Commercial Refrigeration Equipment Market Revenue to Cross USD 75.34 billion by 2031, Expanding at a 6.7% CAGR Says, Transparency Market Research
Transparency Market Research
6 min read
Transparency Market Research
Businesses are concentrating on attaining long-term success via innovative new commercial refrigeration equipment models, efficient integration, and ongoing improvement.
Wilmington, Delaware, United States, Oct. 17, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The commercial refrigeration equipment market was estimated to have acquired US$ 40.1 billion in 2021. It is anticipated to register a 6.7% CAGR from 2022 to 2031 and by 2031 the market is likely to gain US$ 75.34 billion.
People throughout the world are spending more on numerous home appliances, including refrigerators, as their quality of life rises. The demand for commercial refrigeration equipment is growing as a result.
To diversify their equipment offerings, companies are expanding their production capacities for commercial refrigeration equipment for food trucks and kitchen refrigerators and freezers. To aid end customers in expanding their businesses in the food service sector, they are offering a comprehensive reference on commercial refrigeration.
The market for non-alcoholic beverages has expanded dramatically in recent years.
This expansion is increasing the use of commercial freezers in a variety of commercial settings, including hotels, restaurants, and airports.
Compact, reach-in, and under-counter refrigerators are the ideal types of commercial refrigerators for restaurants.
Making effective use of refrigeration systems requires understanding the different types of commercial refrigerators and how they are used.
Market Trends for Commercial Refrigeration Equipment
The demand for necessities like food and groceries has increased dramatically over time. Convenience stores, supermarkets, and department stores are among the retail establishments that are growing in number due to the increased need for necessities. The market for items related to commercial food refrigeration equipment is expected to benefit from this.
In terms of application, the hypermarkets and supermarkets sub-segment of the food retail segment is expected to be the dominant segment of the commercial refrigeration equipment market.
Cutting-edge food refrigeration systems offer useful designs that draw in customers. Other factors boosting the market's expansion include shifting consumer habits in food consumption and an increase in the amount of food traded internationally. The food processing, convenience, and specialized food stores are expanding their use of refrigeration in the food business.
Global Market for Commercial Refrigeration Equipment: Regional Outlook Various reasons are propelling the growth of the commercial refrigeration equipment market in different regions. These are:
It is anticipated that developing nations in Asia Pacific would have significant expansion in the global market for commercial refrigeration equipment. It is projected that rising urbanization along with the proliferation of food supermarkets, retail chains, and hypermarkets in developing nations would increase demand for commercial refrigeration equipment throughout the projection period.
The regional market is also driven by the expansion of industrial production and rising expenditures on the construction of both public and private infrastructure.
North America also has a good opportunity to boost the demand of these products. The growing need for refrigeration systems that are both ecologically and energy-efficient is a major factor propelling the commercial refrigeration equipment market in North America.
Businesses in North America are looking for refrigeration equipment that minimizes environmental effect and lowers energy costs as a result of tighter laws on energy usage and refrigerants, as well as a greater awareness about ecological sustainability. Companies are adopting eco-friendly refrigeration technologies—like natural refrigerants and sophisticated insulating materials—in greater numbers in an effort to fulfill their CSR objectives and save operating costs.
Global Commercial Refrigeration Equipment Market: Key Players The market for commercial refrigeration equipment is concentrated, with the bulk of the market share held by just a few of significant manufacturers. The majority of businesses are making large investments in thorough research and development projects. Key players mostly employ mergers and acquisitions and product portfolio diversification as their tactics.
The following companies are well-known participants in the global commercial refrigeration equipment market:
AB Electrolux
Daikin Industries Ltd.
Dover Corporation
Emerson Electric Co.
Frigoglass S.A.I.C.
Fujimak Corporation
GEA Group AG
Hussmann Corporation
Johnson Controls International PLC
United Technologies Corporation
Key developments in the global commercial refrigeration equipment market are:
Company
Year
Key Developments
Fujimak Corporation
2021
The commercial food refrigeration equipment company Fujimak Corporation, headquartered in Japan, has announced the growth of its subsidiaries in Malaysia as well as the Philippines.
The business in these nations will probably grow as a result of this decision.
Beijer Ref
2021
Beijer Ref declared that it was extending its collaboration with Embraco.
Beijer Ref will concentrate on the expansion of commercial refrigeration sales in South Africa as a result of this collaboration arrangement.
Stay Cold
2020
A commercial appliance company located in South Africa, Stay Cold, announced the release of its commercial hinge door freezer.
The launch of the new product in the Middle East and Africa is probably going to boost sales.
Global Commercial Refrigeration Equipment Market Segmentation By Product Type
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