The ‘Global Commercial Refrigeration Equipment Market Size, Report and Forecast 2023-2028’ by Expert Market Research, gives an extensive outlook of the global commercial refrigeration equipment market, assessing the market on the basis of its segments like product, system type, application, and major regions.
Commercial Refrigeration Equipment Market Size, Share, Price Trends, Industry Report, Key Players, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): USD 42.8 billion
• Forecast CAGR (2023-2028): 5.40%
• Forecast Market Size (2028): USD 58.3 billion
The market for commercial refrigeration equipment is primarily driven by the thriving global network of restaurants, supermarkets, and fast-food chains, which are expected not to compromise when it comes to quality of the food items, besides ensuring that the nutritional value of the stored food is intact. Introduction of new items on the menus of restaurants, like seafood and food items requiring cold-storage units to lock their freshness, has created a boom in the commercial refrigeration equipment market.
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Due to the growing population of working people, there has been a steep increase in the sales of frozen and processed foods, owing to which the commercial refrigeration equipment market has witnessed a tremendous growth. Promotional activities and showcase of tempting frozen foods in the supermarkets have been attracting consumers from all the age groups. The dairy sector is also projected to capture a sizeable portion of this market as dairy items like milk and cheese have lesser shelf life and thus require cold-storage units to remain fresh.
In order to gain a competitive edge in the expanding commercial refrigeration equipment market, the market players are aiming to enhance temperature control systems for prolonged freshness of food items. To prevent wastage of food and ensure that the nutrient content is intact, manufacturers have been emphasising the use of blast chillers, that help to freeze the food items for future use.
Commercial Refrigeration Equipment Industry Definition and Major Segments
Commercial refrigeration equipment refers to equipment that helps in freezing large volumes of commercial products, while retaining their nutritional value. This equipment is used to store frozen-food items, seafood, and various other packaged food items on a large scale, like in restaurants, supermarkets and convenience stores.
On the basis of product, the market is classified into:
• Refrigerator and freezer
• Refrigerated display case
• Transportation refrigeration
• Beverage refrigeration
• Ice merchandisers and ice vending equipment
• Others
Based on system type, the market is bifurcated into:
• Self-contained
• Remotely operated
On the basis of application, the market is segmented into:
• Hotels and restaurants
• Supermarkets and hypermarkets
• Convenience stores
• Bakeries
• Others
Based on region, the market is divided into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Commercial Refrigeration Equipment Market Trends
Increasing youth population who enjoy carbonated drinks and packed food items, as well as the rising disposable income of people have been two of the prime reasons for the increasing sales of refrigeration equipment, ultimately leading to the expansion of commercial refrigeration equipment market. Owing to its benefits of preventing hassle and saving time, switching to processed frozen fruits and vegetables has become a key trend in the market. The growing research and development for producing eco-friendly refrigerators and freezers to minimise the release of CFCs in the atmosphere has been a key indicator of sustainable development.
The demand for imported food items and international food trade is on a rise, increasing the requirement for cold-storage systems. Frozen desserts like ice-cream and gelato have a significant demand amongst the people of all age groups, while frozen meat and seafood have attained a sizeable market, as a result of the growing number of meat-eaters globally. The trend of takeaway and ‘sip and go’ in the recent times, is one of the many reasons which supports the expansion of this market.
Apart from the food and beverage sector, the commercial refrigeration equipment market has applications have spread to the healthcare sector as well. Freezers and chillers are majorly used in the pharmaceutical industry to store vaccines and medicines. The sales of commercial refrigeration equipment spiked around the outbreak of COVID-19.
Key Market Players
The major players in the global commercial refrigeration equipment market report are Danfoss, Emerson Electric Co., Johnson Controls, Ali Group North America, Electrolux Professional AB, Daikin Europe N.V., Dover Corporation, Hussmann Corporation, and Excellence Industries, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
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