Wilmington, New Castle, May 24, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Commercial Refrigeration Market by Product (Deep Freezers, Bottle Coolers, Storage Water Coolers, Commercial Kitchen Refrigeration, Medical Refrigeration, Chest Refrigeration, and Others), and End User (Full Service Restaurant & Hotels, Food Processing Industry, Hospitals, Retail Pharmacies, Supermarket/Hypermarket, Convenience Stores, Quick Service Restaurants, and Others): Global Opportunity Analysis and Industry Forecast, 2024–2035". According to the report, The global commercial refrigeration market size was valued at $29.6 billion in 2023, and is projected to reach $56.2 billion by 2035, growing at a CAGR of 5.6% from 2024 to 2035.
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Prime determinants of growth
Rise in awareness of health and wellness is driving the growth of the commercial refrigeration market. However, the growth of the commercial refrigeration market is restricted by infrastructure and accessibility challenges. On the other hand, market expansion and global reach are expected to present remunerative opportunities for the expansion of commercial refrigeration during the forecast period.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2035 |
| Base Year | 2023 |
| Market Size in 2023 | $29.6 billion |
| Market Size in 2035 | $56.2 billion |
| CAGR | 5.6% |
| No. of Pages in Report | 250 |
| Segments Covered | Product Type, End User, and Region |
| Drivers |
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| Opportunities |
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| Restraints |
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The chest refrigeration segment to maintain its leadership status during the forecast period
By product type, the chest refrigeration segment held the highest market share in 2023, accounting for more than one-fourth of the commercial refrigeration market share, and is estimated to maintain its leadership status during the forecast period. The growth of the chest refrigeration segment is driven by its ability to store food, dairy items, and beverages and keep them fresh for extended periods of time. The others segment is expected to register the fastest CAGR of 6.4% during the forecast period, owing to rapid expansion of business activities in various emerging economies and increase in the need for efficient cooling systems in smart cities and data centers.
The supermarket and hypermarket segment to maintain its leadership status during the forecast period
By end user, the supermarket and hypermarket segment held the highest market share in 2023, accounting for more than one-fourth of the commercial refrigeration market revenue and is estimated to maintain its leadership status during the forecast period. The penetration of supermarket has increased in the past few years in both the mature and emerging markets, as it serves as a one-stop solution. Moreover, supermarkets/hypermarkets have food outlets, which often make use of commercial cooling equipment such as refrigerated display cases, bottle coolers, chest freezers, and deep freezers to prevent spoilage of food. However, the others segment is expected to register the fastest CAGR of 6.8% during the forecast period. The others segment includes catering services, event services, bakery, bars and pubs. Increase in demand for catering & event services, rise in consumption of bakery items, and frequent visits of young population to bars and pubs have been witnessed in the last decade.
Asia-Pacific to maintain its dominance by 2035
Region-wise, Asia-Pacific held the highest market share in terms of revenue in 2023 and is expected to dominate the market during the forecast period. The growth of the commercial refrigeration market in Asia-Pacific is driven by changes in lifestyles, which are led by globalization and increase in the working population. However, the LAMEA region is expected to witness the fastest CAGR of 5.9% from 2024-2035. The food & beverage market in LAMEA continues to experience rapid growth, owing to changes in consumer lifestyle, which has encouraged people in the region to dine out more frequently.
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Leading Market Players: -
- United Technologies Corporation
- Daikin Industries Ltd.
- Illinois Tool Works Inc. (ITW)
- Johnson Controls International Plc
- Dover Corporation
- AB Electrolux
- Panasonic Corporation
- Ali Group Srl
- Frigoglass S.A.I.C.
- Haier Electronics Group Co., Ltd.
The report provides a detailed analysis of these key players in the commercial refrigeration market. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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