Commercial Refrigeration Equipment Market Size was valued at USD 39.88 Bn in 2023 and is expected to reach USD 61.59 Bn by 2031 and grow at a CAGR of 5.58 % over the forecast period 2024-2031.
The quick extension of the travel industry and hospitality and the developing inclination of end-clients to focal point dinners are supposed to arise as the essential development factors for the market over the gauge time frame. Besides, factors, for example, administrative tensions, shift to bring down Global Warming Potential (GWP) refrigerants, innovative forward leaps, and the capacity to take special care of the steadily changing shopper ways of behaving are additionally expected to set out promising development open doors for the market. Commercial refrigeration alludes to the interaction that includes eliminating the abundance of heat from a source of a material for keeping up with the temperature lower than its encompassing. The equipment utilized in the process are used for safeguarding food like natural products, vegetables, and meat, among others by keeping a particular temperature.
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MARKET DYNAMICS:
KEY DRIVERS:
The increasing growth of food and beverage processing industry in emerging nations is probably going to enhance the commercial refrigeration equipment piece of the pie over the conjecture time frame.
Extra factors adding to the commercial refrigeration equipment industry development incorporate the extension of the hospitality sector
Fast urbanization in developing nations and rising expectations for everyday comforts are energizing the interest for processed and packaged food, consequently prompting higher commercial refrigeration equipment demand.
RESTRAINTS:
The significant expense of the establishment of commercial refrigeration might go about as a market limitation.
High cost of maintenance is also a limiting factor for growth.
Rising regulations on certain refrigerants to minimize the damage to the ozone layer.
CHALLENGES:
Saving the virtue of ammonia is fundamental to guarantee the appropriate working of refrigeration frameworks. The expense of purifying normal refrigerants is high, and the interaction is very complex. Along these lines, there are very few organizations that produce refrigerant grade ammonia.
Few nations overall are forcing guidelines to restrict the utilization of fluorocarbon refrigerants because fluorocarbon refrigerants adversely affect the ozone layer that is major challenge for key players in upcoming days.
OPPORTUNITY:
The pattern to embrace eco-friendly refrigerants is developing inside the business refrigeration equipment market that is probably going to offer vigorous chances to showcase players in the impending days.
A few government organizations and R&D organizations are centered around working on the coefficient of execution, productivity, lifetime, and all out-possession cost of commercial refrigeration systems.
IMPACT OF COVID-19:
The COVID-19 pandemic has projected its spell on pretty much every industry, with the commercial refrigeration equipment market being no special case. The decay is primarily because of the emergency, which has brought about prohibitive control measures including remote working, conclusion of businesses along with other business exercises causing functional difficulties and social separating. Truth be told, the total inventory network has confronted an interruption, hence affecting the worldwide commercial refrigeration equipment market size adversely.
MARKET ESTIMATION:
In view of product type, the chest refrigeration section is supposed to keep up with its dominance in the worldwide market during the figure time frame. In any case, medical refrigeration is expected to get forward momentum soon, attributable to the increment popular for commercial refrigeration in clinics and different other medical offices, particularly in the arising nations. The business refrigeration and clinical refrigeration sections by and large represented roughly one-fourth of the complete worldwide business refrigeration portion of the overall industry in 2021.
In case of end-user, the supermarket/hypermarket portion represented the greatest offer in the worldwide commercial refrigeration market in 2023 and is supposed to stay predominant during the estimated time frame. Notwithstanding, the retail drug stores portion is supposed to encounter quick development from 2024 to 2021.
The self-contained represented more than 86.11% of the commercial refrigeration equipment market in 2023. Simple and minimal expense establishment and low movement and upkeep expenses of the machines are a portion of the key factors that add to the fragment's strength on the lookout. Then again, small refrigerators are overall progressively liked by cafés with restricted kitchen space to limit the intensity created by refrigeration apparatuses. Remotely worked coolers additionally offset independent fridges with negligible reverberating commotion, as the blower unit is introduced external the café kitchen.
By Product Type
Deep Freezers
Bottle Coolers
Storage Water Coolers
Commercial Kitchen Refrigeration
Medical Refrigeration
Chest Refrigeration
Others
By End User
Full-Service Restaurant & Hotels
Food Processing Industry
Hospitals
Retail Pharmacies
Supermarket/Hypermarket
Quick Service Restaurants
Others
By System type
Self-contained
Remotely Operated
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REGIONAL ANALYSIS:
North America overwhelmed the worldwide market in 2023 and is expected to grow substantially of the general income share by 2031. This can be mainly credited to the deeply grounded retail industry in the U.S. The solid development of the regional market can likewise be credited to the presence of a few commercial refrigeration equipment manufacturers. The early reception of savvy hardware in business kitchens in the locale is likewise expected to function admirably for the market over the conjectured time frame.
