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Commercial Refrigeration Market is Expected to Rise $35.25 Billion by 2027 | AB Electrolux, Panasonic Corp., Haier Electronics, Daikin Industries, Dover Corp.
Commercial Refrigeration Market
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The growth of the global market for commercial refrigeration is driven by increase in demand for frozen & chilled products among consumers due to changes in lifestyle and rapid urbanization. Moreover, development of the organized retail sector coupled with increase in number of hypermarkets and supermarkets boosts the commercial refrigeration market growth. However, problems such as the need for frequent maintenance and potential technical issues arising due to lack of proper maintenance hamper the market growth.
By end user, the supermarket/hypermarket segment accounted for a commercial refrigeration market share in 2019, and is expected to remain dominant during the forecast period. However, the retail pharmacies segment is expected to experience rapid growth with a CAGR of 6.0% from 2021 to 2027. This is attributed to the increased revenue from hospitals over the past few years, owing to rise in geriatric population and need for medical care.
Contrarily, advancements in commercial refrigerators such as integration of artificial intelligence (AI) coupled with rise in trend of automation of equipment and upsurge in number of food outlets & quick service restaurants especially in emerging economies are anticipated to provide potential opportunities for the growth of the commercial refrigeration market.
Based on region, Asia-Pacific accounted for the largest share in 2019, holding more than two-fifths of the total market share, and will maintain its leadership status by 2027. However, LAMEA is expected to grow at the largest CAGR of 4.9% during the forecast period.
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Asia-Pacific is one of the prominent regions for commercial refrigeration, which accounted for 43.7% total market share in 2019. The medical refrigeration segment is expected to grow at the fastest CAGR of 5.1% throughout the forecast period, reaching $3.55 billion by 2027. This is attributed to rapid expansion of the retail pharmacy across the globe.
The commercial refrigeration industry is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Increase in demand for commercial refrigeration equipment in Asia-Pacific and LAMEA is expected in the near future, owing to rapid industrialization and implementation of automation in these regions. Moreover, rise in number of food outlets coupled with expansion of retail pharmacies and experience centers such as supermarkets and hypermarkets is expected to provide lucrative opportunities for the growth of the global market.
The key players profiled in the report include United Technologies Corporation, Daikin Industries Ltd., Illinois Tool Works Inc. (ITW), Johnson Controls International Plc, Dover Corporation, AB Electrolux, Panasonic Corporation, Ali Group S.r.l., Frigoglass S.A.I.C., and Haier Electronics Group Co., Ltd.
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Key benefits for stakeholders:
• The report provides a quantitative analysis of the current commercial refrigeration market trends, estimations, and dynamics of the market size from 2019 to 2027 to identify the prevailing commercial refrigeration market opportunities.
• The key countries in all the major regions are mapped based on their market share.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis and the commercial refrigeration market size and segmentation assists in determining the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global industry.
• Market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players in the commercial refrigeration industry.
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