USD 37.25 billion
Report ID:
SQMIG20D2180 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|Tables:
120
|Figures:
77
Global Commercial Refrigeration Equipment Market size was valued at USD 37.25 billion in 2019 and is poised to grow from USD 39.11 billion in 2023 to USD 53.23 billion by 2031, growing at a CAGR of 5.1% in the forecast period (2024-2031).
The rapid development of the hospitality and tourism industries as well as consumers' growing desire for takeout meals is projected to drive the market growth for commercial refrigerator equipment. Furthermore, the growing regulatory pressures that lead to the adoption of refrigerants with reduced global warming potential (GWP) along with ongoing technology advancements will also provide the commercial refrigerator equipment industry is promising growth prospects.The demand for refrigeration of frozen goods, processed foods, and seafood has also increased significantly as a result of the growth in the global food trade. The need for the product is being further fueled by the quick advancements and ongoing technological breakthroughs, such as liquid-vapor compression and ammonia absorption systems. To achieve a competitive advantage in the commercial refrigeration equipment market, a number of top manufacturers are concentrating on R&D operations to improve the design and temperature control of their products.
The end-use sectors are expected to adopt sustainable and energy-efficient refrigeration systems as the standard which should drive manufacturers to enhance their R&D and product innovation spending. Long-term market share will be attained by using energy-efficient technology to provide low global warming potential (GWP) products with rich functionality.
US Commercial Refrigeration Equipment Market is poised to grow at a sustainable CAGR for the next forcast year.
Global Market Size
USD 37.25 billion
Largest Segment
Fastest Growth
reciprocating
Growth Rate
5.1% CAGR
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The global commercial refrigeration equipment market is segmented based on type, refrigerant type, application, and region. Based on type, the commercial refrigeration equipment market is segmented into refrigerator and freezer, transport refrigeration, refrigerated display cases, ice machines, and others. Based on refrigerant type, the commercial refrigeration equipment market is segmented into fluorocarbons, hydrocarbons, inorganics. Based on system type, the commercial refrigeration equipment market is segmented into self-contained and remotely operated. Based on application, the commercial refrigeration equipment market is segmented into food & beverage, retail stores, hotels & restaurants, chemicals & pharmaceuticals, and others. Based on region, the commercial refrigeration equipment market is categorized into North America, Europe, Asia-Pacific, and MEA.
Commercial Refrigeration Equipment Market Analysis by type
The refrigerators and freezers segment accounted for a revenue share of more than 27% in 2022 across the commercial refrigeration equipment market. This can be attributed to the global growth of travel and tourism sector, which encouraged setting up of numerous eateries and restaurants. Blast chillers, which are primarily used to quickly freeze or cool objects at lower temperatures and prevent bacterial growth in the stored item, are also included in this segment. Additionally, the widespread use of chillers by medical practitioners for the storage of vaccination tissue samples, controlled testing, and essential medications is an important factor in the segment's growth.
Due to the growing adoption of medium-capacity beverage coolers for tourists and vacationers, the beverage refrigeration market is anticipated to register a CAGR of more than 8% over the forecast period. Additionally, the growing practice of "grab and go" and "drink and shop" among retail chains to provide customers with a better shopping experience is expected to fuel demand for beverage refrigeration equipment in the upcoming years. Additionally, the export and import services are expanding through a variety of transportation modes, including by road, sea, and air transport, which is causing the transport refrigeration segment to expand at a rapid rate. Due to quick delivery and sales services, the category has the largest market share.
Commercial Refrigeration Equipment Market Analysis by system type
The self-contained sector had over 88% of the commercial refrigeration equipment market share in 2022 owing to its benefits, including simple and affordable installation, low maintenance and relocation costs for the appliances. According to figures from the Environmental Protection Agency (EPA), self-contained commercial refrigeration equipment generated around 26% of all HFC emissions globally in 2020.
The manufacturers are being forced by the strict HFC emission standards to switch from R-404A to R-448A, which reduces the GWP of refrigeration equipment by almost 70%. In order to reduce the heat produced by the refrigerators, restaurants with small kitchens are increasingly adopting remotely operated refrigerators, which is predicted to see a CAGR of close to 4.9% by 2030. Since the compressor unit is placed outside the kitchen, these refrigerators are quieter than self-contained models. They are less energy-efficient. However, they require professionals for installation that raises the installation cost. This impedes the commercial refrigeration equipment market growth.
