Commercial refrigeration equipment assists in keeping food products fresh for longer durations and also helps in maintaining accurate temperatures during storage and transportation. They find widespread applications in supermarkets, grocery stores, restaurants, cafes, hotels, and other foodservice establishments for storing and displaying chilled or frozen food items. Growing food & beverage industry around the world has significantly driven the demand for commercial refrigeration equipment for storing fruits, vegetables, dairy products, meat, seafood, beverages and other perishables.
The global Commercial Refrigeration Equipment Market is estimated to be valued at US$ 53.38 Bn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing food and beverage industry worldwide has been a key driving factor for the commercial refrigeration equipment market. Rapid urbanization, rising disposable incomes and changing eating patterns of consumers have significantly boosted the food service industry globally. According to the UN, the global urban population is projected to increase by 56% from current levels to reach nearly 70% of the total population by 2050. This has augmented the need for more food processing, preservation, and storage facilities, thereby fueling adoption of commercial refrigeration equipment such as walk-in coolers and freezers. Moreover, growing popularity of ready-to-eat meals, frozen foods and on-the-go food consumption has also created robust demand for advanced commercial refrigeration equipment across various foodservice establishments.
SWOT Analysis
Strength: Commercial refrigeration equipment offers efficient and effective cooling solutions for businesses. It helps prevent food spoilage and retains the freshness of perishable items.
Weakness: High initial investment and maintenance costs associated with commercial refrigeration equipment. Frequent repairs and upgrades needed due to heavy usage.
Opportunity: Growing organized retail and food & beverage sectors globally is pushing the demand for commercial refrigeration. Investments in supermarkets, hypermarkets, restaurants are opportunities.
Threats: Stringent government regulations around energy efficiency standards increase compliance costs. Shift towards natural refrigerants poses transition challenges for manufacturers.
Key Takeaways
The global commercial refrigeration equipment market is expected to witness high growth. The global Commercial Refrigeration Equipment Market is estimated to be valued at US$ 53.38 Bn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030.
Regional analysis related content comprises the Asia Pacific region currently dominates the market and is expected to continue its dominance over the forecast period. Rapid urbanization, rising disposable incomes, and growing retail sector in countries like China and India will drive the demand for commercial refrigeration equipment in the region.
Key players related content comprises Key players operating in the commercial refrigeration equipment market are Daikin Industries Ltd., Hussmann Corporation, Dover Corporation, AHT Cooling Systems GmbH, Illinois Tool Works Inc, Panasonic, Johnson Controls, Metalfrio Solutions SA, Blue Star Limited, and Haier Inc.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.