New York, March 08, 2023 (GLOBE NEWSWIRE) -- The Global Commercial Refrigeration Equipment Market size is projected to reach a valuation of USD 65.2 billion by 2032 at a CAGR of 5.3%, from USD 39.4 billion in 2022. Market growth will be driven by the increased preference for take-out food and rapid expansion of the market by consumers over the forecast period. Market growth will be supported by technological advances and increasing regulatory pressures. The market for commercial refrigeration equipment is driven by the increasing demand for refrigeration in grocery shops, increased imports, and growth in the food & beverage sector, as well as an increase in the number of restaurants & hotels in the region.
Get additional highlights on major revenue-generating segments, Request a global commercial refrigeration equipment market sample report at https://market.us/report/commercial-refrigeration-and-freezing-equipment-market/request-sample/
Key Takeaway:
- By Products, 2022, the Refrigerators & Freezers segment has generated the highest revenue in the Global Commercial Refrigeration Equipment Market share in 2022.
- By Application, the Food & Beverages Retail segment is dominating the market and it is growing at a significant rate over the forecast period 2023 to 2032.
- In 2022, North America Region dominated the market with the highest revenue share of 31%.
- APAC Region has held the second position in revenue share in 2022.
- Europe will grow at a significant rate from 2023-2032.
Consumers’ demand for frozen and chilled products has increased due to alterations in lifestyles and quick urbanization. The organized retail sector has seen a rapid rise, including more hypermarkets and supermarkets, which has improved overall sales for commercial refrigerators, driving the market growth.
However, the high cost of installation for commercial refrigerators and the decrease in replacement rates for commercial refrigeration equipment are hindering market growth. On the other hand, advancements in technology and the rise in the number of quick-service restaurants are likely to generate various opportunities for market growth.
Factors affecting the growth of the Commercial Refrigeration Equipment industry
Several factors can affect the growth of the Commercial Refrigeration Equipment industry. Some of these factors include:
- Shifting Consumer Preferences: The commercial refrigeration equipment market continues to evolve due to shifting consumer tastes and demands.
- Growing Food Production: As food production increases, there is an increasing need for better storage and refrigeration solutions - ultimately driving growth in this market.
- Technological Advancements: The refrigeration sector has seen an improvement in performance due to the implementation of automated systems, leading to reduced operational costs and greater productivity.
- Rise in Establishments: The commercial refrigeration equipment industry is experiencing rapid growth due to an increasing need for refrigeration systems in an increasing number of establishments, as food storage and preservation become more critical than ever before.
- Significant Investments in Research and Development: Businesses are investing heavily in R&D to develop cutting-edge refrigeration systems, which is helping the commercial refrigeration equipment industry expand its market share.
To understand how our report can bring a difference to your business strategy, Inquire about a brochure at https://market.us/report/commercial-refrigeration-and-freezing-equipment-market/#inquiry
Top Trends in Commercial Refrigeration Equipment Market
The growth of the food and beverage processing industry in developing countries is expected to contribute to the increase in the market share of commercial refrigeration equipment over the forecast period. The food and beverage processing industry is a large sector, with around 90% of produced foods being processed in developed countries. Consumer demands for convenience and processed meat products have been on the rise due to busy lifestyles and changing habits.
Factors that are driving the growth of the commercial refrigeration equipment industry include the expansion of the hospitality sector, the increased popularity of dining out, the expansion of consumer good retail chains, improvements and advancements in magnetic refrigeration systems, evolving technologies, the rise in international food trade that requires refrigeration for processed foods, seafood, frozen foods, changing food habits, the growth in the number of supermarkets, specialty food stores, and hypermarkets.
Market Growth
Over the past few years, the market for commercial refrigeration equipment has seen steady growth as businesses strive to maximize efficiency and cut costs. This trend created a demand for suppliers of these products and services, enabling businesses to utilize refrigerated trucks, warehouses, and other facilities to keep food fresh while getting value out of their money. Furthermore, end-users in this global commercial refrigeration equipment market can satisfy legal obligations like meeting food safety standards by using these items and services.
Regional Analysis
Over the forecast period, the North American Commercial refrigeration Equipment market is projected to remain dominant due to its already established retail sector and increasing adoption of smart equipment in commercial kitchens. Meanwhile, the Asia Pacific region is anticipated to experience significant growth driven by rising consumer demand, stable employment levels, and increasing gross spendable income. Furthermore, rising tourism industries in countries like Singapore and Indonesia as well as vaccine storage units in biopharmaceutical companies and research institutions will all contribute to this region's market expansion.