Commercial Refrigeration Equipment Market Analysis by application
A significant CAGR of about 7% is predicted for the food and beverage distribution market between 2023 and 2030. The segment’s growth is being favourably impacted by the ongoing improvements in cold channel logistics for the transportation of temperature-sensitive goods. Additionally, the demand for premium temperature-controlled refrigerators for various transport vehicles that can reliably distribute beverages, alcoholic beverages, fish, biopharmaceuticals, and other perishable goods is helping the commercial refrigeration equipment industry expand.
In addition, the increasing preference for sectional refrigerated trailers among capital-intensive customers in the food and beverage distribution sector will accelerate the segment's expansion in the future years. In terms of revenue, the food service industry accounted for around 35% of the total market in 2022. The significant revenue share can be attributed to the growing popularity of food trucks and Quick-Service Restaurants (QSRs) in the food service sector
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North America is expected to hold a significant revenue share of more than 36% by 2030, having dominated the global commercial refrigeration equipment market in 2022. The developed U.S. retail market is largely responsible for the considerable rise. Numerous top producers of industrial refrigeration equipment such as Excellence Industries, Illinois Tool Works Inc., Lennox International Inc., True Manufacturing Co., Standex International Corporation are well represented in the region. Additionally, the early use of smart equipment in commercial kitchens is helping the local economy grow.
Due to rising product demand caused by improving economic conditions, stable employment rates, increasing gross disposable income, and rising spending on leisure activities like travelling and eating out, the Asia-Pacific is predicted to see a CAGR of over 6% by the end of 2028. Due to the widespread use of vaccine storage units among academic institutions and biopharmaceutical firms, China and India present a significant market potential. Moreover, the rise of the regional market is projected to be aided by the booming travel and tourist sectors in Malaysia, Indonesia, and Singapore.
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Commercial Refrigeration Equipment Market Driver
Rising investments in food and beverage industry to drive market growth
Adoption of advanced magnetic refrigeration technology to boost market growth
Adoption of advanced magnetic refrigeration technology to boost market growth
Commercial Refrigeration Equipment Market Restraint
Higher purchasing and maintenance costs and stringent regulations against the use of fluorocarbon refrigerants to hinder market growth
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The key participants in the commercial refrigerator equipment industry have been compelled to introduce new and improved product offerings in order to effectively meet consumer demand as a result of the rising usage of sustainable technology equipment. For instance, In January 2022, Carrier Commercial Refrigeration installed their PowerCO2OL refrigeration system in Spain's COVID-19 vaccine storage facility.
The leading players are also focusing on implementing various strategic initiatives to expand their position in the market, such as capacity expansion, partnerships, mergers, and acquisitions. For instance, Whirlpool Corporation announced in November 2021 that it would invest more than US $65 million over the following few years in its factory located in Ottawa, Ohio, in an effort to establish the facility as the Premium Refrigeration Factory. The company will enlarge its Ottawa facility as part of this strategic drive to support the production of high-end refrigeration goods.
Top Player's Company Profiles:
Commercial Refrigeration Equipment Market Recent Developments:
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our business information services team that collects, collates, co-relates, and analyses the data collected by means of primary exploratory research backed by the robust secondary desk research.
According to the global commercial refrigeration equipment market report analysis, due to the potential for significant energy savings and the implementation of strict regulations worldwide for phasing out ozone-depleting substances, such as hydrofluorocarbons (HFCs) and hydrochlorofluorocarbons, the commercial refrigeration equipment market is projected to shift toward natural refrigerant-based systems (HCFCs). The benefits NH3/CO2 cascade systems provide for food processing and low-temperature distribution facilities such as low operating costs, cheaper capital and regulatory expenses, ideal food quality (because they use less energy per tonne of refrigeration compared with other systems), are expected to steadily increase demand for these systems.
Report Metric | Details |
---|---|
Market size value in 2019 | USD 37.25 billion |
Market size value in 2031 | USD 53.23 billion |
Growth Rate | 5.1% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Commercial Refrigeration Equipment Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Commercial Refrigeration Equipment Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Commercial Refrigeration Equipment Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
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Report ID: SQMIG20D2180