NEWARK, Del, July 26, 2024 (GLOBE NEWSWIRE) -- The United States commercial refrigeration equipment industry is anticipated to expand at a CAGR of 3.90% through 2034. The industry is estimated to reach USD 8,049.70 million in 2024 and is projected to reach a valuation of USD 11,801.44 million by 2034. There is increasing demand from the food distribution sector, which holds a substantial industry share.
The rising need for efficient and reliable refrigeration solutions to support food distribution networks nationwide is a significant driver. Additionally, the booming food service industry, particularly the restaurant segment, fuels the demand for specialized refrigeration equipment, contributing to the industry's upward trajectory.
Energy consumption remains a critical concern, with traditional refrigeration systems often characterized by high energy usage. This poses challenges in meeting sustainability goals and complying with environmental regulations. The initial capital investment required for advanced, energy-efficient systems restrains smaller businesses. This impacts the adoption rate and hinders the expansion of the United States commercial refrigeration equipment industry.
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Amidst challenges, ample opportunities emerge for industry players to capitalize on. The ongoing trend toward sustainable and eco-friendly solutions presents a notable opportunity. Manufacturers focusing on customization and modular solutions tailored to specific business needs can tap into an industry segment seeking flexibility and adaptability.
The adoption of smart refrigeration technologies, including IoT-enabled monitoring and control systems, is gaining traction. This allows businesses to optimize energy usage, ensure food safety, and remotely manage equipment. Another prominent trend is the increasing demand for eco-friendly refrigerants that align with environmental sustainability goals. Moreover, there is a noticeable shift toward modular and scalable refrigeration solutions, providing businesses with adaptable options to accommodate evolving requirements.
Key Takeaways from the United States Commercial Refrigeration Equipment Industry
- The commercial refrigeration equipment industry in the Northeast United States is anticipated to experience a CAGR of 6.2% until 2034.
- In the Midwest United States, the industry is positioned for a consistent CAGR of 6.1% through 2034.
- The commercial refrigeration equipment sector in the West United States is projected to observe a CAGR of 5.8% by 2034.
- The South United States is expected to maintain a stable CAGR of 5.7% in the commercial refrigeration equipment industry until 2034.
- Regarding product type, the transportation refrigerators category dominates with a 30.50% share in 2024.
- Considering application, the food services segment is set to hold a significant 27.80% share in 2024.
“Companies investing in the development of energy-efficient refrigeration equipment stand to gain a competitive edge. Moreover, the growing emphasis on smart technologies and IoT integration in commercial refrigeration opens avenues for innovation”, says a Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
Competitive Landscape of the United States Commercial Refrigeration Equipment Industry
The United States commercial refrigeration equipment industry is characterized by intense competition driven by a combination of established industry players and emerging innovators. Key companies, such as Carrier Global Corporation, Emerson Electric Co., and Hussmann Corporation, continue to dominate the industry with their extensive product portfolios and established distribution networks. These industry giants leverage their longstanding presence to offer various refrigeration solutions, catering to diverse needs across sectors such as retail, food service, and healthcare.
As technological advancements become a focal point in the industry, newer entrants and innovative startups are gaining traction. The industry is witnessing a surge in companies specializing in smart and energy-efficient refrigeration solutions, responding to the increasing demand for sustainable practices and cost-effective operations. Startups like Phononic and companies specializing in IoT-enabled refrigeration, such as RIoT Technologies, are introducing disruptive technologies that redefine how businesses approach their refrigeration needs. This fosters healthy competition and encourages continuous innovation, pushing the industry toward more environmentally friendly and efficient solutions.
Key Factors Shaping the Demand Outlook of the Commercial Refrigeration Equipment Industry
• The growing demand for packaged and frozen goods has significantly increased owing to the changing people's lifestyles and eating habits.
• The market for commercial refrigeration equipment is driven by the requirement for commercial refrigeration systems, which grows together with the demand for these products.
• Rising popularity of frozen food products and ready-to-drink beverages, which in turn is driving the commercial refrigeration equipment market.
• Growing advances in technology are expected to create new growth prospects for commercial refrigeration equipment manufacturers.
Commercial Refrigerators & Industrial Refrigerators to Account for Majority of Sales Revenue
Refrigerators are basic units of any refrigeration equipment and this is what majorly drives their sales. Increasing international food trade has spawned demand for commercial refrigerators that are transport-friendly to facilitate the transport of refrigerated products across the world. Increasing advancements in multiple industries have also propelled shipments of industrial refrigerators and industrial freezers.
Recent Developments in the United States Commercial Refrigeration Equipment Industry
Carrier Corporation has introduced a new product line called Carrier Transicold Vector 8611MT. This multi-temperature trailer refrigeration unit can provide effective cooling and heating performance for trailers with numerous compartments.
Dover Corporation acquired Kelvion Refrigeration GmbH, a German manufacturer of heat exchangers, condensers, and evaporators for commercial refrigeration applications.
Johnson Controls International plc has launched a new product called Johnson Controls Metasys 11.0, a building automation system that can integrate and operate various devices and systems, including HVAC, lighting, security, and refrigeration.
Key Companies Providing Commercial Refrigeration Equipment in the United States
- Carrier Corporation
- Dover Corporation
- Hussmann Corporation
- Johnson Controls International plc
- Emerson Electric Co.
- United Technologies Corporation
- Manitowoc Company, Inc.
- True Manufacturing Company
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Key Segments
By Product Type:
- Refrigerated Display Cases
- Beverage Refrigeration Equipment
- Drinking Fountain
- Soda Fountain
- Beverage Dispensing Equipment
- Beer Dispensing Equipment
- Transportation Refrigeration Systems
By Application:
- Food Services
- Restaurants
- Convenience Stores
- Food Retail
- Food and Beverage Production
- Logistics and Transportation
- Food and Beverage Distribution
By Region:
- Northeast United States
- Midwest United States
- West United States
- South United States
Authored By
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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