Rockville, MD, Aug. 15, 2024 (GLOBE NEWSWIRE) -- According to a new research report released by Fact.MR, the global commercial refrigeration equipment market is projected to be valued at US$ 52.4 billion in 2024 and subsequently expand at a CAGR of 5.6% between 2024 and 2034.
Due to the retail industry's constant expansion in operations and the rising demand for carbonated drinks, the market for commercial refrigeration equipment is advancing steadily across the world. Apart from this, demand for prepared foods is rising in several parts of the world mainly due to increasing travel, which is set to drive the need for commercial refrigeration equipment over the course of the forecast period.
Focus on sustainability and energy efficiency will be a significant trend in the commercial refrigeration equipment business over the coming years. Manufacturers are increasingly searching for energy-efficient refrigeration solutions that also adhere to stringent environmental regulations. This trend is reflected in the use of energy-efficient compressors, sophisticated insulation materials, and eco-friendly refrigerants. Businesses are coordinating their products to fulfill the growing need for eco-friendly solutions.
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Key Takeaways from Market Study
- The global market for commercial refrigeration equipment is forecasted to reach US$ 90.4 billion by 2034.
- Global sales of commercial refrigeration equipment are projected to rise at 6% CAGR between 2024 and 2034.
- The market in the United States is expected to be valued at US$ 9.8 billion in 2024.
- Sales of commercial refrigeration equipment in South Korea are projected to increase at a CAGR of 5.9% between 2024 and 2034.
- East Asia is estimated to account for 1% share of the global market in 2024.
- Revenue from the food and beverage segment is projected to reach US$ 17.3 billion by 2034.
“As the number of supermarkets, convenience stores, and hypermarkets increase in most parts of the world, the market for commercial refrigeration equipment is also keeping pace in parallel,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Commercial Refrigeration Equipment Market
Key players in the commercial refrigeration equipment market are Panasonic Corporation, Dover Corporation, Whirlpool Corporation, United Technologies Corporation, AHT Cooling Systems GmbH, Standex International Corporation, Ingersoll-Rand PLC, Lennox International Inc., Daikin Industries, Ltd., Qingdao Haier Co. Ltd., Illinois Tool Works Inc., Manitowoc Company, Inc., Hoshizaki Corporation, Electrolux AB, Fujimak Corporation, Emerson Electric Co.
High Demand for Commercial Refrigeration Equipment from Restaurants
With full-service and quick-service restaurants as well as food services proliferating in most parts of the world, the need for commercial refrigeration equipment to store perishable ingredients and guarantee food safety is rising as well. The need for refrigeration systems to store beverages, fresh food, and frozen goods is growing as convenience store chains expand. Products that will remain in high demand and are driving market expansion are refrigerated display cases, beverage refrigeration equipment, transportation refrigeration systems, and ice machines.
Commercial Refrigeration Equipment Industry News:
- Energy-efficient electric multi-temperature vehicles from Frigoblock, a Thermo King brand, were first delivered in February 2023 and are rapidly setting the norm for the industry.
- In September 2022, Ryder acquired San Francisco-based company Baton in order to grow its supply chain and transportation solutions companies. This transaction helped bring new technologies to the market.
- In May 2021, Danfoss unveiled multi-refrigerant condensing units that are A2L-ready for ultra-low GWP installations. These use less energy and produce fewer indirect emissions due to their great energy efficiency.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the commercial refrigeration equipment for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study divulges details on the commercial refrigeration equipment market based on product (refrigerated display cases, beverage refrigeration equipment, transportation refrigeration systems, refrigerators & freezers, ice machines, refrigerated vending machines) and application (food service, food retail, food & beverage production, logistics & transportation, food & beverage distribution), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
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