Insights Into The Commercial Refrigeration Equipment Market’s Growth Opportunities Through 2023-2032 – Includes Commercial Refrigeration Equipment Market Trends
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The increasing demand for frozen & chilled products from consumers are expected to drive innovation in commercial refrigeration equipment manufacturing, thus driving the market during the forecast period.
The global commercial refrigeration equipment market is expected to grow from $59.18 billion in 2022 to $62.11 billion in 2023 at a compound annual growth rate (CAGR) of 4.9%. The global commercial refrigeration equipment market size is expected to grow to $73.95 billion in 2027 at a CAGR of 4.5%.
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Global Commercial Refrigeration Equipment Market Segments Include:
- By Product Type: Refrigerator & Freezer, Transportation Refrigeration, Refrigerated Display Cases, Beverage Refrigeration, Ice Cream Merchandiser, Refrigerated Vending Machine
- By Refrigerant Type: Fluorocarbons, Hydrocarbons, Inorganics
- By Application: Hotels & Restaurants, Supermarkets & Hypermarkets, Convenience Stores, Bakery
- By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global commercial refrigeration equipment market in 2021.
Major Market Players in the commercial refrigeration equipment market include Dover Corporation, Daikin Industries Ltd., Carrier Commercial Refrigeration Inc., Johnson Control Inc., Haier Group Corp.
Companies are concentrating on incorporating the latest technologies such as artificial intelligence, 5G, and machine learning into commercial refrigeration equipment for decreasing electrical consumption, improved preventive maintenance, and better customer experience. For instance, in August 2020, Axiom Cloud and Turn tide Technologies collaborated to stimulate AI technology in Commercial refrigeration. Axiom will license divisions of its IoT infrastructure to Turn tide to support Turn tide’s mission to reduce the 25% of global electricity consumption that is misused by legacy motors.
The Commercial Refrigeration Equipment Global Market Report 2023 provides a commercial refrigeration equipment market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The commercial refrigeration equipment market forecast analyzes commercial refrigeration equipment market size, commercial refrigeration equipment market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Commercial refrigeration equipment refers to tools used for cold storage in industrial settings.
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