Rockville , Jan. 11, 2024 (GLOBE NEWSWIRE) -- The global beverage refrigeration equipment market is expected to reach US$2,150.5 million by 2024. During the projected period (2024–2034), the market is estimated to grow at a 5.8% CAGR. The market is predicted to rise to an incredible US$ 3,779.2 million by 2034.
The market for beverage refrigeration equipment is driven by the growing need for portable, easily consumed drinks, the emphasis on energy conservation and sustainability, and the growth of the international hospitality sector. These forces propel the uptake of innovative cooling technologies, fostering long-term expansion and industry change.
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In the beverage refrigeration equipment market, startups are emphasizing advanced innovations such as IoT-enabled sensors, AI-driven temperature management, and intelligent features. These businesses embrace innovation and strive to offer technologically sophisticated, adaptable, and energy-efficient solutions that meet changing customer and market demands.
| Report Attribute | Details |
| Value Projection (2034) | US$ 3,779.2 million |
| Growth Rate (2024-2034) | 5.8% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 48 Tables |
| No. of Figures | 144 Figures |
Key Takeaways from the Market Study
- North America's market share is expected to increase to 32.1% by 2024.
- In contrast, it is predicted that East Asia would account for 38.9% of the market by 2024.
- The market in the United States is projected to reach a valuation of US$ 443.7 million in 2024, with a predicted increase in market share to 72.4%.
- The beverage refrigeration equipment market in China is projected to be worth US$ 460.1 million in 2024.
- In 2024, the beer dispensing category is projected to account for 52.1% of the market share.
- By 2024, the food service industry is predicted to have a 13.6% market share.
“By developing and marketing environmentally friendly beverage refrigeration systems, significant companies may take advantage of the opportunity given by consumers' growing demand for sustainable practices, aligning with ecological issues, and obtaining a competitive edge in the market,” remarks a Fact.MR analyst.
Key Companies Profiled in This Report
- Panasonic Corporation
- Dover Corporation
- Frigoglass SAIC
- AHT Cooling System GmbH
- Powers Equipment Company Inc.
- Beverage Air Corporation
- MF Refrigeration Limited
- Perlick Corporation
- Skope Industries Limited
- QBD Modular Systems Inc.
Competitive Landscape
Leading companies in the market for beverage refrigeration equipment are driving innovation with innovative technology. Efficiency as well as real-time monitoring are improved by integrating IoT-enabled sensors, AI-driven temperature controls, and intelligent features. While some businesses concentrate on creating modular and flexible designs, others place more of an emphasis on environmentally friendly and sustainable refrigeration solutions.
Innovative features may be added to goods through strategic partnerships with technology suppliers, guaranteeing that they stay at the forefront of technological innovation. These companies are able to stand out from the competition and successfully satisfy the changing needs of the market because to their dedication to technology-driven solutions.
Developments by the Key Players
- In 2023, Anthony, a division of Dover Food Retail and Dover, a top producer of lighting systems, display equipment, and glass refrigerator and freezer doors for use in commercial refrigeration systems, announced the introduction of its brand-new Automatic Beer Cave Door for Walk-In Cooler applications.
- Both the inside and outside of the doors include motion sensors, which facilitates simple two-way traffic and improves the user experience.
Product Portfolio
- In addition to providing a large selection of glycol cooling system models, MF Refrigeration can also provide custom solutions for unique uses. Their power packs are the best way to get rid of long draw air-cooled systems.
- The glycol chiller's exceptional dependability ensures that beer is always served at the ideal temperature, enabling MF Refrigeration's chilling apparatus to provide the ideal cold beer. Glycol coolers are designed to produce an amazing ice effect on draft beer towers and/or to use an amazing beer chilling system to distribute exceptionally cold beer.
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More Valuable Insights Available
Fact.MR offers an unbiased analysis of the beverage refrigeration equipment market, providing historical data for 2019 to 2023 and forecast statistics from 2024 to 2034.
To understand opportunities in the beverage refrigeration equipment market, the market is segmented on the basis of product (anionic PUD, cationic PUD, non-ionic PUD, self-crosslinking PUD, hybrid PUD), application (plastic coatings, paper coatings, textile coatings, metal coatings, wood coatings) and across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia & Pacific, East Asia, and Middle East & Africa (MEA)).
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About Fact.MR:
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