Global Commercial Refrigeration Market Insights Forecasts to 2032
- The Global Commercial Refrigeration Market Size was valued at USD 35.1 Billion in 2022.
- The Market Size is Growing at a CAGR of 5.5% from 2022 to 2032
- The Worldwide Commercial Refrigeration Market Size is expected to reach USD 59.9 Billion by 2032
- Asia Pacific is expected to Grow the fastest during the forecast period
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The Global Commercial Refrigeration Market size is anticipated to exceed USD 59.9 Billion by 2032, Growing at a CAGR of 5.5% from 2022 to 2032. With the rapid expansion of convenience stores, supermarkets, and hypermarkets, especially in emerging economies, the demand for commercial refrigeration equipment is projected to continue its upward trajectory.
The global commercial refrigeration market has witnessed remarkable growth and transformation in recent years. This vital industry, driven by evolving consumer preferences and stringent regulatory standards, is poised for continued expansion and innovation. One of the primary factors fueling the growth of the commercial refrigeration market is the burgeoning food and beverage industry. As consumer demand for fresh and processed foods rises, businesses are investing in advanced refrigeration solutions to ensure product quality and safety. Additionally, the pharmaceutical and healthcare sectors are increasingly relying on refrigeration to store vaccines, medicines, and other temperature-sensitive products, further propelling market growth. Environmental sustainability is a key concern in the commercial refrigeration sector. As a result, manufacturers are increasingly developing eco-friendly refrigeration systems that utilize natural refrigerants with lower global warming potential. These initiatives align with global efforts to combat climate change and reduce greenhouse gas emissions.
This research report categorizes the market for the global commercial refrigeration market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the commercial refrigeration market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the commercial refrigeration market.
Global Commercial Refrigeration Market Report Coverage
|Market Size in 2022:||USD 35.1 Billion|
|Forecast Period 2022-2032 CAGR:||5.5%|
|2032 Value Projection:||USD 59.9 Billion|
|Historical Data for:||2018-2021|
|No. of Pages:||200|
|Tables, Charts & Figures:||100|
|Segments covered:||By Refrigerant Type, By Application, By End Use and COVID-19 Impact Analysis|
|Companies Covered:||Daikin, Johnson Controls, Carrier, Dover, Baltimore Aircoil Company, Blue Star Limited, De Rigo Refrigeration, Fogel, Hussmann, Imbera, KMW, Mayekawa Mfg. Co., Ltd., Runte, SCM Frigo, and Others|
|Pitfalls & Challenges:||COVID-19 Empact, Challenges, Future, Growth, & Analysis|
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The rising global population and changing consumer preferences for fresh and convenient foods have led to a substantial increase in the demand for commercial refrigeration systems. Restaurants, supermarkets, and food service providers require efficient refrigeration to store perishable items and meet consumer expectations for quality and safety. Governments worldwide have imposed stringent regulations to ensure food safety and hygiene. Commercial refrigeration systems must comply with these standards, driving businesses to invest in technologically advanced refrigeration solutions that maintain precise temperature control and food integrity. The expansion of supermarkets, hypermarkets, and convenience stores, particularly in emerging economies, is a significant driver of the commercial refrigeration market. These retailers require refrigeration systems to store and display a wide range of products, including fresh produce, dairy, and frozen foods. The global cold chain logistics sector, vital for the transportation and storage of temperature-sensitive goods, continues to expand. This growth is driven by the globalization of the food supply chain, international trade, and e-commerce, all of which rely on efficient refrigeration solutions.
Commercial refrigeration is a notable contributor to energy consumption in various industries. Meeting energy efficiency standards and reducing carbon emissions can be demanding and costly. The transition to environmentally friendly refrigerants may also require substantial investments.
The Global Commercial Refrigeration Market share is classified into refrigerant type and application.
- The Fluorocarbons segment accounted for a significant share of the global commercial refrigeration market in 2022.
The global commercial refrigeration market is categorized by refrigerant type into Fluorocarbons, Hydrocarbons, and Inorganics. Among these, the Fluorocarbons segment accounted for a significant share of the global commercial refrigeration market in 2022. Fluorocarbons are synthetic refrigerants that include hydrochlorofluorocarbons (HCFCs) and hydrofluorocarbons (HFCs). They have been widely used in commercial refrigeration due to their excellent thermodynamic properties and low toxicity. Fluorocarbons offer good energy efficiency, thermal stability, and compatibility with existing systems. They have been used in a variety of commercial refrigeration applications, including supermarkets and convenience stores.
- The Food Service segment accounted for the largest share of the global commercial refrigeration market in 2022.
Based on the application, the global commercial refrigeration market is divided into Food Service, Food & Beverage Production, Food & Beverage Retail. Among these, the Food Service segment accounted for the largest share of the global commercial refrigeration market in 2022. The food service segment includes restaurants, cafes, hotels, and catering businesses. These establishments require refrigeration equipment for storing ingredients, prepared foods, and beverages. The food service segment accounts for a significant portion of the commercial refrigeration market, especially in urban areas with a thriving restaurant and hospitality industry.
Regional Segment Analysis of the Global Commercial Refrigeration Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
North America is anticipated to hold a significant share of the Global Commercial Refrigeration Market over the predicted timeframe.
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North America is projected to hold a significant share of the global commercial refrigeration market over the predicted years. North America encompasses the United States, Canada, and Mexico. It is a mature market with a strong presence of food retail chains, restaurants, and food processing industries. In North America, the Food & Beverage Retail segment holds the largest share of the commercial refrigeration market. The presence of numerous supermarkets, convenience stores, and grocery chains drives the demand for various refrigeration equipment.
Asia Pacific is expected to grow at the fastest pace in the global commercial refrigeration market during the forecast period. Asia-Pacific covers a vast and diverse region, including countries like China, India, Japan, and Southeast Asian nations. This region experiences rapid urbanization and a growing middle class with changing consumption patterns. In the Asia-Pacific region, the Food & Beverage Retail segment is a major player, driven by the expansion of supermarkets, convenience stores, and hypermarkets. Additionally, the Food Service segment is growing rapidly due to increasing urbanization and dining out trends.
The report offers the appropriate analysis of the key organizations/companies involved within the global commercial refrigeration along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
List of Key Companies
- Johnson Controls
- Baltimore Aircoil Company
- Blue Star Limited
- De Rigo Refrigeration
- Mayekawa Mfg. Co., Ltd.
- SCM Frigo
Key Target Audience
- Market Players
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
- In July 2023, Advansor, a Dover Company, has introduced two new CO2 climate solutions for supermarkets that save energy and space: Low Superheat and Value Pack Light. With an ultra-compact profile, these systems can save up to 30% more energy than older systems.
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Commercial Refrigeration Market based on the below-mentioned segments:
Global Commercial Refrigeration Market, By Refrigerant Type
Global Commercial Refrigeration Market, By Application
- Food Service
- Food & Beverage Production
- Food & Beverage Retail
Global Commercial Refrigeration Market, By End Use
- Supermarkets & Hypermarkets
- Hotels & Restaurants
Global Commercial Refrigeration Market, By Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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