.
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Recent Developments
- In July 2023, Advansor, a Dover Company, has introduced two new CO2 climate solutions for supermarkets that save energy and space: Low Superheat and Value Pack Light. With an ultra-compact profile, these systems can save up to 30% more energy than older systems.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Commercial Refrigeration Market based on the below-mentioned segments:
Global Commercial Refrigeration Market, By Refrigerant Type
- Fluorocarbons
- Hydrocarbons
- Inorganics
Global Commercial Refrigeration Market, By Application
- Food Service
- Food & Beverage Production
- Food & Beverage Retail
Global Commercial Refrigeration Market, By End Use
- Supermarkets & Hypermarkets
- Hotels & Restaurants
- Bakeries
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