Pune, Sept. 20, 2024 (GLOBE NEWSWIRE) -- Commercial Refrigeration Equipment Market Growth Analysis:
“According to SNS Insider Research, The Commercial Refrigeration Equipment Market size was valued at US$ 39.88 billion in 2023 and is projected to reach US$ 65 billion by 2032, growing at a CAGR of 5.58% over the forecast period from 2024 to 2032.”
Rising Demand for Energy-Efficient Solutions Fuels Growth in the Commercial Refrigeration Equipment Market
The Commercial Refrigeration Equipment Market is witnessing steady growth due to rising demand in the food and beverage industry, as well as in retail and hospitality sectors. This demand is largely driven by the need for efficient cooling solutions to preserve perishable items, particularly in developing countries with expanding food stores. The global food trade's growth also supports this market, as robust refrigeration systems are essential for storing and delivering frozen foods, processed foods, and seafood. Innovations in technologies like liquid-vapor compression and ammonia absorption are enhancing product offerings and boosting customer interest.
Manufacturers are focusing on R&D to improve temperature control and design to meet the increasing demand for monitoring and regulating commercial kitchen environments. The popularity of automated control systems in smart refrigeration units is rising, with ENERGY STAR-certified models consuming significantly less energy compared to traditional systems. For instance, energy-efficient commercial refrigerators use an average of 1.89 kWh per day, contrasted with 4.44 kWh for less efficient models, reflecting a strong market trend toward energy-saving solutions. A critical trend in the market is the growing concern over high-GWP refrigerants and their environmental impact. Manufacturers are developing environmentally friendly alternatives, such as advanced magnetic cooling systems, which can potentially enhance energy efficiency by up to 30%. This focus on sustainability and energy efficiency is expected to further drive market growth.
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Major Players Analysis Listed in this Report are:
- AHT Cooling Systems GmbH: (Plug-in refrigerators, refrigerated and freezer display cabinets)
- Ali Group S.r.l. a Socio Unico: (Ice makers, blast chillers, refrigerated counters)
- Carrier: (Refrigeration display cases, cold rooms, food retail refrigeration systems)
- Daikin Industries Ltd: (Packaged refrigeration units, refrigeration condensing units)
- Dover Corporation: (Refrigeration display cases, walk-in coolers, freezers)
- Electrolux AB: (Commercial refrigerators, upright refrigerators, chest freezers)
- Hussmann Corporation: (Multi-deck merchandisers, vertical freezers, refrigerated display cases)
- Illinois Tool Works Inc.: (Walk-in refrigerators, refrigerated prep tables, beverage refrigeration systems)
- Johnson Control: (Smart refrigeration systems, cooling units, industrial refrigeration solutions)
- Lennox International Inc.: (Refrigerated air handlers, cooling equipment, walk-in coolers)
- Panasonic Corporation: (Showcase refrigerators, refrigerated counters, ice makers)
- Whirlpool Corporation: (Commercial chest freezers, upright freezers, refrigerators)
- Danfoss A/S: (Refrigeration compressors, electronic expansion valves, condensers)
- True Manufacturing Co., Inc.: (Commercial refrigerators, beverage coolers, under-counter refrigeration)
- United Technologies Corporation: (Retail refrigeration solutions, cold storage systems)
- The Manitowoc Company, Inc.: (Ice machines, walk-in freezers, refrigerated beverage dispensers)
- Blue Star Limited: (Deep freezers, cold rooms, water coolers)
- GE Appliances, a Haier company: (Commercial coolers, refrigerated display cases, ice machines)
- Frigoglass SAIC: (Bottle coolers, upright freezers, ice-cold merchandisers)
- Standex International Corporation: (Refrigerated merchandising solutions, foodservice refrigeration, blast chillers)
Commercial Refrigeration Equipment Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 39.88 Billion |
| Market Size by 2032 | US$ 65 Billion |
| CAGR | CAGR of 5.58 % From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
Market Segmentation Analysis: Refrigerators and Freezers Segment Leads with Over 24.08% Market Share in 2023
By Product Type: The refrigerators and freezers segment accounted for over 24.08% of the market share in 2023, largely due to the expansion of the travel and tourism sector, leading to the establishment of numerous dining restaurants and eateries. This segment also includes blast chillers, crucial for rapidly freezing or cooling food products to prevent bacterial growth. Their usage is expanding in healthcare to preserve tissue samples, vaccines, and critical medicines.
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Commercial Refrigeration Equipment Market Key Segmentation:
By Product Type
- Refrigerator & Freezer
- Transportation Refrigeration
- Refrigerated Display Cases
- Beverage Refrigeration
- Ice Cream Merchandiser
- Refrigerated Vending Machine
By Refrigerant Type
- Fluorocarbons
- Hydrocarbons
- Inorganics
By Application
- Hotels & Restaurants
- Supermarkets & Hypermarkets
- Convenience Stores
- Bakeries
Regional Analysis: North America's Dominance and Asia Pacific's Rapid Growth in the Commercial Refrigeration Equipment Market
North America dominated the market with over 34.8% share in 2023, bolstered by a well-established retail sector and the presence of major grocery chains like Walmart, Costco, and Kroger. The region benefits from a significant number of leading commercial refrigeration equipment manufacturers and early adoption of smart equipment in commercial kitchens.
Asia Pacific is projected to grow at a CAGR of over 6.4% from 2024 to 2032, fuelled by rising product demand due to better economic conditions, stable employment rates, and increasing disposable income. The region's thriving travel and tourism sector, particularly in Malaysia, Indonesia, and Singapore, significantly contributes to this segment's growth.
Recent Developments
In January 2023: Daikin Industries, Ltd. invested in Atomis Co., Ltd., a company originating from Kyoto University. Atomis is involved in the development of innovative functional materials using "metal-organic frameworks (MOFs)." This investment from Daikin is aimed at developing next-generation refrigerants and equipment that are environmentally friendly.
In February 2023: Carrier launched a Carbon Air Purifier with UV in their Healthy Homes portfolio. This product delivers air purification to help in the reduction of unwanted odor, volatile organic compounds, and common household gases from indoor air.
In March 2023: Carrier launched the Transicold EverFRESH active controlled atmosphere system for refrigerated containers. This software development helped transporters to carry a wide range of perishable goods, including high value products.
In September 2023: Carrier partnered with Relayr, Inc., an industrial Internet of Things (IIoT) technology company, an innovative Refrigeration-as-a-Service (RaaS) offering for customers. This collaboration will help food retailers avoid the upfront investment required for refrigeration equipment and infrastructure.
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Key Takeaways
- The report provides a comprehensive overview of the Commercial Refrigeration Equipment Market, helping companies understand key drivers and industry trends.
- Recent developments and market size data offer a clear assessment of the market landscape, including overall market data, segment data, and growth projections.
- The analysis highlights technological innovations and emerging trends crucial for gaining a competitive advantage in the market.
- The report supports the evaluation of global transport infrastructure related to commercial refrigeration and its alignment with market trends.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
5.1 Manufacturing Output, by Region, (2020-2023)
5.2 Utilization Rates, by Region, (2020-2023)
5.3 Maintenance and Downtime Metrix
5.4 Technological Adoption Rates, by Region
5.6 Export/Import Data, by Region (2023)
6. Competitive Landscape
7. Commercial Refrigeration Equipment Market Segmentation, By Product Type
8. Commercial Refrigeration Equipment Market Segmentation, By Refrigerant Type
9. Commercial Refrigeration Equipment Market Segmentation, By Application
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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