NEWARK, Del, Dec. 07, 2023 (GLOBE NEWSWIRE) -- The North America commercial refrigeration equipment industry size is forecasted to increase from US$ 16,072.9 million in 2023 to US$ 24,118.8 million by 2033. Over the assessment period, the demand for commercial refrigeration equipment is projected to surge at a CAGR of 4.1%.
The dynamic food services sector plays a pivotal role in shaping demand for commercial refrigeration equipment, emphasizing the need for efficient refrigeration solutions to preserve perishable goods. Large retail chains and supermarkets aiming to meet diverse product demands necessitate advanced refrigeration systems. The food and beverage distribution sector, reliant on cold storage facilities and refrigerated transportation, is witnessing a growing demand for sustainable commercial refrigeration solutions to maintain product integrity throughout the distribution chain.
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The increasing need for effective cold chain logistics offers businesses a great chance to provide products and services that streamline the whole procedure. This entails better cooperation, real-time monitoring, and route planning. Providing all-inclusive solutions that boost cold chain logistics' dependability and effectiveness establishes businesses as essential players in the larger supply chain ecosystem.
The industry provides a strategic opportunity for firms to distinguish their commercial refrigeration systems by combining clean energy sources such as solar or wind power. This approach corresponds with the growing demand for environmentally conscious activities and enables firms to offer environmentally conscious solutions. Off-grid capabilities and a decreased reliance on traditional power sources position businesses as green technology pioneers.
Key Takeaways from the Report:
- The North American commercial refrigeration equipment industry is projected to thrive at a 1% CAGR through 2033.
- By product type, the freezers & refrigerators segment is expected to total a valuation of US$ 6,750.2 million by 2033.
- By application, the food services segment held an industry share of 3% in 2023.
- The United States is expected to account for a significant share of about 7% in 2033.
- Canada is projected to attain a valuation of US$ 5,334.6 million by 2033.
"The North America Commercial Refrigeration industry is positioned for robust growth, driven by a number of factors such as growing food & Beverage, pharma, medical sector and a growing focus on refrigeration efficiency." - says Nikhil Kaitwade, Associate Vice President at Future Market Insights, Inc.
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Scope of Report:
| Attribute | Details | |
| Estimated Industry Size (2023) | US$ 16,072.9 million | |
| Projected Industry Size (2033) | US$ 24,118.8 million | |
| Anticipated Growth Rate (2023 to 2033) | 4.1% | |
| Historical Data | 2018 to 2022 | |
| Forecast Period | 2023 to 2033 | |
| Quantitative Units | Value (US$ million) and Volume (‘000 Units) | |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis | |
| Industry Segments Covered |
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| Key Countries Covered |
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| Key Companies Profiled |
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Competitive Landscape:
The North America commercial refrigeration equipment industry is fragmented, with leading players accounting for about 25% -30 % of the share.
Above Key Companies emphasize innovation and technological development to cater to the diverse refrigeration needs of various sectors. Partnerships and mergers are frequent in the industry, with key players benefiting from the technical prowess exchange.
Recent Developments in the Commercial Refrigeration Equipment Industry-
- In September 2023, Carrier Commercial Refrigeration launched refrigeration-as-a-service for the food retail industry in collaboration with Relayr.
- In October 2023, FEROR showcased their upcoming commercial refrigeration equipment at the NACS Show 2023.
- In 2019, Daikin Industries Ltd. acquired AHT, an Austrian refrigerating and freezing showcase manufacturer. The acquisition was worth 579 million Euros.
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Commercial Refrigeration Equipment Industry Segmentation:
By Product Type:
- Beverage Refrigerator
- Drinking Fountain
- Soda Fountain
- Beer Dispensing Equipment
- Beverage Coolers
- Freezers & Refrigerators
- Freezer & Chillers
- Blast Chiller/Stock Freezers
- Contact Freezers
- Refrigerators
- Walk-in-Refrigerators
- Reach-in Refrigerators
- Freezer & Chillers
- Transportation Refrigerators
- Trailers
- Trucks
- Shipping Containers
- Glass Door Merchandizers
- Hinged Door
- Sliding Door
- Display Cases
- Ice Cream Cabinets
- Bakery/Deli Display
- Beverage Dispensers
- Refrigerated Vending Machine
- Ice Machine
- Ice Cream Machine
By Application:
- Food Services
- Food & Beverage Retail
- Food & Beverage Production
- Food & Beverage Distribution
Authored By:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
Have a Look at the Related Reports of the Industrial Automation Domain:
Commercial Refrigeration Equipment Market Analysis: Demand is likely to remain high due to the increased consumption of frozen items and garnering US$ 81.3 billion in 2033, recording a CAGR of 4.2% from 2023 to 2033.
Refrigeration and Air Conditioning Compressors Market Size: The market is estimated to secure a CAGR of 3% during the forecast period. The market registered a valuation of US$ 35.1 billion in 2023 and reached US$ 47.2 billion by 2033.
Refrigeration Coolers Market Overview: The overall refrigeration coolers market is projected to reach a valuation of US$ 6,409.7 million by 2033.
Refrigerated Display Cases Market Share: The market is predicted to grow at a moderate CAGR of 5.5% during the forecast period covering 2022 to 2032. The market share is estimated to reach a value of nearly US$ 14 Billion by 2032
Refrigeration Compressor Market Outlook: The global market size is expected to grow from US$ 37,597.8 Million in 2022 to US$ 53,732.1 Million by 2032, with overall sales exhibiting a CAGR of 3.6% throughout the forecast period (2022 to 2032).
About Future Market Insights (FMI):
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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