Press release
Commercial Refrigeration Equipment Market Surges with Key Drivers and Lucrative Growth
Commercial Refrigeration Equipment Global Market Report 2024
The Business Research Company offers in-depth market insights through Commercial Refrigeration Equipment Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The commercial refrigeration equipment market size has grown strongly in recent years. It will grow from $56.26 billion in 2023 to $59.09 billion in 2024 at a compound annual growth rate (CAGR) of 5.0%. The growth in the historic period can be attributed to introduction of mechanical refrigeration, rise of food retail chains, advent of commercial ice machines, expansion of cold storage facilities, innovation in display cases.
The commercial refrigeration equipment market size is expected to see steady growth in the next few years. It will grow to $70.67 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%. The growth in the forecast period can be attributed to demand from emerging markets, market digitization, rising demand for energy-efficient solutions, adoption of low-gwp refrigerants, smart cooling solutions. Major trends in the forecast period include focus on sustainable practices, rise in cold chain logistics, remote and off-grid solutions, urbanization and small format stores, modularity and flexibility.
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Market Segmentation:
The commercial refrigeration equipment market covered in this report is segmented -
1) By Product Type: Refrigerator & Freezer, Transportation Refrigeration, Refrigerated Display Cases, Beverage Refrigeration, Ice Cream Merchandiser, Refrigerated Vending Machine
2) By Refrigerant Type: Fluorocarbons, Hydrocarbons, Inorganics
3) By Application: Hotels & Restaurants, Supermarkets & Hypermarkets, Convenience Stores, Bakery
Major Driver - The Increasing Demand For Frozen & Chilled Products Driving The Commercial Refrigeration Market
The increasing demand for frozen & chilled products from consumers is anticipated to drive the commercial refrigeration market. Preference for frozen & chilled products have increased due to changing lifestyle, accelerated urbanization, and benefits offered by frozen products such as longer shelf life, convenience, reduced food preparation & clean-up time. In 2022, According to the American Frozen Food Institute (AFFI), frozen food sales in the U.S. reached more than $72 billion. This is an 8.6% increase compared to the previous year. Frozen and chilled products are stored in commercial refrigerators in supermarkets, hypermarkets, and refrigerated trucks from where they are bought and transported. This is likely to generate a higher requirement for commercial refrigeration equipment for storing, which propels the growth of the commercial refrigeration equipment market.
Competitive Landscape:
Major companies operating in the commercial refrigeration equipment market report are United Technologies Corporation, Haier Group Corporation, Daikin Industries Ltd., Johnson Controls International plc, Carrier Commercial Refrigeration Inc., Danfoss A/S, Whirlpool Corporation, Illinois Tool Works Inc., Liebherr Group, Emerson Electric Co., AB Electrolux, Dover Corporation, Blue Star Limited, Ingersoll Rand Inc., GEA Group AG, Lennox International Inc., Manitowoc Company Inc., Hussmann Corporation, Traulsen & Company LLC, Ali Group S.r.l., Beverage-Air Corporation, True Manufacturing Co. Inc., Metalfrio Solutions S.A., Frigoglass SAIC, AHT Cooling Systems GmbH, Scotsman Industries Inc., Williams Refrigeration, Master-Bilt Products, Foster Refrigerator, Hoshizaki Corporation, Gram Commercial A/S, Skope Industries Limited, Precision Refrigeration Ltd., Arneg S.p.A.
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Top Trend - Incorporation Of Advanced Technologies In Commercial Refrigeration Equipment To Enhance Efficiency And Maintenance
Companies are concentrating on incorporating the latest technologies such as artificial intelligence, 5G, and machine learning into commercial refrigeration equipment for decreasing electrical consumption, improved preventive maintenance, and better customer experience. For instance, in August 2023, Axiom Cloud, a provider of cloud-based solutions for the commercial refrigeration industry, released AI-based early leak detection software. The software was tested at 242 facilities and is designed to help reduce refrigerant leaks and improve energy efficiency.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Commercial Refrigeration Equipment Market Characteristics
3. Commercial Refrigeration Equipment Market Trends And Strategies
4. Commercial Refrigeration Equipment Market - Macro Economic Scenario
5. Commercial Refrigeration Equipment Market Size And Growth
…..
27. Commercial Refrigeration Equipment Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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