Commercial Refrigeration Equipment Market Regional Dynamics And Insights Into Consumer Demand

Posted on 2024-09-10 by researchinsights in Internet & Online // 0 Comments

Commercial Refrigeration Equipment Market Size & Trends

The global commercial refrigeration equipment market size was valued at USD 40.82 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 5.2% from 2023 to 2030. The rapid expansion of the hospitality and tourism sector and the growing preference among end-consumers for takeaway meals are expected to drive market growth over the forecast period. In addition, increasing regulatory implications resulting in the adoption of lower global warming potential (GWP) commercial refrigerants coupled with ongoing technological breakthroughs will also provide growth prospects for the market.

A considerable rise in the international food trade has also boosted the demand for commercial refrigeration systems for frozen foods, processed foods, and seafood required for to storage and transportation. 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 for the refrigeration industry over the forecast period.

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

Products equipped with automated or smart 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 energy of around 4.44 kWh per day. The increasing demand for energy-efficient commercial refrigeration units driven by the rising awareness about their environment-friendly and cost-effective nature is encouraging the market players to develop innovative designs.

Climate concerns related to high GWP refrigerants, such as global warming and ozone depletion, are urging manufacturers to produce 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 report based on the product, application, system type, refrigerant, capacity, distribution channel, and region

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