How The Market For Commercial Refrigeration Equipment Market Is Projected To Grow Significantly By 2028?

 Commercial Refrigeration Equipment Industry Overview

The global commercial refrigeration equipment market size was valued at USD 33.53 billion in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 4.2% from 2021 to 2028.

The rapid expansion of the tourism and hospitality sector and the growing preference of end-customers to takeaway meals are expected to emerge as the primary growth factors for the market over the forecast period. Furthermore, factors such as regulatory pressures, shift to lower Global Warming Potential (GWP) refrigerants, technological breakthroughs, and the ability to cater to the ever-changing consumer behaviors are also anticipated to create promising growth opportunities for the market.

 

Gather more insights about the market drivers, restrains and growth of the Global Commercial Refrigeration Equipment Market

 

A notable increase in international food trade has also triggered the demand for the refrigeration of frozen foods, seafood, and processed foods. With continual innovations, the market has witnessed rapid improvements in technologies such as ammonia absorption systems and liquid-vapor compression. Moreover, the demand for refrigeration equipment has also significantly increased across foodservice industries. To stand out amid competitors, leading manufacturers are emphasizing continual R&D to improve the design and temperature control of their products, among other developments. The need to effectively control and monitor the environment of a commercial kitchen is anticipated to offer lucrative opportunities to key industry participants in the near future.

Products offering smart or automated refrigeration controls are finding increased demand in the market. According to the Federal Energy Management Program (FEMP), ENERGY STAR-certified commercial refrigerators consume an average of 1.89 kWh energy per day while lesser efficient refrigerators and freezers consume nearly 4.44 kWh energy per day. The rising demand for energy-efficient commercial refrigerators, thanks to the increased awareness about their cost-effective and environment-friendly nature, is encouraging manufacturers to focus on innovative designs. For instance, in 2018, Heatcraft Refrigeration, a provider of commercial refrigeration equipment, introduced the intelliGen Refrigeration Controller. This controller supervises commercial refrigeration equipment by delivering automatic superheat adjustment and temperature control, reducing the overall cost of operation through improved system efficiency.

Environmental issues related to high GWP refrigerants, including global warming and ozone depletion, are compelling commercial refrigeration equipment manufacturers to seek alternatives. The rising demand for advancements in technologies that can help reduce hazardous gas emissions has led to the market participants increasingly equipping their products with modern and magnetic refrigeration systems. Apart from this, these systems improve the energy efficiency of refrigeration equipment, bringing down the cost of operation. According to the U.S. Department of Energy, these systems are highly energy-efficient and lead to up to 30% energy savings. Such multi-attributes offered by magnetic refrigeration systems are driving the demand for cutting-edge green technologies over conventional cooling systems.

The rapid rise in coronavirus cases globally has compelled the imposition of stringent containment measures, resulting in the slowdown of manufacturing units and reduction in shipments of commercial refrigeration equipment. During these unprecedented times, vaccine storage and handling have, however, become an integral part of the cold storage supply channel to contribute to the effective mass immunization program against COVID-19. The rapidly accelerating utilization of vaccine storage units is expected to drive the market growth for transportation refrigeration equipment in the years to come. The increasing pressure for rolling out a large number of vaccines on a global scale is expected to attract higher investments in the cold storage supply chains, contributing to the demand for commercial refrigeration equipment.

 

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Commercial Refrigeration Equipment Market Segmentation

Grand View Research has segmented the global commercial refrigeration equipment market based on product, application, system type, capacity, and region:

• Commercial Refrigeration Equipment Product Outlook (Revenue, USD Billion, 2016 - 2028)
  • Transportation Refrigeration Equipment
  • Refrigerators & Freezers
  • Beverage Refrigeration
  • Display Showcases
  • Ice Merchandisers & Ice Vending Equipment
  • Other Equipment

 

• Commercial Refrigeration Equipment Application Outlook (Revenue, USD Billion, 2016 - 2028)
  • Food Service
  • Food & Beverage Retail
    • Hypermarkets
    • Supermarkets
    • Convenience Store
    • Specialty Food Store
    • Others
  • Food & Beverage Distribution
  • Food & Beverage Production
  • Others

 

• Commercial Refrigeration Equipment System Type Outlook (Revenue, USD Billion, 2016 - 2028)
  • Self-contained
  • Remotely Operated

 

• Commercial Refrigeration Equipment Capacity Outlook (Revenue, USD Billion, 2016 - 2028)
  • Less than 50 cu. Ft
  • 50 to 100 cu. Ft
  • More than 100 cu. Ft

 

• Commercial Refrigeration Equipment Regional Outlook (Revenue, USD Billion, 2016 - 2028)
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • MEA

 

Market Share Insights

• In 2020: Hiber, a brand of Ali Group S.r.l. a Socio Unico, added bidirectional IoT connectivity integrated refrigeration cabinets optimized with self-learning systems for reducing energy consumption when the equipment is not in use.
• In 2019: Daikin Industries, Ltd. acquired AHT GROUP GmbH, one of the leading commercial refrigeration manufacturers in Germany. This acquisition helped the company to expand its business presence in the European region.

 

Key Companies profiled:

Some prominent players in the Commercial Refrigeration Equipment market include

• AB Electrolux
• Ali S.p.A.
• Carrier
• DAIKIN Industries, Ltd.
• Dover Corporation

 

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