Commercial Refrigeration Equipment Market by Application and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2022-2028
Global Commercial Refrigeration Equipment Market was valued at USD 32.23 billion in 2021 and is expected to reach USD 40.45 billion by the year 2028, at a CAGR of 3.3%.
Commercial Refrigeration is the process of eliminating excessive heat from a source of a material to control the temperature lower than its surrounding. Commercial refrigeration equipment is utilized for preserving food such as fruits, vegetables, meat, and other similar products by controlling a specific temperature to grow the shelf life of a product. Large separation of the market for refrigerators is anticipated to be registered shortly owing to the replacement of existing equipment through energy-efficient and sustainable technology equipment. Often some refrigeration equipment is specially developed to rapidly overcome the temperature of food from around 90°C to as low as 30°C, in a short time to remove the threat of bacterial growth. The demand for packaged food is expected to grow at a moderate rate globally during the forecast period. This is anticipated to increase the commercial refrigeration equipment market demand shortly. Additionally, an increase in food safety regulations is anticipated to improve the demand for commercial refrigeration equipment during the forecast period.
The latest research on the Global Commercial Refrigeration Equipment Market provides a comprehensive overview of the market for the years 2022 to 2028. It gives a comprehensive picture of the global Commercial Refrigeration Equipment industry, considering all significant industry trends, market dynamics, and competitive landscape. In addition, the analysis includes critical information on the Commercial Refrigeration Equipment Market status of the main market players, major trends, and future market development opportunities. These research papers are designed to help readers find information and make decisions that will help them grow their business. The study is written with a specific goal in mind: to give business insights and consultancy to help customers make smart business decisions and achieve long-term success in their particular market areas.
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• United Technologies Corporation
• Whirlpool Corporation
• Standex International Corporation
• Lennox International Inc.
• Daikin IndustriesLtd.
• AHT Cooling Systems GmbH
• Manitowoc Company Inc. • Panasonic Corporation
• Hoshizaki Corporation and other major players.
The global commercial refrigeration equipment market is expected to witness high growth in developing countries of Asia Pacific. Rapid urbanization along with diversification of supermarkets, hypermarkets, and food retail chains in developing countries is anticipated to boost the demand for commercial refrigeration equipment during the forecast period. Additionally, the market in the region is fueled by growth in the manufacturing sector and increase in spending on private & public infrastructure development.
• Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
• Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
• Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
• South America (Brazil, Argentina, Rest of SA)
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High demand for storage and transportation of COVID-19 vaccines and other medication was majorly driving demand for commercial freezers and commercial refrigerators. Commercial refrigeration equipment demand is expected to maintain a steady stance over the coming years and is expected to make a decent recovery in the post-pandemic era.
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The worldwide outbreak of the COVID-19 crisis led to the establishment of stringent containment measures, resulting in a temporary halt in the manufacturing and shipment of commercial refrigeration equipment. However, the pandemic created a strong demand for vaccine production and storage, which triggered the demand for cold storage solutions to support the mass immunization program against the coronavirus. The accelerating usage of vaccine storage units is likely to propel the demand for transportation refrigeration equipment in the subsequent years.
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