Competitive Landscape
Market leaders have been able to develop and release new, enhanced products in response to the increasing adoption of sustainable technology equipment in order to remain ahead of consumer demand.
These major players, including Emerson Electric Co., Carrier Corporation, GEA Group, Haier Electronics Group Co., Ltd., Fujimak Corporation, DAIKIN Industries Ltd., Hussman Corporation, Hoshizaki Corporation, and JOHNSON CONTROLS are planning on carrying out strategic initiatives such as collaborations, expansions, mergers & acquisitions to increase their share in the market.
Whirlpool Corporation of Ohio has announced an investment of US$65 million over five years to transform their Ottawa factory into North America's premium refrigerator factory. Through this strategic initiative, Whirlpool plans on increasing capacity at this plant by producing high-end refrigeration products such as Built-In refrigerators (BIR).
| Report Attribute | Details |
| Market Value (2022) | USD 39.4 Billion |
| Market Size (2032) | USD 65.2 Billion |
| CAGR (from 2023 to 2032) | 5.3% |
| North America Revenue Share | 31% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
In this market, products for automated or smart refrigeration control are gaining a lot of traction. Commercial refrigerators with ENERGY STAR certifications consume 1.89 kWh of energy per day, according to the Federal Energy Management Program. On the other hand, less energy-efficient refrigerators consume approximately 4.44 kWh per hour. In response to the growing demand for commercial refrigerators that conserve energy, market participants are developing inventive designs.
Market Restraints
Concerns about the climate, such as ozone depletion and global warming caused by high GWP refrigerants, have presented challenges to manufacturers. Due to the rising demand for technologies that can combat hazardous gas emissions, market participants are now urging their customers to invest in cutting-edge magnetic refrigeration systems. Both operational costs and energy efficiency are improved by these systems. The US Department of Energy's statistics shows that these systems are energy efficient and can save up to 30% on energy costs.
Market Opportunities
In order to maintain a competitive edge, numerous leading manufacturers are now focusing on their R&D efforts on product design and temperature control. Due to the growing need to control and monitor commercial kitchen environments, industry players are anticipated to take advantage of numerous growth opportunities in the future.
The market is gaining a lot of traction with products that have refrigeration controls that are automated or smart. Because they are less expensive and better for the environment, there is an increasing demand for commercial refrigerators that use less energy. Which results in encouraging the market participants to develop new designs.
Grow your profit margin with Market.us - Purchase This Premium Report at https://market.us/purchase-report/?report_id=24745
Report Segmentation of the Commercial Refrigeration Equipment Market
Product Insight
In the commercial refrigeration equipment market, the refrigerators and freezers segment held the maximum revenue share. This is because there have been more restaurants and food stalls opened as a result of the global expansion of the travel and tourism industry. Blast chillers, which are mostly used for quick freezing or cooling of items at lower temperatures and stopping the growth of bacteria in the stored item, are also covered in this segment. Additionally, the widespread use of chillers by healthcare professionals for the storage of vaccine tissue samples, controlled tests, and critical medicines is contributing to the expansion of the market.
Due to the increased use of medium-capacity beverage coolers by vacationers and travelers, the beverage refrigeration market is anticipated to grow at a significant rate over the forecast period. In addition, it is anticipated that the demand for beverage refrigeration equipment will rise in the coming years as a result of the emerging retail chain trend of "grab and go" and "sip and shop," both of which aim to provide customers with a better shopping experience.
Application Insight
This market segment will grow due to ongoing improvements in cold channel logistics. These are used to transport temperature-sensitive goods. In addition, business expansion is aided by the rising demand for high-end temperature-controlled refrigerators for use in a variety of transportation vehicles for the dependable distribution of beverages, alcoholic beverages, biopharmaceuticals, fish, and other perishable goods. This segment will also continue to grow due to its appeal to capital-intensive clients in the food and beverage distribution segment.
In 2022, 33.0% of the market's total revenues came from the food service industry. This large revenue share can be attributed to the growing trend of food trucks and quick-service restaurants within the food service industry.
