Report Id: SNS/EQIP/1135 | May 2022 | Region: Global | 135 Pages
Report Scope & Overview:
The Commercial refrigeration equipment Market Size was valued at USD 36.18 Bn in 2022 and is expected to reach USD 52.65 Bn by 2030, and grow at a CAGR of 4.8% over the forecast period 2023-2030.
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.
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.
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.
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.
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.
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 2021 and is supposed to stay predominant during the estimated time frame. Notwithstanding, the retail drug stores portion is supposed to encounter quick development from 2022 to 2028.
The self-contained represented more than 86.11% of the commercial refrigeration equipment market in 2021. 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.
MARKET KEY SEGMENTATION:
By Product Type:
Storage Water Coolers
Commercial Kitchen Refrigeration
By End User:
Full-Service Restaurant & Hotels
Food Processing Industry
Quick Service Restaurants
By System type:
The rising organization of reasonable innovation equipment has constrained central participants to zero in on business techniques like coordinated efforts, consolidations, and acquisitions that might fortify their business presence. Moreover, other key makers are zeroing in on gaining driving players or specialty item producers trying to extend their geological base and product offerings.And these key players are 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.
North America overwhelmed the worldwide market in 2021 and is expected to grow substantially of the general income share by 2028. 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.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
|Market Size in 2022||US$ 36.18 Billion|
|Market Size by 2030||US$ 52.65 Billion|
|CAGR||CAGR of 4.8% From 2023 to 2030|
|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.
Frequently Asked Questions (FAQ) :
Ans: Manufacturers, Research Institutes, university libraries, suppliers, and distributors of the product.
Ans: The base year calculated in the Commercial Refrigeration Equipment Market report is 2021.
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 Global Commercial Refrigeration Equipment Market is supposed to arrive at USD 53.8 billion by 2028, and develop at a CAGR of 5.54% over the forecast period 2022-2028.
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.2 Impact on major economies
126.96.36.199 United Kingdom
188.8.131.52 South Korea
184.108.40.206 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Commercial Refrigeration Equipment Market Segmentation, by product type
8.3Storage Water Coolers
8.4Commercial Kitchen Refrigeration
9. Commercial Refrigeration Equipment market, by end user
9.1Full Service Restaurant & Hotels
9.2Food Processing Industry
9.7Quick Service Restaurants
10. Commercial Refrigeration Equipment Market, by system type
11. Regional Analysis
11.2 North America
11.3.7Rest of Europe
11.4.6Rest of Asia-Pacific
11.5The Middle East & Africa
11.6.3Rest of Latin America
12. Company Profiles
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 daikin industries ltd.
12.3 dover corporation
12.4 frigoglass s.a.i.c
12.5 haier electronics group co, ltd.
12.6 illinois tool works inc.
12. 7johnson controls international plc
12.8 panasonic corporation
12.9 united technologies corporation
12.10ali group s.r.l.
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share analysis
13.3 Recent Developments
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