The global commercial refrigeration equipment market is poised for substantial growth, with projections estimating its value will reach USD 57.81 billion by 2030. This growth represents a robust compound annual growth rate (CAGR) of 5.8% from 2022, when the market was valued at USD 41.42 billion. This expansion is being driven by increasing demand across various sectors, including restaurants, retail, and transportation.

Market Insights

Commercial refrigeration equipment encompasses a range of components such as compressors, condensers, evaporators, and expansion devices. These systems are crucial for maintaining the desired temperatures of food and beverages, particularly in environments where maintaining freshness is essential. The rising demand for ready-to-eat products, the expansion of restaurant chains, and the growth of organized retail formats like supermarkets and hypermarkets are key factors propelling market growth.

Technological advancements are also playing a significant role in this expansion. Innovations in refrigeration technology, including magnetic systems and green technologies, are enhancing energy efficiency and reducing operational costs. With the increased focus on environmental sustainability, these technologies are becoming increasingly popular. Additionally, the shift towards using ammonia as a refrigerant in commercial systems reflects a growing emphasis on eco-friendly practices.

Growth Drivers

Rising Demand for Magnetic Systems: The commercial refrigeration market is benefiting from the introduction of magnetic systems that use green technology. These systems offer high energy efficiency, require minimal maintenance, and are capable of reducing energy consumption by up to 30%, thus minimizing operational costs and environmental impact.

Increased Consumption of Meat and Dairy Products: The growing demand for meat, seafood, and dairy products, driven by changing lifestyles and busy schedules, is boosting the need for efficient refrigeration solutions. This trend is particularly evident in urban areas where the adoption of packaged and ready-to-eat food is on the rise.

Segmental Analysis

By Product Type: The transportation refrigeration segment is expected to dominate the market. This segment’s growth is driven by the need for efficient transportation of perishable goods such as fresh food and meat. Additionally, the increasing urbanization and growth of the food retail industry contribute to this segment’s expansion.

By Refrigerant Type: Fluorocarbons hold the largest market share among refrigerant types. These compounds, including CFC-12 and HCFC-22, are widely used due to their effectiveness in absorbing and trapping heat, making them suitable for medium-temperature applications like meat and dairy storage.

By Application: The hotel & restaurant segment is the leading application area for commercial refrigeration equipment. The demand for various refrigeration solutions, such as refrigerated vending machines and display cases, is increasing as the food and beverage industry continues to expand.

By Region: Asia Pacific is the fastest-growing region in the global commercial refrigeration equipment market. Increased disposable incomes, urbanization, and the growing manufacturing sector are driving the demand for commercial refrigeration in this region.

Competitive Landscape

Key players in the global commercial refrigeration equipment market include Dover Corp, Daikin Industries Ltd, Carrier Commercial Refrigeration, Inc., Johnson Controls, Inc., and Haier Group Corp. These companies are at the forefront of innovation, continually developing advanced refrigeration solutions to meet market demands.

Recent Developments

In January 2022, Carrier Commercial Refrigeration installed its PowerCO2OL system in Spain to support the storage of COVID-19 vaccines using environmentally friendly refrigerants. Additionally, Hussmann Corporation introduced Evolve Technologies in January 2024, focusing on technologies that use eco-friendly refrigerants.

Conclusion

The global commercial refrigeration equipment market is set for significant growth, driven by technological advancements, increased demand for ready-to-eat and packaged foods, and the rise in urbanization. Companies are investing in innovative and sustainable refrigeration solutions to meet the evolving needs of the market. https://www.shingetsuresearch.com/commercial-refrigeration-equipment-market/


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