Commercial Refrigerators Market growing at a CAGR of 4.5% during 2022-28

According to Precision Business Insights (PBI), the latest report the global Commercial Refrigerators market is expected to be worth USD 31,766.3 million in 2021 and projected to grow at a 4.5% CAGR over 2022 to 2028. A commercial refrigeration system is generally used to prevent the spillage of food and beverage items and keep them fresh for a longer duration. It is used where the temperature is sustained at a level much lower than that of its surroundings. They are usually used in supermarkets, food and beverage manufacturing centers, stores, and distribution centers. The growing demand for ready-to-eat food and the increase in the number of supermarkets and hypermarkets are the major driving factors for the commercial refrigerator market.

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The Refrigerators & Freezers Segment is Dominating the Commercial Refrigerators Market
The refrigerators & freezers segment is expected to account for a larger revenue share and the market is expected to grow at double digit growth rate over the forecast years owing to increase in food and beverage industries, they are one of the topmost sectors across all the region generating highest revenue in GDP. However, the market for beverage refrigerators burgeoning over the forecast years due to increase in the consumption of alcoholic and non-alcoholic beverages among the population across the globe. Moreover, improving consumer lifestyle due to rapid urbanization, growth in number of food and beverages and healthcare stores, rise in number of cold chain stores, surge in adoption of technologically advanced refrigeration equipment, and rise in demand for frozen and processed food products also burgeon the growth of market

North America Leads Commercial Refrigerators Market:
North America is expected to hold significant market share in the global commercial refrigerators market and is projected to grow at a prominent growth rate over the forecast years owing to increase in the number of supermarkets and hypermarkets due to growth in population across the USA. Moreover, rise in adoption of frozen and processed food products, increase in the population preference towards alcoholic and non-alcoholic beverages, and rise in disposable income are anticipated to burgeon the growth of market in the future.

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Strategic New Product Launches, Mergers, Acquisitions and Agreements are the key strategies adopted by market players:
Global Commercial Refrigerators market further reveals that the key players increasingly adopting strategies such as launch of newer products, product launches, and long-term alliance to improve market revenue share and gaining significant geographic presence across the region. For instance, In January 2019, Hussmann (part of Panasonic Company) Acquires Assets of Exxeno LLC, Innovative refrigeration company adds SaaS provider to enhance total solutions offering. In January 2018, the company acquired 100% of the voting stock of Rosario Handel B.V. ("Rosario"), within the Refrigeration & Food Equipment segment.

Detailed Segmentation
Based on the By Refrigerator Type, the market is segmented into the following:
• Beverage Refrigerators
• Refrigerated Display Cases
• Refrigerated Vending Machines
• Refrigerators & Freezers
• Others

Based on the End-User, the market is segmented into the following:
• Supermarkets and Hypermarkets
• Departmental Stores and Convenience Stores
• Bakery Stores
• Government
• Hospitality
• Offices
• Buildings

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Key player's profiles in the commercial refrigerators market report are Ab Electrolux, Daikin Industries Ltd., Dover Corporation, Frigoglass S.A.I.C., Haier Electronics Group Co., Ltd., Illinois Tool Works Inc., Johnson Controls International Plc, Panasonic Corporation, United Technologies Corporation, Ali Group S.R.L.

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