Commercial Refrigeration Equipment Market: Remotely Operated Refrigerators Segment is Expected To Register A CAGR Of Close To 4% By 2030
Commercial Refrigeration Equipment Industry Overview
The global commercial refrigeration equipment market size was valued at USD 37.25 billion in 2021. It is expected to expand at a compound annual growth rate (CAGR) of 5.1% from 2022 to 2030. The rapid expansion of the hospitality and tourism sector and the growing preference for end-consumers for takeaway meals are expected to drive the market growth over the forecast period. In addition, increasing regulatory pressures resulting in the adoption of lower Global Warming Potential (GWP) refrigerants coupled with the ongoing technological breakthroughs will also provide positive growth prospects for the market.
A considerable rise in the international food trade has also instigated the demand for the refrigeration of frozen foods, processed foods, and seafood. The continual innovations and rapid improvements in technologies, including liquid-vapor compression and ammonia absorption systems, are driving the product demand further. Various leading manufacturers are focusing on R&D activities to enhance the design and temperature control of their products to gain a competitive edge in the industry. The increasing need to control and monitor the environment of a commercial kitchen is expected to provide ample growth opportunities to the industry participants over the foreseeable future.
Gather more insights about the market drivers, restrains and growth of the Global Commercial Refrigeration Equipment market
Products equipped with smart or automated refrigeration controls are gaining massive traction in the market. As per the Federal Energy Management Program, commercial refrigerators with ENERGY STAR certification consume 1.89 kWh energy per day on an average, while refrigerators with lesser efficiency consume the energy of around 4.44 kWh per day. The increasing demand for energy-efficient commercial refrigerators driven by the rising awareness about their environment-friendly and cost-effective nature is encouraging the market players to develop innovative designs.
The climate concerns related to high GWP refrigerants, such as global warming and ozone depletion, are urging the manufacturers to come up with alternatives. The rising demand for technologies that can address hazardous gas emissions has urged market participants to equip their products with advanced magnetic refrigeration systems. These systems also improve the energy efficiency of refrigeration equipment, thereby minimizing operational costs. As per the U.S. Department of Energy statistics, these systems are highly energy-efficient and can help in energy saving of up to 30%.
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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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:
Product Outlook (Revenue, USD Billion, 2018 - 2030)
- Transportation Refrigeration Equipment
- Refrigerators & Freezers
- Beverage Refrigeration
- Display Showcases
- Ice Merchandisers & Ice Vending Equipment
- Other Equipment
Application Outlook (Revenue, USD Billion, 2018 - 2030)
- Food Service
- Food & Beverage Retail
- Hypermarkets
- Supermarkets
- Convenience Store
- Specialty Food Store
- Others
- Food & Beverage Distribution
- Food & Beverage Production
- Others
System Type Outlook (Revenue, USD Billion, 2018 - 2030)
- Self-contained
- Remotely Operated
Capacity Outlook (Revenue, USD Billion, 2018 - 2030)
- Less than 50 cu. Ft
- 50 to 100 cu. Ft
- More than 100 cu. Ft
Regional Outlook (Revenue, USD Billion, 2018 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Market Share Insights
- January 2022: Carrier Commercial Refrigeration installed its PowerCO2OL refrigeration system at a COVID-19 vaccine storage warehouse in Spain.
- November 2021: Whirlpool Corporation announced to invest over USD 65 million over the next few years into its factory based in Ottawa, Ohio to position the plant as the Premium Refrigeration Factory in North America.
Key Companies profiled:
Some of the prominent players operating in the global commercial refrigeration equipment market are:
- AB Electrolux
- Ali Group S.r.l. a Socio Unico
- AHT Cooling Systems GmbH
- Carrier
- Daikin Industries, Ltd.
- Dover Corporation
- Hussmann Corporation
- Excellence Industries
- Hillphoenix, A Dover Company
- Illinois Tool Works Inc.
- Imbera
- Lennox International Inc.
- Metalfrio Solutions S.A.
- Minus Forty Technologies Corp.
- Ojeda Usa Inc.
- Panasonic Corporation
- Qingdao Hiron Commercial Cold Channel Co., Ltd.
- True Manufacturing Co., Inc.
- Victory Refrigeration
- Whirlpool Corporation
- Zero Zone, Inc.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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