Commercial Refrigeration Equipment Market to Reach USD 61.59 Billion by 2031 Driven by Rising Demand for Sustainable and Efficient Solutions

The Commercial Refrigeration Equipment Market value was USD 39.88 Billion in 2023, is projected to reach USD 61.59 billion by 2031, with the CAGR of 5.58% according to a report by SNS Insider. The increasing demand for sustainable and energy-efficient refrigeration solutions helps to Drives the Market.

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Some of  Major Key Players:

• AHT Cooling Systems GmbH
• Ali Group S.r.l. a Socio Unico
• Carrier
• Daikin Industries Ltd
• Dover Corporation
• Electrolux AB
• Hussmann Corporation
• Illinois Tool Works Inc.
• Johnson Control
• Lennox International Inc.
• Panasonic Corporation
• Whirlpool Corporation

Growing Demand Across Industries Fuels Market Expansion

The growing application of commercial refrigeration equipment across various sectors, including food & beverage, retail stores, hotels & restaurants, chemicals & pharmaceuticals, and vending machines. The increasing popularity of takeaway meals and the rapid expansion of the hospitality and tourism sector are creating a substantial demand for efficient refrigeration solutions. The increasing disposable income and a growing preference for frozen and ready-to-eat meals are driving the market forward. Stringent regulations phasing out ozone-depleting substances such as hydrofluorocarbons (HFCs) are further helps to growing the adoption of natural refrigerant-based systems and technologies with lower Global Warming Potential (GWP).

Recent Developments Ushering in a New Era of Innovation

Carrier partnered with Relayr in September 2023 to offer a groundbreaking Refrigeration-as-a-Service (RaaS) program. This eliminates the upfront cost burden for food retailers, allowing them to pay for refrigeration performance as they use it.

In March 2023, Carrier launched the Transicold EverFRESH system. This software-powered solution for refrigerated containers empowers transporters to maintain optimal conditions for a wider variety of perishable goods, including high-value items.

February 2023 saw the addition of a Carbon Air Purifier with UV technology to Carrier’s Healthy Homes portfolio. This air purifier tackles unwanted odors, volatile organic compounds, and common household gases, promoting a healthier indoor environment.

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Segment Analysis:

By system type, self-contained systems dominate the market due to their ease of installation, low maintenance costs, and portability. However, stringent regulations are pushing manufacturers to adopt eco-friendlier refrigerants like R-448A with lower GWP. Remotely operated refrigerators are expected to witness significant growth due to their space-saving advantages and quiet operation, particularly in restaurants.

• Self-contained
• Remotely Operated

By End user, the Supermarkets and hypermarkets hold the largest share in the end-user segment due to the vast quantities of perishable food items they store. the retail pharmacies segment is projected to witness the fastest growth due to the increasing demand for temperature-controlled storage of pharmaceuticals.

• Full-Service Restaurant & Hotels
• Food Processing Industry
• Hospitals
• Retail Pharmacies
• Supermarket/Hypermarket
• Convenience Stores
• Quick Service Restaurants
• Others

By Product Type

• Deep Freezers
• Bottle Coolers
• Storage Water Coolers
• Commercial Kitchen Refrigeration
• Medical Refrigeration
• Chest Refrigeration
• Others

Impact of Global Disruptions:

The Russia-Ukraine war and the potential for a global economic slowdown pose challenges to the market’s growth trajectory. The war disrupts supply chains and increases raw material prices, impacting production costs. An economic slowdown could lead to decreased consumer spending, impacting demand for refrigeration equipment in restaurants and retail stores. For instance, a decrease in travel and dining out due to economic constraints could affect the hospitality sector’s reliance on commercial refrigeration.

Regional analysis

North America Region currently holds the largest market share of more than 30%, due to its well-established retail infrastructure and strong presence of leading manufacturers. The Asia Pacific Region is expected to witness the fastest growth due to its improving economic conditions, rising disposable income, and flourishing tourism industry. Countries such as Malaysia, Indonesia, and Singapore are witnessing significant investments in hospitality and retail, driving the demand for commercial refrigeration equipment.

Key Takeaways for the Commercial Refrigeration Equipment Market Study

The market is transitioning towards sustainable and energy-efficient solutions driven by regulations and consumer demand.

Rising demand across various industries and technological advancements will fuel market growth.

Self-contained systems and supermarkets/hypermarkets dominate their respective segments, but other segments are poised for significant growth.

Asia Pacific presents a lucrative market opportunity due to its economic growth and expanding hospitality sector.

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