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Outlook on the Commercial Refrigeration Equipment Market: Major Segments, Strategic Developments, and Leading Companies
Commercial Refrigeration Equipment
Projected Market Size and Growth Trajectory of the Commercial Refrigeration Equipment Market
The commercial refrigeration equipment market is set to grow steadily, reaching a valuation of $69.13 billion by 2029. This indicates a compound annual growth rate (CAGR) of 4.8% during the forecast period. The expansion is largely fueled by increasing demand from emerging economies, the rise of digital technologies within the market, emphasis on energy-efficient refrigeration solutions, adoption of low global warming potential (GWP) refrigerants, and the emergence of smart cooling technologies. Other key trends shaping the sector include a stronger focus on sustainability, growth in cold chain logistics, development of remote and off-grid refrigeration solutions, urbanization paired with the proliferation of small-format retail stores, and the need for modular and flexible refrigeration systems.
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Leading Companies Defining the Commercial Refrigeration Equipment Market
Several prominent corporations command a key presence in the commercial refrigeration equipment market. These include 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., and AB Electrolux. Others playing significant roles are 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., and Arneg S.p.A.
Significant Acquisition Highlighting Market Consolidation
In May 2023, Carrier Global Corporation, a multinational company based in the United States, acquired Viessmann Climate Solutions for about $13.3 billion (€12 billion). This strategic move was designed to establish Carrier as a global frontrunner in intelligent climate and energy solutions, with particular focus on the burgeoning heat pump and renewable energy markets. The acquisition also allows Carrier to leverage Viessmann's strong foothold in the European residential segment, creating a market leader spanning both North America and Europe. Viessmann Climate Solutions, the largest division of the Germany-based Viessmann Group, specializes in refrigeration system manufacturing.
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Emerging Technologies Driving the Commercial Refrigeration Equipment Market
Innovation is a key focus for companies in this market, with increased implementation of cutting-edge technologies such as artificial intelligence (AI), 5G connectivity, and machine learning. These advancements aim to reduce energy consumption, enhance preventive maintenance capabilities, and improve overall customer experience. For example, in August 2023, Axiom Cloud introduced an AI-powered early leak detection system tailored for commercial refrigeration. Tested across 242 facilities, this software helps minimize refrigerant leaks and boost energy efficiency, showcasing how technology is transforming the industry.
Detailed Segmentation Insights of the Commercial Refrigeration Equipment Market
This market is segmented based on several key factors to provide a clearer understanding of its composition:
1) Supply Type: Constant Current and Constant Voltage
2) Luminaire Type: Decorative Lamps, Integral LED Modules, Reflectors, T Lamps, and Type A Lamps
3) Application Areas: Automotive, Consumer Electronics, Lighting Outdoor Display
4) End User Groups: Residential Lighting, Outdoor and Traffic Lighting, Industrial Lighting, Commercial Lighting, and Other End Users
Further subcategories include, under Constant Current supply type: Buck LED Drivers, Boost LED Drivers, and Buck-Boost LED Drivers. For Constant Voltage supply, segments comprise LED Power Supply Units, Linear LED Drivers, and Switching LED Drivers. These classifications help identify specific market niches and growth opportunities.
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