Commercial Refrigeration Equipment Market is Forecasted to Reach US$ 35.25 Billion in 2028, Says Stratview Research

The global commercial refrigeration equipment market is projected to witness a growth rate of 4.4% annually from 2023 to 2028, with an anticipated size of US$ 35.25 billion by 2028, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global commercial refrigeration equipment market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

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Report Highlights:
Market Size in 2028: US$ 35.25 billion
Growth (CAGR): 35.1% during 2023-2028
Forecast Period: 2023-2028
Trend Period: 2017-2021
Base Year: 2022
Number of Segments Covered: 3
Number of Tables & Graphs: 100+

Segment Insights on the Commercial Refrigeration Equipment Market:

The global Commercial Refrigeration Equipment market is segmented based on Product type, End User type, and Region.
Based on product type - The commercial refrigeration equipment market is segmented into deep freezers, bottle coolers, storage water coolers, commercial kitchen refrigeration, medical refrigeration, chest refrigeration, and others. Medical Refrigeration is expected to remain the largest and fastest-growing vehicle type in the market during the forecast period due to the rising demand for commercial refrigeration in hospitals and other medical institutions, particularly in emerging nations. The medical refrigeration is expected to gain traction in the near future. About one-fourth of the worldwide commercial refrigeration market share in 2019 was combined by the commercial refrigeration and medical refrigeration sectors.

Based on end user type - The market is segmented into full-service restaurants & hotels, the food processing industry, hospitals, retail pharmacies, supermarket/hypermarket, convenience stores, quick-service restaurants, and others. Supermarket is expected to remain the dominant as well as the fastest-growing end-user in the market during the forecast period. The supermarket/hypermarket sector held the largest market share in terms of commercial refrigeration worldwide in 2021 and is anticipated to continue dominating the market over the coming years. However, the retail pharmacy category is anticipated to increase quickly.

To know the most attractive segments, visit:
https://www.stratviewresearch.com/3674/commercial-refrigeration-equipment-market.html

Which Region Shows the Most Promising Growth Forecast and Opportunity?

In terms of regions, Asia-Pacific is expected to remain the largest market for commercial refrigeration equipment during the forecast period owing to the augment in industrialization and the high degree of implementation of automation in this region. Moreover, a rise in the number of food outlets coupled with an increase in the number of retail pharmacies and experience centers such as supermarkets/ hypermarkets is expected to provide opportunities for growth in the commercial refrigeration market. Asia-Pacific accounted for approximately two-fifths of the total commercial refrigeration market in 2019 and is expected to remain dominant during the forecast period, with major growth expected in China, India, and other developing countries. The rise in the number of full-service restaurants and quick-service restaurants as well as the increase in the adoption of frozen food and confections are the major drivers fueling the commercial refrigeration market growth in these countries.

Commercial Refrigeration Equipment Market Drivers:
Some of the key drivers listed in the report are given below.
• Rising Demand for Cold Storage: Growth in retail and foodservice sectors fuels the need for advanced refrigeration solutions.
• Expansion of Food Supply Chains: Increased focus on food safety and quality drives investments in commercial refrigeration.
• Technological Advancements: Innovations in energy efficiency and smart monitoring systems are enhancing market adoption.
• Strict Regulatory Standards: Compliance with food safety and environmental regulations spurs demand for reliable refrigeration equipment.
• Global Urbanization Trends: Rapid urban growth boosts the establishment of modern supermarkets and food outlets requiring efficient refrigeration.

Top Companies in the Commercial Refrigeration Equipment Market:
Stratview Research has identified the following companies as the top market players.
• Haier Electronics Group Co., Ltd
• Frigoglass S.A.I.C
• Illinois Tool Works Inc.
• Panasonic Corporation
• Dover Corporation
• Johnson Controls International Plc
• United Technologies Corporation
• Ali Group S.R.L.
• Daikin Industries Ltd.
• Ab Electrolux
Note: The above list does not necessarily include all the top players in the market.

What Unique Insights Does this Report Offer?

This report provides comprehensive insights into the Commercial Refrigeration Equipment Market, answering critical questions like:

• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

For Customization or Any Other Queries, Get in Touch with Our Industry Experts at - sales@stratviewresearch.com

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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.
It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.
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This release was published on openPR.