According to the National Restaurant Association (NRA), there will be over one million restaurants in the United States by 2020. FSRs, QSRs, bars and taverns can all be examples. High demand is for refrigeration equipment. Due to the growth of many well-known food and beverage chains such as Subway IP LLC, Starbucks Coffee Company, and McDonald's, this demand will rise even more.
System Type Analysis
Due to higher product demand, the self-contained segment made up 85% of the commercial refrigeration equipment market share in 2022. This is due to increasing product demand. According to the Environmental Agency, around 25% of HFC emissions are caused by self-contained commercial refrigeration systems. Manufacturers are required to replace R404A refrigerant due to strict HFC emission laws.
This can reduce the Global Warming Potential of refrigeration equipment by around 70%. Commercial refrigeration equipment sales will increase by over 4% annually between 2023 and 2032. As small-sized restaurants and cafeterias use refrigerators, their heat output will decrease. Because the compressor unit is outside the kitchen, these refrigerators are quieter than self-contained units. However, they are less efficient in terms of energy and require professional installation. This adds to their already high price.
Capacity Analysis
The 50 cu. Ft. to 100 cu. The ft. segment accounted for a significant position in the overall market revenue in 2022, due to the proliferation of specialty food stores, supermarkets, and hypermarkets worldwide. Furthermore, the rapid adoption of commercial reach-in refrigerators with a capacity of 50 to 75 cu. Ft. is driving the growth of the segment. This has prompted manufacturers to provide turn-key solutions that can cater to changing consumer needs. Additionally, the less than 50 cu. The ft. segment also recorded a substantial market share in 2022, owing to the growing requirement for refrigeration equipment suited for applications such as cold channel logistics and food service.
Recent Development of the Commercial Refrigeration Equipment Market
- Carrier Commercial Refrigeration installed PowerCO2OL refrigeration devices at a COVID-19 Spanish vaccination storage facility in January 2022. The system uses carbon dioxide as a natural refrigerant. It is a low-temperature refrigerant that can be used to preserve Spanish vaccines.
- November 2021: Beijer Ref will continue to partner with Embrico. Beijer Ref will continue to work on the development of Comercial Refrigeration with this agreement.
For more insights on the historical and Forecast market data from 2016 to 2032 - download a sample report at https://market.us/report/commercial-refrigeration-and-freezing-equipment-market/request-sample/
Market Segmentation
By Product
- Transportation Refrigeration Equipment
- Refrigerators & Freezers
- Beverage Refrigeration
- Display Showcases
- Ice Merchandisers & Ice Vending Equipment
- Other Products
By Application
- Food Service
- Food & Beverage Retail
- Other Applications
By System Type
- Self-Contained
- Remotely Operated
By Capacity
- Less than 50 Cu. Ft.
- 50 to 100 Cu. Ft.
- More than 100 Cu. Ft.
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Key Market Players
- AB Electrolux
- Carrier Commercial Refrigeration
- Daikin Industries Ltd.
- Dover Corporation
- Hussmann Corporation
- UNITED TECHNOLOGIES CORPORATION
- Johnson Controls International Plc
- AHT Cooling Systems GmbH
- Carrier Corporation
- Standex International Corporation
- GEA Group AG
- Lennox International Inc.
- Emerson Electric Co.
- Fujimak Corporation
- Haier Electronics Group Co., Ltd
- DAIKIN Industries, Ltd.
- Excellence Industries
- Imbera
- Zero Zone Inc.
- Ojeda Usa Inc.
- Other Key Players
Browse More Related Reports:
- Smart kitchen appliances market was valued at USD 89,186 million in 2022 and is forecast to grow at a 6.6% CAGR.
- Refrigeration leak detector market was valued at USD 82.03 million in 2022 and is forecast to grow at a 3.0% CAGR.
- Concrete cooling market is valued at USD 1.2 billion in 2022 and is anticipated to grow at a 5.6%
- Aerosol refrigerants market was valued at USD 992.0 million exhibiting a CAGR of 5.0% during 2023-2032.
About Us:
Market.US (Powered by Prudour Pvt Ltd) specializes in in-depth market research and analysis and has been proving its mettle as a consulting and customized market research company, apart from being a much sought-after syndicated market research report-providing firm. Market.US provides customization to suit any specific or unique requirement and tailor-makes reports as per request. We go beyond boundaries to take analytics, analysis, study, and outlook to newer heights and broader horizons.
Follow Us on: LinkedIn | Facebook | Twitter
Our Blog:
