Commercial Refrigeration Market Size, Share, Growth Rate, Report 2023-2028
The latest research study “Commercial Refrigeration Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” by IMARC Group, finds that the global commercial refrigeration market size reached US$ 28.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 37.2 Billion by 2028, exhibiting a growth rate (CAGR) of 4.5% during 2023-2028.
Commercial refrigeration represents the cold storage equipment used for cooling and removing heat from various products. It is utilized to preserve food and beverages, store bulk items, display perishable goods, protect inventories, transport frozen and processed food, etc. Commercial refrigeration consists of a compressor, condenser, and fan that aid in maintaining temperature, humidity, and airflow, thus preventing spoilage. It ensures safe storage, enhances shelf life, maximizes freshness, reduces wastage, saves space, etc. As a result, commercial refrigeration finds extensive applications across hotels, restaurants, pharmacies, hospitals, supermarkets, grocery and convenience stores, etc.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Commercial Refrigeration Market Trends and Drivers:
The escalating demand for chilled and frozen food products, owing to the growing levels of urbanization, is primarily augmenting the commercial refrigeration market. Furthermore, the increasing utilization of equipment to preserve, transport, and store bulk quantities of meat, seafood, poultry, ice cream, bread, sausages, pizza, etc., is positively influencing the global market. Besides this, the widespread adoption of commercial refrigeration in the international import and export of packaged and processed meals is acting as another significant growth-inducing factor. Moreover, the rising integration of refrigerant tracking technology and the Internet of Things (IoT) to monitor performance, schedule maintenance, reduce costs, access consumption data, etc., is further bolstering the market growth. Apart from this, the introduction of energy-efficient and sustainable natural refrigeration technologies, such as trans critical CO2 systems that offer optimal performance and reliability, is also catalyzing the global market. Additionally, the launch of various favorable initiatives by government bodies to increase food safety and reduce wastage is expected to fuel the commercial refrigeration market in the coming years.
Commercial Refrigeration Market Report Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
AB Electrolux, Ali Group S.r.l., Baltimore Aircoil Company Inc., Bitzer SE, Carrier Corporation, Daikin Industries Ltd., Danfoss A/S, Dover Corporation, Emerson Electric Company, Haier Inc., Johnson Controls, Panasonic Corporation.
The report has been segmented the market into following categories:
Breakup by Product Type:
- Chest Refrigeration
- Deep Freezers
- Bottle Coolers
- Storage Water Coolers
- Commercial Kitchen Refrigeration
- Medical Refrigeration
Breakup by End User:
- Full Service Restaurant, Quick Service restaurant & Hotels
- Food Processing Industry
- Retail Pharmacies
- Convenience Stores
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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