Pune, Feb. 27, 2023 (GLOBE NEWSWIRE) -- Commercial Refrigeration Equipment Market Overview:
The process of refrigeration involves extracting extra heat from a source or a material and transferring it to the surroundings in order to maintain a temperature that is lower than the environment. By maintaining a temperature between 30 and 40 degrees Celsius and extending the shelf life of the product, commercial refrigeration equipment is used to preserve food such as vegetables, fruits, meat, and other comparable things. Due to the replacement of current equipment with energy-efficient and sustainable technology equipment, a relatively bigger share of the refrigerator market is anticipated to be accounted for in the near future.
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Commercial Refrigeration Equipment Market Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 36.18 Billion |
| Market Size by 2030 | US$ 52.65 Billion |
| CAGR | CAGR of 4.8% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Key Market Segments | • by Product Type (Deep Freezers, Bottle Coolers, Storage Water Coolers, Commercial Kitchen Refrigeration, Medical Refrigeration, Chest Refrigeration, Others) • by End User (Full Service Restaurant & Hotels, Food Processing, Industry, Hospitals, Retail Pharmacies, Supermarket/Hypermarket, Convenience Stores, Quick Service Restaurants, Others • by System type (Self-contained and Remotely Operated) |
| Key Regional Coverage | North America, Europe, Asia-Pacific, The Middle East & Afric, & Latin America |
Increased Investments in the Food and Beverage Sector Will Fuel Market Growth
The food and beverage sector, which ranks among the top industries in all areas, produces the most annual revenue for the global GDP. The industry serves its customers by transforming the raw farm commodities produced by its more than 2 million farms into consumer food items through its approximately 680,000 retail stores and food service outlets. This increases global sales of commercial refrigeration equipment as well as rates of production and consumption. The increased demand for consumer and ready-to-eat food and beverage goods has also increased the use of commercial refrigeration equipment globally.
Market Growth to be Boosted by Deployment of Improved Magnetic Refrigeration Technology
The magneto caloric effect, a change in temperature brought on by applying a reversible magnetic field, is the foundation of the recently proposed magnetic refrigeration technique. The refrigerant is subjected to a strong magnetic field, which aligns multiple magnetic dipoles and lowers the equipment's internal temperature. Due to its affordability, environmental friendliness, robustness, safety, and overall low energy consumption, magnetic refrigeration technology can be incorporated into commercial refrigeration equipment all around the world.
Major Segments & Sub-Segments Covered in Commercial Refrigeration Equipment Market Are:
Segment by Product Type
- Deep Freezers
- Bottle Coolers
- Storage Water Coolers
- Commercial Kitchen Refrigeration
- Medical Refrigeration
- Chest Refrigeration
- Others
Segment by End User
- Full-Service Restaurant & Hotels
- Food Processing Industry
- Hospitals
- Retail Pharmacies
- Supermarket/Hypermarket
- Convenience Stores
- Quick Service Restaurants
- Others
Segment by System type
- Self-contained
- Remotely Operated
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Due to the increased use of sustainable technology equipment, the major market players have been forced to launch new and enhanced product lines in order to successfully fulfil consumer demand. For instance, in Spain's COVID-19 vaccine storage facility, Carrier Commercial Refrigeration installed its PowerCO2OL refrigeration system in January 2022. The aim was to preserve crucial vaccinations in Spain. This technique makes use of carbon dioxide, a natural refrigerant that poses little threat to the environment.
Major Key Company Profiles Listed in this report are:
- AB Electrolux
- Daikin Industries LTD.
- Dover Corporation
- Frigoglass S.A.I.C.
- Haier Electronics Group co., Ltd
- Illinois Tool Works Inc.
- Johnson Controls International PLC
- Panasonic Corporation
- United Technologies Corporation
- Ali Group S.R.L
Market Recent Developments:
Recently, Whirlpool Corporation said in November 2021 that it would invest more than USD 65 million over the following few years in its manufacturing in Ottawa, Ohio, with the goal of making it the Premier Refrigeration Plant in North America. As part of this tactical initiative to support the production of high-end refrigeration products like Built-In Refrigerator, the company will expand its Ottawa site (BIR).
Table of Contents – Major Key Points
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 Forces Model
7. PEST Analysis
8. Commercial Refrigeration Equipment Market Segmentation, By Motor Type
9. Commercial Refrigeration Equipment Market, By Material Removal Tools
10. Commercial Refrigeration Equipment Market, By Tools
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Conclusion
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