Wilmington, Delaware, Aug. 22, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Supermarket by Operation (Automatic and Semi-Automatic), Size (Small, Medium and Large), and Capacity (0-50 L, 50-100 L and Above 100 L): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the Supermarket Refrigeration Systems Market was valued at $17.2 billion in 2023, and is estimated to reach $33.7 billion by 2032, growing at a CAGR of 7.7% from 2024 to 2032.
Prime determinants of growth
The growth of e-commerce and the trend towards omnichannel retailing require supermarkets to maintain robust cold storage solutions to handle online orders, curbside pickups, and home deliveries which positively impacts the market growth. Supermarkets are increasingly focusing on reducing food waste as part of their sustainability initiatives. In addition, efficient refrigeration systems help extend the shelf life of perishable goods, reducing waste and loss. This is projected to boost the market growth during the forecast period.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2032 |
| Base Year | 2023 |
| Market Size in 2023 | $17.2 billion |
| Market Size in 2032 | $33.7 billion |
| CAGR | 7.7% |
| No. of Pages in Report | 198 |
| Segments covered | Operation, Size, Capacity, and Regions. |
| Drivers | Rapid supermarket and infrastructure development Growth in refrigeration industry |
| Opportunities | Technological Advancements |
| Restraints | Volatile price of raw materials |
Covid-19 Scenario
- The outbreak of the Covid-19 pandemic had a negative impact on the supermarket refrigeration system market, owing to the temporary closure of manufacturing firms during the lockdown.
- Not only the production but also the sale of supermarket refrigeration system was hampered due to the closure of manufacturing factories across the world, especially in the initial period of the pandemic.
The automatic segment dominated the global supermarket refrigeration system market share, in terms of revenue
Based on operation, the market is divided into automatic and semi-automatic. There is a growing emphasis on energy efficiency and sustainability in the retail sector. Supermarkets are investing in energy-efficient automatic refrigeration systems to reduce operating costs and comply with environmental regulations. The push for greener technologies, such as natural refrigerants and low-GWP (Global Warming Potential) refrigerants, also drives market growth for automatic supermarket refrigeration system.
The large segment dominated the market in 2023.
Based on size, the market is segregated into small, medium, large. Urbanization and the busy lifestyles of consumers lead to increased shopping frequency at supermarkets for convenience and variety. This trend boosts the need for efficient large size refrigeration to store a wide range of perishable goods. Such factor drives the large supermarket refrigeration system market.
The 50-100 L segment dominated the market in 2023.
As per capacity, the market is bifurcated into 0-50 L, 50-100 L, Above 100 L. The 50-100 L capacity range is perfect for small to medium-sized businesses, including restaurants, cafes, and bakeries, which require efficient yet compact cooling solutions. They provide flexibility for batch cooking and are versatile enough to handle different types of food products, from meats to pastries. Units in the 50-100 L segment are generally more affordable than larger industrial models, making them accessible to a broader range of businesses.
The Asia-Pacific dominates the market share in terms of revenue in 2023
The supermarket refrigeration system market is analyzed across North America, Europe, Asia-Pacific, Latin America, and MEA. China holds the maximum share in the supermarket refrigeration system industry in the Asia-Pacific region. Various governments offer incentives and rebates for businesses that invest in energy-efficient and environmentally friendly refrigeration systems. These financial incentives encourage supermarkets to upgrade their equipment. Advances in technology have made smaller blast chillers more efficient and effective, offering features that were once only available in larger models, such as precise temperature control and energy-saving modes.
Leading Market Players: -
- Panasonic
- Hussmann
- Tecumseh
- Electrolux
- Gram
- Daikin
- Miele
- Whirlpool
- Haier
- Turbo Air
The report provides a detailed analysis of these key players in the supermarket refrigeration system market. These players have adopted different strategies such as new product launches, expansion, and acquisitions to increase their market share and maintain dominant shares in different regions. 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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