Commercial Refrigeration Equipment Market to Witness 5.1% CAGR by 2031 | SkyQuest Technology

Westford,USA, Nov. 28, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that Commercial Refrigeration Equipment Market will attain the value of USD 53.23 Billion by 2031, with a CAGR of 5.1% during the forecast period (2024-2031). With the potential for significant energy savings, and the implementation of stringent regulations worldwide to phase out ozone-depleting substances, such as hydrofluorocarbons (HFCs) and hydrochlorofluorocarbons (HCFCs), the market is expected to move system based on natural refrigerant. The demand of NH3/CO2 cascade system is also planned to increase gradually. These advantages include lower operating costs (energy consumption per ton of refrigerant compared to other systems), lower capital and cost compliance costs, higher food quality and productivity.

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Browse in-depth TOC on “Commercial Refrigeration Equipment Market”

• Pages – 165
• Tables – 120
• Figures – 77

Commercial Refrigeration Equipment Market Overview:

Refrigerators and Freezers Segment to Dominate Due to Rising Expansion of Travel and Tourism Industry

The refrigerators and freezers segment recorded a significant revenue growth of 22.0% in 2023. This could be attributed to the expansion of the travel and tourism industry worldwide, with the opening of various cuisines and restaurants. This segment also includes the consumption of blast chillers primary use. Standardized tests and essential medicines including low temperature products for freezing or rapid cooling to prevent bacterial growth the edge of inventory is also contributing to the growth of this segment.

Remotely Operated Refrigerators Segment is Growing Due to Increasing Adoption in Limited-eating Restaurants

The remotely operated refrigerators segment is expected to grow at a notable CAGR from 2024 to 2031, with increasing adoption in limited-eating restaurants to reduce heat generated by refrigeration. This refrigerator produces less noise than a freestanding refrigerator because the compressor unit is used outside the kitchen. However, they are energy-efficient and require professional installation, further increasing the high cost of existing installations.

North America to Dominate Owing to Early Adoption of Smart Equipment

North America accounted for a dominant revenue share of over 32% in 2023 inside the global commercial refrigeration equipment market share. The good-sized increase can be attributed to the mature retail enterprise and the provision of important supermarket chains, which includes Walmart, Costco, Kroger, Publix, within the region. Besides, the sturdy presence of numerous main producers of business refrigeration equipment coupled with the early adoption of smart equipment across the economic kitchens is favoring the growth of the market.

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Drivers

• Rising Demand for Processed and Frozen Foods
• Growth of the Food Service Industry
• Regulatory Standards for Energy Efficiency

Restraints

• High Initial Costs
• Maintenance and Operational Costs
• Fluctuating Raw Material Prices
• Competition from Alternative Technologies

Prominent Players in Commercial Refrigeration Equipment Market
The following are the Top Commercial Refrigeration Equipment Market Companies

• Carrier Corporation
• Hermo King Corporation
• Hussmann Corporation
• Trane Technologies
• True Manufacturing Company
• Beverage-Air Corporation
• Scotsman Ice Systems
• Manitowoc Ice, Inc.
• Heatcraft Worldwide Refrigeration
• Copeland Corporation
• Danfoss Group

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Key Questions Answered in Commercial Refrigeration Equipment Market Report

• What is the market share of global market?
• What are the key drivers of global market size?
• Which is the dominating region in the global market?
• Which is the fastest growing region in the global market?

This report provides the following insights:

• Analysis of key drivers (rising demand for processed and frozen foods, growth of the food service industry, regulatory standards for energy efficiency), restraints (mmaintenance and operational costs, fluctuating raw material prices, competition from alternative technologies), opportunities (growing e-commerce and cold chain logistics) influencing the growth of Commercial Refrigeration Equipment Market.
• Market Dynamics: Comprehensive information about the various products offered by the dominant players in the Commercial Refrigeration Equipment Market.
• Product Development/Innovation: An overview of emerging trends, R&D activities and product launches in the Commercial Refrigeration Equipment Market. 
• Market Growth: Detailed information on profitable growing industries. 
• Market Trends: Complete information about new products, emerging geographical areas and recent developments in the market.
• Competitive Analysis: An in-depth analysis of the market segments, growth strategies, revenue analysis, and products of the key market players.

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