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Commercial Refrigeration Equipment Global Market Report 2024 Market Research Analysis 2024-2033 | Growth, Size, Demand, Analysis, Insights
Commercial Refrigeration Equipment Global Market Report
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According to The Business Research Company's, 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 Drivers and Trends:
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.
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.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
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.
Commercial Refrigeration Equipment Market 2024 Key Insights:
• 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 Increasing Demand For Frozen & Chilled Products Driving The Commercial Refrigeration Market
• Incorporation Of Advanced Technologies In Commercial Refrigeration Equipment To Enhance Efficiency And Maintenance
• The Asia-Pacific was the largest region in the commercial refrigeration equipment market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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