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Commercial Refrigeration Equipment Market Expected to Reach USD 75.34 Billion by 2031

Submitted by BhushanTMR on Mon, 04/15/2024 - 06:41

Global Commercial Refrigeration Equipment Market Overview:
• The global commercial refrigeration equipment market was valued at US$ 40.1 billion in 2021 and is projected to reach US$ 75.34 billion by 2031, with a CAGR of 6.7% from 2022 to 2031.
• Increasing spending on home appliances, including refrigerators, due to improved quality of life is driving the demand for commercial refrigeration equipment.
Key Findings:
• The expansion of the non-alcoholic beverages market is driving the increased use of commercial freezers in various settings such as hotels, restaurants, and airports.
• Compact, reach-in, and under-counter refrigerators are preferred types for restaurants, and understanding their functionalities is crucial for effective use.
Market Trends:
• Growing demand for necessities like food and groceries has led to an increase in convenience stores, supermarkets, and department stores, benefiting the commercial food refrigeration equipment market.
• Hypermarkets and supermarkets within the food retail segment are expected to dominate the market for commercial refrigeration equipment, driven by consumer habits and international food trade.
Regional Outlook:
• Asia Pacific is anticipated to experience significant expansion in the global commercial refrigeration equipment market, driven by rising urbanization, proliferation of food supermarkets, and retail chains.
• North America is also poised for growth, with increasing demand for eco-friendly and energy-efficient refrigeration systems due to stricter regulations and greater environmental awareness.
Key Players and Developments:
• Major players in the market include 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, and United Technologies Corporation.
• Key developments include expansion announcements by Fujimak Corporation in Malaysia and the Philippines, collaboration extension between Beijer Ref and Embraco, and product launches by Stay Cold in the Middle East and Africa.
• Product Type: Freezer, Refrigerator, Merchandiser and Display Refrigerator, Reach-in refrigerators & Freezers, Refrigerated Vending Machines, Display Cases/Showcase, Ice Cream Cabinets, Bakery Display Cases, Ice Cream Machines and Ice Machines, Others.
• Category: Self-contained, Remote Condensing.
• Refrigerant Type: Fluorocarbons, Inorganic, Hydrocarbons.
• Application: Food Service, Food Retail, Food Distribution, Food Production, Others.
• Distribution Channel: Direct Sales, Indirect Sales.
• Region: North America, Europe, Asia Pacific, Middle East and Africa, South America.
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