Commercial Refrigeration Equipment Market Size to Hit $77.73 Billion by 2030 | Rising Investments in Food and Beverage Refrigeration Sector to Propel Market Expansion
According to Fortune Business Insights, the global Commercial Refrigeration Equipment Market size is projected to grow from USD 50.42 billion in 2022 to USD 77.73 Billion in 2030 at CAGR of 6.4% during forecast period.
Pune, India, Oct. 05, 2023 (GLOBE NEWSWIRE) — According to Fortune Business Insights, the global Commercial Refrigeration Equipment Market size was valued at USD 50.42 billion in 2022. The market is anticipated to grow from USD 52.86 billion in 2023 to USD 77.73 Billion by 2030, exhibiting a CAGR of 6.4% over the estimated period. Commercial refrigeration equipment is used for several cooling and freezing operations. Fortune Business Insights™ provides this information in its research report, titled “Commercial Refrigeration Equipment Market, Forecast 2023-2030”.
Industry Development:
March 2023: Danfoss acquired BOCK GmbH, a world leader in CO₂ and low-GWP compressors used in heating and cooling applications. This acquisition reinforced Danfoss’ position as a preferred provider of greener heating and cooling solutions. It also combines BOCK’s best-in-class technology with Danfoss’ existing compressor portfolio and will help speed up decarbonization efforts with energy-efficient and climate-friendly cooling and heating solutions.
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Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 6.4% |
| 2030 Value Projection | 77.73 Billion |
| Base Year | 2022 |
| Commercial Refrigeration Equipment Market Size in 2022 | 50.42 Billion |
| Historical Data for | 2019-2021 |
| No. of Pages | 175 |
| Segments covered | By Type, By Application, By Region |
Drivers and Restraints:
Rising Investments in Food and Beverage Refrigeration Sector to Propel Market Expansion
The food and beverage refrigeration industry is a leading consumer of commercial refrigeration equipment. It is used to store and cool a wide variety of products from raw farm commodities to consumer food products in many retail stores and food service outlets. This factor is propelling refrigeration equipment sales globally. Moreover, growing Foreign Direct Investment (FDI) in the food processing industry will aid the commercial refrigeration equipment market growth.
On the other hand, the high initial cost of commercial refrigeration systems and their high maintenance costs will pose as challenges for businesses operating in this domain.
COVID-19 Impact:
Increasing Product Demand from Pharmaceutical Sector Escalated Market Expansion Amid the Pandemic
The spread of COVID-19 worldwide decreased the demand for commercial refrigeration in 2020. Manufacturing facilities were closed to curb the rising number of cases which affected the supply chains negatively. This also delayed product delivery and sales substantially. Contrastingly, the demand for commercial freezers and refrigerators from the pharmaceutical sector to store drugs and medicines increased. Also, the surging demand for frozen food meals after the pandemic elevated the demand for this equipment across emerging and developed economies.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/commercial-refrigeration-equipment-market-102584
Report Coverage:
- It assimilates key market drivers and restraints.
- It profiles the rankings of key market players accordingly.
- It includes key market developments and information on different market segments.
- It provides a comprehensive market assessment.
- It assesses the COVID-19 pandemic’s impact on the market.
Commercial Refrigeration Equipment Market Segmentation Analysis:
Refrigerator & Freezer Segment to Dominate Stoked by Surging Demand for Industrial Applications
Based on type, the market is divided into refrigerator & freezer, transport refrigeration, refrigerated display cases, ice machines, and others. Among these, the refrigerator & freezer segment dominated the market in 2022 owing to the rising demand for cold storage equipment for numerous industrial applications. This equipment is used in the food service sector to store and provide customers with fresh food products.
Food & Beverage Segment to Lead Due to Rising Demand for Healthy Food Products Worldwide
As per application, the market is split into food & beverage, retail stores, hotels & restaurants, chemicals and pharmaceuticals, and others. Among these, the food & beverage segment held the largest commercial refrigeration equipment market share in 2022 owing to the surging demand for ready-to-eat and healthy food products worldwide
Geographically, the market is segregated into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Regional Insights:
Asia Pacific to Dominate Stoked by Surging Demand for Frozen Food Products
Asia Pacific captured majority of the global market share in 2022 backed by the growing demand for frozen food products in China, India, South Korea, and Japan. Moreover, leading food manufacturers are focusing on producing frozen versions of regional food products, thus aiding market growth in this region. Also, the growing number of hypermarkets and supermarkets in the region will contribute to product demand and revenue share.
The North America market is slated to grow substantially due to growing investments in R&D in the food and beverage domain. Moreover, leading players are participating in acquisitions, collaborations, joint ventures, and partnerships which will also attribute to market progression. The growing disposable income and busy lifestyles of people have boosted the demand for frozen foods and ready-to-eat products, thus driving market proliferation in the region.
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Competitive Landscape:
Product Launches by Industry Leaders to Aid Market Progression
Industry leaders are participating in several strategic moves, such as partnerships, product launches, collaborations, and mergers, and acquisitions, to improve product portfolio and expand geographical reach. These moves will also boost revenue and profit generation. For example, in September 2022, Frigoblock launched the new EK Whisper a undermount split refrigeration system that offers high performance, and better serviceability with reduced noise through its compact design.
A List of Key Manufacturers Operating in the Global Market:
• Emerson Electric Co. (U.S.)
• Carrier Corporation (U.S.)
• Danfoss (Denmark)
• GEA Group Aktiengesellschaft (Germany)
• DAIKIN EUROPE GROUP (Belgium)
• Johnson Controls (Ireland)
• Nor-Lake, Inc. (U.S.)
• Danfoss (Denmark)
• The Middleby Corporation (U.S.)
• Imbera (Mexico)
• Welbilt (U.S.)
• AB Electrolux (Sweden)
• Ali Group S.r.l. (Italy)
• AHT Cooling Systems GmbH (Austria)
• Hillphoenix, A Dover Company (U.S.)
• Excellence Industries (U.S.)
• Illinois Tool Works Inc. (U.S.)
• Lennox International Inc. (U.S.)
• Minus Forty Technologies Corp. (Canada)
• Panasonic Corporation (Japan)
• True Manufacturing Co., Inc. (U.S.)
• Whirlpool Corporation (U.S.)
• Standex International Corporation (U.S.)
• Viessmann (Germany)
• Canadian Curtis Refrigeration Inc. (Canada)
• Everidge, Inc. (U.S.)
Table of Content:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Commercial Refrigeration Equipment Key Players Market Share/Ranking, 2022
- Global Commercial Refrigeration Equipment Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Type (USD)
- Refrigerator & Freezer
- Transport Refrigeration
- Refrigerated Display Cases
- Ice Machines
- Others (Vending Machines, etc.)
- By Application (USD)
- Food & Beverage
- Retail Stores
- Hotels & Restaurants
- Chemicals & Pharmaceuticals
- Others (Hospitality, etc.)
- By Region (USD)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Continued….
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