Product ID: SQMIG20N2020
Global Commercial Refrigeration Market Size, Share, Growth Analysis, By Product(refrigerators & freezers, transportation refrigeration equipment), By Application(food service, food & beverage retail) - Industry Forecast 2024-2031
Report ID:
SQMIG20N2020 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
64 |
Figures:
75
Global Commercial Refrigeration Market Insights
Commercial Refrigeration Market size was valued at USD 29.43 Billion in 2021 and is poised to grow from USD 30.73 Billion in 2022 to USD 43.36 Billion by 2030, at a CAGR of 4.4% during the forecast period (2023-2030).
The global commercial refrigeration market is a thriving and essential industry that plays a critical role in preserving the freshness and quality of perishable goods across various sectors. From food and beverage to pharmaceuticals and healthcare, commercial refrigeration solutions are indispensable for maintaining safe storage conditions and ensuring efficient supply chains. The purpose of the market is to meet the growing demand for temperature-controlled storage and transport, especially as global trade and consumer preferences for fresh and frozen products continue to rise. With an ever-expanding global population and urbanization, the need for reliable and advanced refrigeration systems becomes paramount to reduce food waste, enhance food safety, and extend the shelf life of perishable products.
Drivers propelling the commercial refrigeration market include the escalating demand from the food and beverage industry, the growing number of supermarkets and hypermarkets, and increasing investments in the cold chain logistics to support the pharmaceutical and healthcare sectors. Moreover, stringent regulations concerning food safety and storage standards are compelling businesses to upgrade their refrigeration infrastructure, thereby stimulating market growth. While the market presents tremendous opportunities, it is not without its restraints. Energy consumption is a significant concern as traditional refrigeration systems can be power-intensive, leading to higher operational costs and environmental impact. Manufacturers are thus investing in sustainable and energy-efficient solutions to address these challenges and align with global sustainability initiatives.
Key trends shaping the commercial refrigeration market include the integration of IoT technology and smart sensors, which enable real-time monitoring and optimization of refrigeration systems, reducing energy consumption and minimizing maintenance costs. Additionally, the emergence of eco-friendly refrigerants, such as a hydrofluorocarbon (HFC)-free and natural refrigerants, reflects the industry's commitment to eco-conscious practices and sustainable growth. Amidst these trends, numerous opportunities arise for stakeholders in the commercial refrigeration market. The rapid growth of the e-commerce industry and the increasing need for cold chain logistics in pharmaceuticals open doors for innovative refrigeration solutions tailored to online retail and healthcare sectors. Furthermore, the rising demand for cold storage warehouses and walk-in freezers presents lucrative prospects for manufacturers and suppliers to cater to the expanding needs of the global supply chain.
US Commercial Refrigeration Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Commercial Refrigeration Market Report Snapshots
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