The global Commercial Refrigeration Equipment market size is expected to be worth around US$ 53.16 billion by 2030, according to a new report by Vision Research Reports.
The global Commercial Refrigeration Equipment market size was valued at US$ 43.53 billion in 2020 and is anticipated to grow at a CAGR of 10.2% during forecast period 2021 to 2030.
The increase in demand for items and the thriving hospitality and tourism industries are some of the factors driving the market growth. The growing environmental concerns related to the emission of harmful refrigerants such as Chlorofluorocarbons (CFC) and Hydro-chlorofluorocarbons (HCFC) have led to the implementation of regulations favoring the use of efficient alternatives in commercial refrigeration equipment globally. Under its Clean Air Act, the U.S. Environment Protection Agency (EPA) has mandated the regularized use of low Global Warming Potential (GWP) refrigerants in the equipment for the commercial sector. Such regulations are encouraging commercial refrigerator manufacturers to seek low energy consuming refrigerants to minimize the adverse effect of Greenhouse Gas (GHG) emissions. For instance, in 2020, Hiber, a brand of Ali Group S.r.l. a Socio Unico, added bidirectional IoT connectivity integrated refrigeration cabinets optimized with self-learning systems for reducing energy consumption when the equipment is not in use.
the COVID-19 catastrophe majorly disrupted the commercial foodservice industry and retail industries, adversely impacting the growth of the market for commercial refrigeration equipment. However, since December 2019, the research institutes and pharmaceutical companies have highly demanded and utilized vaccine storage refrigerators during their R&D processes to come up with a life-saving vaccine against the coronavirus.
The refrigerators and freezers segment accounted for the highest revenue share of nearly 35.0% in 2020 and is anticipated to retain its dominance over the forecast period. The thriving travel and tourism sector globally, which has encouraged the establishment of several food service joints, including restaurants, has contributed to the strong growth of the segment in recent years. The segment also covers blast chillers utilized for promptly freezing or cooling items at lower temperatures and stopping the growth of bacteria in the stored item. The widespread adoption of chillers by healthcare professionals globally, to store tissue samples of controlled tests, vaccines, and critical medicines, is also a key factor contributing to the market growth.
The self-contained segment accounted for over 85.0% of the commercial refrigeration equipment market in 2020. Easy and low-cost installation and low relocation and maintenance costs of the appliances are some of the key factors that contribute to the segment’s dominance in the market. According to the Environmental Protection Agency (EPA), in 2020, emissions from self-contained commercial refrigeration equipment accounted for nearly 26% of the total global HFC emissions. To abide by the stringent HFC emission norms, manufacturers are replacing R-404A refrigerant with R-448A refrigerant, reducing the GWP of the refrigeration equipment by up to 70%.
The 51 cu. Ft. to 100 cu. Ft. segment accounted for a revenue share of close to 50.0% of the overall market in 2020. The segment’s dominance can be attributed to the rising number of hypermarkets, specialty food stores, and supermarkets worldwide. Reach-in refrigerators are among the most rapidly deployed equipment in commercial spaces, with the most popular storage capacity being 50 cu. Ft to 75 cu. Ft. Manufacturers are offering several turn-key products that could fit well with the diverse requirements of customers.
The food and beverage distribution segment is likely to register the highest CAGR of over 15.0% from 2021 to 2030. Rapid developments in cold channel logistics and a rise in refrigerated transportation activities for shipping temperature-sensitive products to any part of the world have worked in the favor of the segment. Furthermore, the availability of cutting-edge temperature-controlled refrigerators for food trucks and other transport vehicles allows for the reliable distribution of fish, beverages, liquor, biopharmaceutical, and other perishable items to remote locations. The rising adoption of sectional refrigerated trailers by capital-intensive customers in the food & beverage distribution industry is likely to favor the growth of the segment over the forecast period.
The foodservice segment accounted for a revenue share of over 30.0% of the overall market in 2020. This can be attributed to the increasing penetration of Quick-Service Restaurants (QSRs) and food trucks in the global foodservice industry.
North America dominated the global market in 2020 and is anticipated to account for nearly 31.0% of the overall revenue share by 2030. This can be chiefly attributed to the well-established retail industry in the U.S. The strong growth of the regional market can also be attributed to the presence of several leading commercial refrigeration equipment manufacturers. The early adoption of smart equipment in commercial kitchens in the region is also expected to work well for the market over the forecast period.
|Market Size||US$ 53.16 billion by 2030|
CAGR of 10.2% From 2021 to 2030
|Forecast Period||2021 to 2030|
|Segments Covered||Product, System Type, Capacity, Application, Region|
|Companies Mentioned||AB Electrolux, Ali S.p.A, Carrier, DAIKIN Industries, Ltd., Dover Corporation|
DAIKIN Industries, Ltd.
Transportation Refrigeration Equipment
Refrigerators & Freezers
Ice Merchandisers & Ice Vending Equipment
System Type Outlook
Less than 50 cu. Ft.
51 cu. Ft. to 100 cu. Ft.
More than 100 cu. Ft.
Food & Beverage Retail
Specialty Food Store
Food & Beverage Distribution
Food & Beverage Production
Middle East & Africa
The Commercial Refrigeration Equipment market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Commercial Refrigeration Equipment market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Commercial Refrigeration Equipment market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Commercial Refrigeration Equipment market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Commercial Refrigeration Equipment market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Commercial Refrigeration Equipment capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Commercial Refrigeration Equipment by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Commercial Refrigeration Equipment market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Commercial Refrigeration Equipment market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Commercial Refrigeration Equipment market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Commercial Refrigeration Equipment industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Commercial Refrigeration Equipment market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Commercial Refrigeration Equipment market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Commercial Refrigeration Equipment market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Commercial Refrigeration Equipment market. These factors have benefited the growth of the global market for Commercial Refrigeration Equipment. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Commercial Refrigeration Equipment. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Commercial Refrigeration Equipment are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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