COMMERCIAL REFRIGERATION EQUIPMENT MARKET: Summary
The Global Commercial Refrigeration Equipment Market is expected to escalate over USD 50 billion by 2027 at a CAGR of 5.0% in the forecast period.
Refrigeration is the process used to preserve the perishable good at a lower temperature range by inhibiting the microbial growth leading to product damage. Refrigeration is essential across the residential, commercial and industrial applications. In commercial spaces such as retail outlets, supermarkets, restaurants, hotels, and healthcare facilities refrigerant equipment is used to preserve the food and beverages along with degradable components such as blood, blood derivatives, protein extracts and many more.
COMMERCIAL REFRIGERATION EQUIPMENT MARKET: Drivers & CHALLENGES
- Rising Preference Towards Processed Food Products
The global demand for food is increasing along with ongoing advancement and innovation in the food processing technique. With growing economic activity, increase in disposable income and evolving lifestyles especially in the urban area. Moreover, shifting consumer preference to ready to cook products, processed meat, dairy, and frozen foodstuffs owing to busier work-life is driving more attention towards the food preservation through refrigeration equipment. Rise in the small scale food processing especially in the Asia-Pacific region with accessibility to the raw materials, is driving the demand for commercial refrigeration equipment.
Expansion of the food business across the retail channel through higher adoption of processed and ready to eat products is driving the demand for commercial refrigeration. Increasing foreign direct investment along with favorable economic policies and attractive fiscal incentives in the developing and emerging nations is expanding the presence of organized as well as unorganized retail chains that are driving the demand for commercial refrigeration equipment. Rise in the export of the food products, an outcome of ongoing globalization is increasing the demand for transportation.
- Strict Regulation to Phase Out Use of Refrigerant with Global Warming Potential (GWP)
Some of the prominently used refrigerants such as Chlorofluorocarbon and hydrochlorofluorocarbons are among the key contributors to global warming and greenhouse emissions leading to environmental degradation. However, with time stringent emission regulation are introduced and imposed for reducing or to ban the use of such hazardous chemicals from the refrigeration application. To drag this further, increasing favorable support to undertaking the initiative to phase out the hazardous conventional refrigerant posing higher ability to preserve perishable goods with higher global warming population potential by end of the year 2030 for improving environmental health. Due to the aforementioned factor to phase out efficient yet environmentally unsafe refrigerant is projected to hinder the market growth.
Commercial refrigeration equipment market: Key segments
- By type, the market is segmented into: Chillers, Freezers and Refrigerators, Beverage Cooler, Ice Machines and Others
- By application, the market is segmented into: Transport Refrigeration, Food Storage and Medical Facility
- By geography, the market is segmented into: North America, South America, Europe, Asia-Pacific, Middle East & Africa and South America, with individual country-level analysis.
Commercial refrigeration equipment MARKET: Report SCOPE
The report on the commercial refrigeration equipment market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
Historical/Estimated/Forecasted Market Size Years
Base Year for Market Calculation
2020-2027 (2020 estimated year, forecasted up to 2027)
Value (USD Million) Volume (Units)
Type and Application
North America, Asia-Pacific, Europe, Middle East & Africa, South Africa
KEY Companies Covered
- Carrier Corporation/UTC (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
- Emerson Electric Co.
- Johnson Controls
- GEA Group Aktiengesellschaft
- DAIKIN INDUSTRIES, Ltd.
- Hussmann Corporation
- Dover Corporation
- Viessmann Manufacturing Company Inc.
- ITW FOOD EQUIPMENT GROUP
- Other Key Companies
Commercial refrigeration equipment MARKET: report segmentation
For the scope of the report, In-depth segmentation is offered by Forencis Research
Commercial Refrigeration Equipment Market, by Type
- Freezers and Refrigerators
- Reach-in Refrigerator and Display cases
- Chest Freezers and Refrigerator
- Walk-in Refrigerator
- Beverage Cooler
- Ice Machines
Commercial Refrigeration Equipment Market, by Application
- Transport Refrigeration
- Food Storage
- Super and Hypermarkets
- Convenience Stores
- Commercial Kitchens
- Medical Facility
Commercial Refrigeration Equipment Market, by Region
- North America
- South Korea
- Rest of Asia-Pacific
- Rest of Europe
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
- South America
- Rest of South America
Key Questions answered by the report
- What are the prominent developments affecting the market worldwide and its growth?
- What will be the impact of the developments in the market on the industry and on the market players in the future?
- What are the evolving variations of the market globally?
- What are the evolving functions of the market globally?
- What are the prominent aspects that will affect market growth globally during the study period?
- Who are the key players operating in the market across the globe?
- How are the key players leveraging in the present market scenario worldwide?
- Commercial Refrigeration Equipment Market Providers
- Commercial Refrigeration Equipment Market Solution and Services Suppliers, Distributors and Dealers
- End-Users of Varied Segments of Commercial Refrigeration Equipment Market
- Government Bodies and Intellectual Institutions
- Associations and Industrial Organizations
- Research & Consulting Service Providers
- Research & Development Organizations
- Investment Banks & Private Equity Firms
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE COMMERCIAL REFRIGERATION EQUIPMENT MARKET STUDY