Commercial Refrigeration Market Size To Hit US$ 37.2 Billion by 2028 | Industry Trends, Sales, Growth Rate

IMARC Group, a leading market research company, has recently releases report titled "Commercial Refrigeration Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" the global commercial refrigeration market size reached US$ 28.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 37.2 Billion by 2028, exhibiting a growth rate (CAGR) of 4.5% during 2023-2028.

What is Commercial Refrigeration?

Commercial refrigeration refers to the equipment designed for cooling and removing heat from various products. Typically, it includes components like condensers, compressors, and fans to regulate humidity, temperature, and airflow, preventing spoilage. Commercial refrigeration plays a vital role in extending the shelf life of products, ensuring safe storage, maintaining freshness, reducing waste, and optimizing space utilization. Its applications are diverse and encompass the storage of bulk items, display of perishable goods, preservation of food and beverages, protection of inventories, and transportation of frozen and processed foods. As a result, commercial refrigeration systems are widely employed in settings like pharmacies, hospitals, supermarkets, hotels, restaurants, grocery stores, and convenience stores.

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What are the growth prospects and trends in the Commercial Refrigeration Industry:

The commercial refrigeration market is experiencing significant growth primarily due to the increasing demand for frozen and chilled food products, a trend driven by rising urbanization. Moreover, the adoption of commercial refrigeration equipment for the transportation, preservation, and storage of various frozen food items, including poultry, ice cream, bread, sausages, pizza, meat, seafood, and ready-to-eat meals, is further fueling market expansion. Additionally, the integration of Internet of Things (IoT) technology and refrigerant tracking systems, enabling performance monitoring, scheduled maintenance, consumption data access, and cost reduction, is a key driver of this growth. Furthermore, the market is benefiting from the growing use of sustainable and energy-efficient natural refrigeration solutions like trans-critical CO2 systems, which offer optimal performance and reliability. The healthcare sector is also contributing to market growth by increasing its reliance on commercial refrigeration for the preservation and transportation of vaccines and blood bags. Government initiatives aimed at enhancing food safety and reducing waste through favorable policies are expected to drive the commercial refrigeration market in the foreseeable future.

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Who are the key players operating in the industry?

• AB Electrolux
• Ali Group S.r.l.
• Baltimore Aircoil Company Inc.
• Bitzer SE
• Carrier Corporation
• Daikin Industries Ltd.
• Danfoss A/S
• Dover Corporation,
• Emerson Electric Company
• Haier Inc.
• Johnson Controls
• Panasonic Corporation.

The report has been segmented the market into following categories:

Breakup by Product Type:

• Chest Refrigeration
• Deep Freezers
• Bottle Coolers
• Storage Water Coolers
• Commercial Kitchen Refrigeration
• Medical Refrigeration
• Others

Breakup by End User:

• Full Service Restaurant, Quick Service restaurant & Hotels
• Food Processing Industry
• Hospitals
• Retail Pharmacies
• Supermarket/Hypermarket
• Convenience Stores
• Others

By Geography:

• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa

Key highlights of the report:

• Market Performance (2017-2022)
• Market Outlook (2023- 2028)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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This release was published on openPR.