Smart Technologies and Eco-Friendly Refrigerants Reshape U.S. Commercial Refrigeration Industry

According to the latest market research study published by P&S Intelligence, the U.S. commercial refrigeration equipment market is projected to experience substantial growth, with revenues expected to reach approximately $9.18 billion in 2024 and further expand at a compound annual growth rate (CAGR) of 6.4%, culminating in an estimated $13.34 billion by 2030.

This upward trajectory is primarily driven by the escalating demand for ready-to-eat meals, snacks, and beverages, reflecting a shift toward convenience foods among consumers. Additionally, a growing preference for fresh and organic products necessitates advanced refrigeration solutions to maintain the quality and safety of perishable items.

Explore the complete report with in-depth analysis: https://www.psmarketresearch.com/market-analysis/us-commercial-refrigeration-equipment-market

Technological advancements are also playing a pivotal role in shaping the market landscape. The integration of Internet of Things (IoT) technologies enables real-time monitoring of temperature, energy consumption, and equipment health, leading to optimized energy use, improved performance, and predictive maintenance. Furthermore, the adoption of eco-friendly refrigerants and energy-efficient systems is becoming increasingly prevalent, aligning with environmental regulations and sustainability goals.

Key Insights

Segmentation Analysis: The market is segmented based on product type, distribution channel, application, and end user.

Product Type: Walk-in coolers are anticipated to hold the largest market share, accounting for 45% in 2024, due to their ample storage space and widespread use in establishments like restaurants, cafes, bars, clubs, and resorts. Beverage refrigeration equipment is expected to exhibit the highest growth rate, with a CAGR of 6.7% during the forecast period, driven by the increasing consumer inclination toward on-the-go beverages.

Distribution Channel: Hypermarkets and supermarkets are projected to dominate the market share in 2024, attributed to their offering of a wide variety of quality products. The online distribution channel is forecasted to grow at the highest CAGR of 6.8%, owing to the convenience of e-commerce platforms that provide diverse product options and home delivery services.

Application: The food service sector is expected to maintain the largest market share, accounting for 40% in 2024, due to the busy lifestyles of consumers that drive the demand for on-the-go food services. The food and beverage retail industry is anticipated to grow at the highest CAGR during the forecast period, propelled by the expanding middle-class population seeking a broader range of food and beverage products.

End User: Convenience stores are projected to hold the largest market share in 2024, offering customers quick and easy shopping experiences for daily needs. The hypermarkets and supermarkets category is expected to grow at a CAGR of 7.0%, reflecting their ability to cater to diverse consumer preferences with a wide product range.

Download a Complimentary Sample Report: https://www.psmarketresearch.com/market-analysis/us-commercial-refrigeration-equipment-market/report-sample

Regional and Geographical Trends: The Northeast region is anticipated to lead the market, holding a 55% share in 2024, and is expected to grow at the highest CAGR of 7.2% over the forecast period. This dominance is attributed to the region's status as a financial hub, dense population, and the presence of numerous bars, pubs, restaurants, and cafes, particularly in states like New York, New Jersey, and Pennsylvania.

Additionally, a consumer shift toward fresh and local food products increases the demand for cold storage solutions in this region.

Technological Advancements Shaping the Market: The incorporation of IoT in commercial refrigeration equipment facilitates real-time monitoring of temperature, energy consumption, and equipment health, leading to energy optimization, performance enhancement, and predictive maintenance. Moreover, the adoption of cold storage facilities and heat pump technologies, which enable dual heating and cooling processes, is emerging as a key trend in the market.

Competitive Dynamics, Major Players, and Emerging Opportunities: The U.S. commercial refrigeration equipment market is consolidated, with major players focusing on research and development to diversify their product portfolios and maintain competitiveness.

Key companies include Johnson Controls International plc, Emerson Electric Co., Danfoss A/S, Ingersoll Rand Inc., Daikin Industries Ltd., Carrier Global Corporation, Lennox International Inc., Trane Technologies Company LLC, and Follett Products LLC. These companies are investing in the development of greener refrigerants and energy-efficient systems with smart technologies to meet evolving consumer demands and regulatory requirements. The growing emphasis on sustainability and energy efficiency presents significant opportunities for innovation and market expansion.

About P&S Intelligence

P&S Intelligence offers custom and syndicated market research and consulting services to clients across the globe. Our team of young and dynamic researchers, guided by mentors with years of experience, create data-rich reports tailored to the needs of MNCs as well as startups and SMEs. We remain in a perennial quest to offer exhaustive insights into every aspect of the market, allowing businesses of all sizes to seize even the smallest of opportunities and tackle even the biggest of challenges.

Contact:

Chandra Mohan
AVP - Business Development
Phone: +1-347-960-6455
Email: enquiry@psmarketresearch.com
Web: https://www.psmarketresearch.com

This release was published on openPR.