Global Market for Commercial Refrigeration Equipment Projects US$ 81.3 Billion Valuation by 2033 | Future Market Insights, Inc.

NEWARK, Del, Jan. 10, 2024 (GLOBE NEWSWIRE) -- The global commercial refrigeration equipment market is likely to be valued at US$ 53.9 billion in 2023. The increasing demand for infrastructural development and construction activity is driving market growth. The market is estimated to garner US$ 81.3 billion in 2033, recording a CAGR of 4.2% from 2023 to 2033

Shifting consumer preferences toward fresh and chilled food products lead to higher demand for commercial refrigeration systems to store and present these items effectively. The increasing use of commercial refrigerated display units in retail settings, such as supermarkets and convenience stores, boosts the market for display refrigeration equipment.

The pharmaceutical industry's requirement for precise temperature control and storage of temperature-sensitive medications and vaccines drives the demand for commercial refrigeration solutions tailored to pharmaceutical needs. Rapid urbanization and industrial development in emerging economies increase the need for commercial refrigeration equipment in restaurants, commercial kitchens, and cold storage facilities.

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Investments in the food and beverage industry are anticipated to significantly expand over the projected period as the global population grows and the demand for food items rises, the sales of equipment including industrial refrigerators, commercial freezers, and other refrigeration units are anticipated to increase in response to the rising demand for ready-to-eat food and beverages.

The growth of online food delivery services creates a demand for specialized commercial refrigeration equipment to store and transport food orders safely and efficiently. The rise in the trade of seafood products among countries around the world is anticipated to propel the demand for commercial refrigeration equipment, as seafood requires refrigeration to arrest staleness.

“The comprehensive analysis underscores robust growth, fueled by escalating demands in food-related industries. Our findings emphasize the pivotal role of energy efficiency and cutting-edge technologies in shaping the market landscape."-Says Nikhil Kaitwade, Associate Vice President at Future Market Insights, Inc.

Key Takeaways from the Market Study

• From 2018 to 2022, the commercial refrigeration equipment market demand expanded at a CAGR of 3.5%
• Based on product type, the freezers and refrigeration segment is expected to account for a CAGR of 4.1% during the forecast period.
• North America to emerge as a promising commercial refrigeration equipment market, capturing a CAGR of 4.0%
• The commercial refrigeration equipment industry in the United Kingdom is predicted to reach US$ 35.4 billion by 2033
• South Asia and the Pacific to be an opportunistic commercial refrigeration equipment market, expected to capture a CAGR of 3.9% during the forecast period.  
  
  

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Competitive Landscape

The global commercial refrigeration equipment market is fragmented with the presence of several large and medium-scale players. The leading players in the commercial refrigeration equipment market are investing in strategic agreements in order to capture market share.

Prominent players in the commercial refrigeration equipment market are:

• Blue Star Limited, announced that the Company has launched its new, indigenously designed, range of deep freezers as well as has augmented its manufacturing footprint with its new world-class manufacturing facility at Wada. The new, indigenously designed and manufactured, range of deep freezers, comes with temperature controls ranging between +2°C to -24°C. Available in both, hard top and glass top options, these elegant deep freezers, offer optimum storage space with storage capacities ranging from 300 liters to 650 liters
• In February 2022, Refrigeration Design & Service Inc., a Philadelphia-based industrial refrigeration design and build provider, was acquired by The Kelvin Group. This is part of Kelvin’s vision to build a collaborative group of independent industrial and commercial services companies in the USA

Report Scope:

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About the Author:

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.

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• The global refrigeration compressor market demand 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).
• The commercial refrigeration system market forecast is projected to grow to US$ 79,711.2 Million in 2032 and anticipated to develop at a CAGR of 4.8% from US$ 49,915.7 Million in 2022 to 2032.
• The industrial air compressor market growth is anticipated to flourish at a steady CAGR of 8.2% between 2023 and 2033. The market is expected to hold a market share of US$ 6.86 billion by 2033, while the market is likely to reach a value of US$ 3.12 billion in 2023.
  
  

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