Product ID: SQMIG20D2180
Global Commercial Refrigeration Equipment Market Size, Share, Growth Analysis, By Type(Refrigerator & Freezer, Transport Refrigeration), By Refrigerant Type(Fluorocarbons, Hydrocarbons), By System Type(Self-contained, Remotely Operated), By Application(Food & Beverage, Retail Stores) - Industry Forecast 2024-2031
Report ID:
SQMIG20D2180 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|
Tables:
120 |
Figures:
77
Global Commercial Refrigeration Equipment Market Dynamics
Commercial Refrigeration Equipment Market Driver
Rising investments in food and beverage industry to drive market growth
- Food and beverage sector generates the high annual revenue for the global GDP and ranking among the top industries across all regions. Through roughly 680,000 retail stores and food service outlets, the industry serves the clientele by converting the raw farm commodities produced by its over 2 million farms into consumer food products. This increases the rate of production and consumption as well as global sales of commercial refrigeration equipment.
- According to the research by Food and Agriculture Organization (FAO), sales in the food sector were USD 1.4 trillion in 2017, with the food and beverage sector alone accounting for US $164 billion in value added revenue. Additionally, the global usage of commercial refrigeration equipment has increased due to the rising demand for consumer and ready-to-eat food and beverage items.
Adoption of advanced magnetic refrigeration technology to boost market growth
- The recently developed magnetic refrigeration method relies on the magneto caloric effect, which causes a change in temperature when a reversible magnetic field is applied. A powerful magnetic field is applied to the refrigerant, aligning numerous magnetic dipoles and decreasing the equipment's internal temperature. This magnetic refrigeration technology can be integrated since it is affordable, environmentally friendly, robust, safe, and uses less energy overall, making it suitable for use in commercial refrigeration equipment all over the world.
Adoption of advanced magnetic refrigeration technology to boost market growth
- The recently developed magnetic refrigeration method relies on the magneto caloric effect, which causes a change in temperature when a reversible magnetic field is applied. A powerful magnetic field is applied to the refrigerant, aligning numerous magnetic dipoles and decreasing the equipment's internal temperature. This magnetic refrigeration technology can be integrated since it is affordable, environmentally friendly, robust, safe, and uses less energy overall, making it suitable for use in commercial refrigeration equipment all over the world.
Commercial Refrigeration Equipment Market Restraint
Higher purchasing and maintenance costs and stringent regulations against the use of fluorocarbon refrigerants to hinder market growth
- The high cost of purchasing the equipment is projected to impede the commercial refrigerant equipment market expansion. Because commercial refrigerators, freezers, and other appliances are made for big spaces and are utilised in commercial applications, the price of the equipment varies depending on size. Therefore, the cost of obtaining and maintaining such a massive equipment becomes a barrier. Another significant factor impeding the growth of the commercial refrigeration equipment market is the consumers' lack of knowledge regarding the effective use of such refrigeration equipment.
- With the continuous use of HCFCs in consumer appliances, it has a drastic effect on the atmosphere. As a result, governments in throughout the world are enacting legislation to restrict the use of fluorocarbon refrigerants. By limiting their consumption, they have urged to phase out the usage of HCFCs and HFCs. The Clean Air Act launched by the U.S. Environment Protection Agency mandates the regularized application of low Global Warming Potential (GWP) refrigerants in the commercial segment.
Global Commercial Refrigeration Equipment Market Report Snapshots
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