Dublin, Oct. 30, 2023 (GLOBE NEWSWIRE) -- The "Commercial Refrigeration Equipment Industry Assessment 2023-2030" report has been added to ResearchAndMarkets.com's offering.
The global market for Commercial Refrigeration Equipment, which stood at an estimated $36 billion in 2022, is on a trajectory to achieve an impressive $53.3 billion by 2030. This significant growth, at a compound annual growth rate (CAGR) of 5% during the period from 2022 to 2030, is poised to reshape the industry landscape. The report identifies key segments within this market, such as Transportation Refrigeration Equipment, expected to record a robust CAGR of 4.9% and reach $15 billion by the end of the analysis period, while Freezers & Refrigerators segment is set to experience a steady 4.4% CAGR over the next eight years.
U.S. Market Valued at $9.6 Billion, China to Surge at 6.9% CAGR
The U.S. Commercial Refrigeration Equipment market is estimated at a substantial $9.6 billion in 2022. Meanwhile, China, as the world's second-largest economy, is forecasted to reach a projected market size of $6.3 billion by 2030. China's growth will be driven by an impressive CAGR of 6.9% during the analysis period from 2022 to 2030. Notably, Japan and Canada are expected to grow at 3.7% and 4.4%, respectively, over the 2022-2030 period. Within Europe, Germany is poised to experience growth at an approximate 4.2% CAGR.
Leading Competitors Shaping the Market Landscape
The Commercial Refrigeration Equipment market is characterized by intense competition, with a multitude of players vying for market share. Among the prominent industry players shaping the landscape, there are 12 key competitors featured:
- Beverage-Air Corporation
- Daikin Industries Ltd.
- Danfoss A/S
- Dover Corporation
- Electrolux AB
- GE Appliances
- Hussmann Corporation
- Illinois Tool Works, Inc.
- Ingersoll-Rand PLC
- Metalfrio Solutions SA
- United Technologies Corporation
- Whirlpool Corporation
The competition is fierce, and these companies are committed to driving innovation and meeting the ever-evolving needs of the market.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 471 |
| Forecast Period | 2022-2030 |
| Estimated Market Value (USD) in 2022 | $36 Billion |
| Forecasted Market Value (USD) by 2030 | $53.3 Billion |
| Compound Annual Growth Rate | 5% |
| Regions Covered | Global |
Key Topics Covered
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Development of Cold Chain Warehousing, Distribution & Logistics Provides the Cornerstone for Growth in the Commercial Refrigeration Equipment Market
- Global Economic Update
- Although Declining for the First Time Since the Russia-Ukraine War, Global Oil Prices Still Remains Higher Than 2019 Levels Which In Turn Will Take Inflation Longer Than Expected to Fall: Global Average Annual Brent Crude Oil Price (In US$ Per Barrel) for Years 2017 through 2024
- Slower Than Anticipated Decline Makes Inflation a Stickier Than Expected Problem to Solve in 2023: Global Inflation Rates (In %) for the Years 2019 through 2024
- Global Economy Faces a Tough Climb Towards Recovery Made Rockier by the War, Persistent Challenges & Slower Decline in Underlying Core Inflation: World Economic Growth Projections (Real GDP, Annual % Change) for the Years 2020 Through 2024
- Inflation Battling Policy Measures to Slowdown Post Pandemic Recovery in Unemployment Rates: Global Number of Unemployed People (In Million) for Years 2019 Through 2024
- Competition
- Commercial Refrigeration Equipment - Global Key Competitors Percentage Market Share in 2023 (E)
- Commercial Refrigeration Equipment Competitor Market Share Scenario Worldwide (in %): 2022E
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2023 (E)
- Transportation Refrigeration Equipment (Product Type) Global Competitor Market Share Positioning for 2022 & 2030
- Freezers & Refrigerators (Product Type) Market Share Breakdown of Key Players: 2022 & 2030
- Refrigerated Display Cases (Product Type) Competitor Revenue Share (in %): 2022 & 2030
- Beverage Refrigerators (Product Type) Market Share Shift by Company: 2022 & 2030
- Recent Market Activity
- Innovations
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
- Rise in Global Trade & Retail Drives Demand for Transportation Refrigeration Equipment
- Strong Demand for Frozen Foods Drives Demand for Transportation Refrigeration Equipment and Refrigerated Warehouses
- Growing Demand for Frozen Foods Bodes Well for Commercial Refrigerated Road Transportation: Global Opportunity for Frozen Foods by Type (In US$ Billion) for Years 2020, 2022, 2024, 2026
- Changing Dynamics of Temperature Sensitive Drugs with the Advent of Biopharmaceuticals Spurs Growth of Commercial Refrigeration Equipment
- The Booming Biopharmaceutical Industry Will Need Robust Cold Chain Infrastructure, Particularly Last Mile Refrigerated Transportation: Global Biopharmaceutical Sales (In US$ Billion) for Years 2023, 2025, 2027, 2029, and 2031
- Growing Investments in Bo-Pharma Cold Chain Infrastructure Acts as a Direct Demand Driver for Commercial Refrigeration Systems: Global Spending on Cold Chain Technologies in the Biopharmaceuticals Industry (In US$ Billion) for Years 2023, 2025, 2027, 2029 and 2031
- Rising Competition in the Modern Visually Stimulated Retail World Drives Demand for Refrigerated Display Cases (RDCs)
- With Over 26% Share in Frozen Foods, Rising Meat Consumption Bodes Well for RDCs in Meat Retailing
- Robust Demand for Protein Rich Diets to Drive Demand for RDCs in the Meat Section of Supermarkets: Global Average Per Capita Consumption of Meat & Seafood (In Kgs) for Years 2020, 2022, 2024 & 2026
- Robust Demand for Bakery Products to Benefit Demand For RDCs
- Growing Investments in Food Retailing to Benefit Growth in the Market
- Rise in Floriculture Bodes Well for the Growth of Commercial Refrigeration Equipment
- As Flowers Become a Lucrative Trade Commodity, New Opportunities Open for Refrigeration Systems in the Floral Cold Chain: Global Market for Cut Flowers (In US$ Billion) for Years 2023, 2025, 2027, 202 and 2031
- Sustainability Wave Hits the Refrigeration Market
- Natural, Eco-Friendly Refrigerants Storm Into the Spotlight
- Recycled CO2 Rises in Popularity Over Synthetic Refrigerants
- A Peek Into the Disruptive Rise of Blockchain Enabled Refrigerated Containers
- Development of Refrigerated Display Cases (RDCs) With IoT Features & Functions Gains Momentum
- A Peek Into Technology Innovations Making Waves in the RDC Market Segment
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/mi8ymc
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