Growth of the Supermarket Refrigeration System Market projected to reach $33.7 billion by 2032

Growth of the Supermarket Refrigeration System Market

The supermarket refrigeration system industry is undergoing significant transformation as major players focus on business expansion and product innovation to capture a larger share of the market. This strategic approach has contributed to the consolidation of the market.

According to a report published by Allied Market Research titled "Supermarket Refrigeration Systems Market by Operation (Automatic and Semi-Automatic), Size (Small, Medium, and Large), and Capacity (0-50 L, 50-100 L, and Above 100 L): Global Opportunity Analysis and Industry Forecast, 2024-2032," the global market was valued at $17.2 billion in 2023 and is projected to reach $33.7 billion by 2032, with a compound annual growth rate (CAGR) of 7.7% from 2024 to 2032.

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Key Factors Driving Market Growth

Several factors are driving the growth of the supermarket refrigeration system market. One primary driver is the rise of e-commerce and the trend toward omnichannel retailing. Supermarkets now need to maintain robust cold storage solutions to handle online orders, curbside pickups, and home deliveries. These developments necessitate reliable refrigeration systems to ensure product quality and freshness, which in turn positively impacts market growth.

Moreover, supermarkets are increasingly focusing on sustainability and reducing food waste. Efficient refrigeration systems can extend the shelf life of perishable goods, thereby minimizing waste and loss. This focus on sustainability aligns with consumer expectations and regulatory requirements, further boosting market growth during the forecast period.

For further insights, you can download the full report here.

Market Report Overview

Forecast Period: 2024-2032
Base Year: 2023
Market Size in 2023: $17.2 billion
Projected Market Size in 2032: $33.7 billion
CAGR: 7.7%
Number of Pages: 198
Segments Covered: Operation, Size, Capacity, and Regions
Drivers of Growth

The report identifies several key drivers of market growth:

Rapid Development of Supermarkets and Infrastructure: The ongoing growth in the retail sector, coupled with the construction of new supermarket facilities, is driving demand for refrigeration systems.

Growth in the Refrigeration Industry: Advancements in refrigeration technologies are enhancing system efficiency and performance, which benefits supermarkets.

Opportunities and Challenges

While the market is experiencing significant growth, it faces challenges such as volatile raw material prices. However, there are also ample opportunities for growth, particularly through technological advancements in refrigeration systems.

Impact of COVID-19

The COVID-19 pandemic negatively affected the supermarket refrigeration system market. The temporary closure of manufacturing facilities during lockdowns hindered both production and sales. Many manufacturers faced difficulties due to disruptions in the supply chain, particularly in the early stages of the pandemic.

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Segment Analysis

Operation: The market is segmented into automatic and semi-automatic systems. The automatic segment currently dominates the market due to a growing emphasis on energy efficiency and sustainability. Supermarkets are increasingly investing in energy-efficient automatic refrigeration systems to reduce operational costs and comply with environmental regulations.

Size: The market is further divided into small, medium, and large systems. The large segment holds the largest market share in 2023, driven by increased shopping frequency and the demand for a wide range of perishable goods.

Capacity: The capacity segments include 0-50 L, 50-100 L, and above 100 L. The 50-100 L segment is particularly significant, catering to small to medium-sized businesses like restaurants and cafes, which require compact yet efficient cooling solutions.

Regional Insights

The Asia-Pacific region leads the supermarket refrigeration system market in terms of revenue. China holds the largest share in this region, supported by government incentives for businesses investing in energy-efficient refrigeration solutions. Technological advancements have made refrigeration systems more efficient and capable, even in smaller models.

Key Players in the Market

The report also highlights several leading players in the supermarket refrigeration system market, including:

Panasonic
Hussmann
Tecumseh
Electrolux
Gram
Daikin
Miele
Whirlpool
Haier
Turbo Air
These companies are adopting various strategies, such as product launches, expansions, and acquisitions, to enhance their market presence and maintain dominance across different regions. The report provides valuable insights into the business performance, operating segments, product portfolios, and strategic moves of these key players, showcasing the competitive landscape of the market.

For More Information: https://www.globenewswire.com/news-release/2024/08/22/2933998/0/en/Supermarket-Refrigeration-Systems-Market-to-Reach-33-7-Billion-Globally-by-2032-at-7-7-CAGR-Allied-Market-Research.html

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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