The Asia Pacific is probably going to observe huge development over the gauge time frame, primarily attributable to elements, for example, solid job rates, working on monetary circumstances, rising gross discretionary cash flow, and expanded consumption of relaxation exercises, for example, voyaging and eating out. Creating economies, for example, in India and China give potential learning experiences to showcase development attributable to the rising arrangement of antibody stockpiling units by biopharmaceutical organizations and exploration establishments. Besides, the flourishing travel and the travel industry in the district, particularly in nations like Malaysia, Singapore, and Indonesia, is supposed to drive the development of the provincial market.
REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
The Major Players are AHT Cooling Systems GmbH, Ali Group S.r.l. a Socio Unico, Carrier, Daikin Industries Ltd, Dover Corporation, Electrolux AB, Hussmann Corporation, Illinois Tool Works Inc., Johnson Control, Lennox International Inc., Panasonic Corporation, Whirlpool Corporation and Other Players
Panasonic Corporation-Company Financial Analysis
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 39.88 Billion |
| Market Size by 2031 | US$ 61.59 Billion |
| CAGR | CAGR of 5.58 % From 2024 to 2031 |
| Base Year | 2022 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • by Product Type (Deep Freezers, Bottle Coolers, Storage Water Coolers, Commercial Kitchen Refrigeration, Medical Refrigeration, Chest Refrigeration, Others) • by End User (Full Service Restaurant & Hotels, Food Processing, Industry, Hospitals, Retail Pharmacies, Supermarket/Hypermarket, Convenience Stores, Quick Service Restaurants, Others By System type (Self-contained and Remotely Operated) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | ab electrolux, daikin industries ltd., dover corporation, frigoglass s.a.i.c., haier electronics group co., ltd.,illinois tool works inc., johnson controls international plc, panasonic corporation, united technologies corporation, ali group s.r.l. |
| Key Drivers | •Extra factors adding to the commercial refrigeration equipment industry development incorporate the extension of the hospitality sector |
| RESTRAINTS | •High cost of maintenance is also a limiting factor for growth. •Rising regulations on certain refrigerants to minimize the damage to the ozone layer. |
Ans: The Commercial Refrigeration Equipment Market is to grow at a CAGR of 5.58% Over the Forecast Period 2024-2031.
Ans: The base year calculated in the Commercial Refrigeration Equipment Market report is 2022.
Ans: Williams Refrigeration, EPTA, Rockwell Industries Limited (India), Voltas, Inc., Kysor Warren, A Dover Company, Hillphoenix, Hussmann Corporation, AHT Cooling Systems GmbH, and United Technologies Corporation
Ans: High Installation Cost and Scarcely any filtration organizations are the restrains/challenges faced by the Commercial Refrigeration Equipment market.
Ans: The Commercial Refrigeration Equipment Market size is projected to reach USD 61.59 Bn by 2031.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Commercial Refrigeration Equipment Market Segmentation, by motor type
8.1Deep Freezers
8.2Bottle Coolers
8.3Storage Water Coolers
8.4Commercial Kitchen Refrigeration
8.5Medical Refrigeration
8.6Chest Refrigeration
8.7Others
9. Commercial Refrigeration Equipment market, by material removal tools
9.1Full Service Restaurant & Hotels
9.2Food Processing Industry
9.3Hospitals
9.4Retail Pharmacies
9.5Supermarket/Hypermarket
9.6Convenience Stores
9.7Quick Service Restaurants
9.8Others
10. Commercial Refrigeration Equipment Market, by tools
10.1Self-contained
10.2Remotely Operated
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 USA
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 France
11.3.4 Italy
11.3.5 Spain
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4 Asia-Pacific
11.4.1 Japan
11.4.2 South Korea
11.4.3 China
11.4.4 India
11.4.5 Australia
11.4.6 Rest of Asia-Pacific
11.5T he Middle East & Africa
11.5.1 Israel
11.5.2 UAE
11.5.3 South Africa
11.5.4 Rest
11.6 Latin America
11.6.1 Brazil
11.6.2 Argentina
11.6.3 Rest of Latin America
12. Company Profiles
12.1 AHT Cooling Systems GmbH
12.1.1 Financial
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.1 Ali Group S.r.l. a Socio Unico
12.3 Carrier
12.4 Daikin Industries Ltd
12.5 Dover Corporation
12.6 Electrolux AB
12.7 Hussmann Corporation
12.8 Illinois Tool Works Inc.
12.9 Johnson Control
12.10 Lennox International Inc.
12.11 Panasonic Corporation
12.12 Whirlpool Corporation
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share Analysis
13.3 Recent Developments
14. Conclusion
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