Commercial Refrigeration System Market Snapshot (2022 to 2032)
The commercial refrigeration system market is projected to grow to US$ 79,711.2 Million in 2032. The demand for advanced and compact refrigeration systems is rising with increasing funding for the development of cold chain infrastructure in developing countries and growing demand for frozen foods across the globe. These are the factors that are contributing to the growth of the commercial refrigeration system market.
According to FMI, the global commercial refrigeration system market is anticipated to develop at a CAGR of 4.8% from US$ 49,915.7 Million in 2022 to 2032.
Attributes
Details
Market Size (2021)
US$ 47,964.3 Million
Market Size 2022E
US$ 49,915.7 Million
Market Size 2032
US$ 79,711.2 Million
Value CAGR (2022 to 2032)
4.8%
Removing surplus heat from space and transferring it to the environment is the process of refrigeration. Commercial refrigeration systems are used to protect different types of perishable products from rotting and keep them fresh for a longer period of time. In these systems, the temperature is kept substantially lower than that of their surroundings. Grocery businesses, hypermarkets, convenience stores, and specialty food stores use refrigeration systems along with the food service sector which includes cafeterias and restaurants also uses commercial refrigeration systems. A major development in the market for commercial refrigeration systems worldwide is the customization of refrigeration systems in response to customer demand. The market for commercial refrigeration systems is expanding rapidly due to the expansion of food retail chains, especially in tier II and tier I cities in developing areas.
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Historic Market Outlook for Global Commercial Refrigeration System Market
In the analysis of the market demand for commercial refrigeration systems from 2017 to 2021, a historical growth rate of less than 3.9% CAGR was discovered. Initial COVID-19-related recessionary downturns, including lower commercial refrigeration system sales, store closings, and brief pauses in the industrial cycle, briefly hampered growth expectations.
However, industrial production activity resumed in various countries when infection curves started to flatten beginning in 2022. The growth rate is projected to be 4.8% during the forecast period according to FMI's global commercial refrigeration system market demand prediction.
What are the Various Factors Driving the Commercial Refrigeration System Market?
Globally, the number of retail stores has significantly increased during the past ten years. In order to take advantage of the rising purchasing power of consumers, major businesses in the retail industry are increasing their presence in emerging markets throughout the Asia Pacific, particularly in India and China. Additionally, to meet the high consumer demand for frozen food and chilled goods, food service operators are increasing their capital expenditure on refrigeration equipment. Additionally, the expansion of licensed and franchised locations for quick-service eateries like McDonald's and Subway has increased demand for refrigeration systems. More than US$ 800 billion worth of food and beverages were thrown away globally, according to the Food and Agricultural Organization of the United Nations (FAO). Various governmental and non-governmental organizations around the world provide rebates to refrigeration systems and equipment manufacturers for incorporating energy-efficient and environmentally friendly manufacturing techniques.
Energy Star is a voluntary program run by the Environmental Protection Agency (EPA) and the Department of Energy (DOE) in the USA. It offers rebates to businesses and individuals and promotes environmental protection by establishing strict energy efficiency standards for refrigeration equipment. Canada, Australia, Japan, and New Zealand all have a strong acceptance of these standards.
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Which Factors May Hinder the Global Commercial Refrigeration System Market Growth?
Commercial refrigerator replacement rates are declining, and life expectancy is estimated to be seven or more years, which is good news for customers and end users; however, the manufacturing or supply side, including equipment and component manufacturers, may encounter difficulties due to a decline in production rate on an annual basis. Additionally, strict government regulations regarding the use of natural refrigerants over fluorocarbons may also pose problems.
In order to replace fluorochemical-based refrigerants with natural refrigerants like CO2 and hydrocarbons, the EU has published the f-gas rule.
What is Regional Analysis of Global Commercial Refrigeration System Market Share?
Six geographical regions make up the market: Europe, the Middle East, Africa, South Asia, East Asia, and Latin America. The USA of America and China are the two largest consumers of commercial refrigeration systems in the world, together accounting for 34% of the market in 2021. The USA dominates the global market share.
Due to the simple fact that raw materials are readily available and since there are substantial initiatives scheduled to enhance infrastructure spending, the North American region is the most attractive market for commercial refrigeration system companies. Together, the USA and Canada make up the major North American countries, accounting for a sizeable 27% of the global market for commercial refrigeration systems.
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Market Competition
Top market players in the Global Commercial Refrigeration System Market include Illinois Tool Works Inc., Frigoglass SAIC, Dover Corporation, Arneg S.p.A, Daikin Industries, Ltd., Blue Star Limited, Panasonic Corporation, Standex International Corporation Electrolux ABGEA Group AG Hoshizaki Corporation, Whirlpool Corporation, Innovative DisplayWorks, Structural Concepts Corporation, Zhongshan Aochi Refrigeration Equipment Co., Ltd, Fukushima Galilei Co. Ltd, Lotte Engineering & Machinery Mfg. Co.
The global market for Commercial Refrigeration systems is extremely fragmented due to the presence of various manufacturing companies. Market leaders retain their dominance by making Research and Development investments, implementing cutting-edge technology into their products, and offering customers superior products. Other tactics are also employed, including partnerships, mergers, contracts, and strategic alliances.
A few key players control the majority of the market share in the fiercely competitive Global Market for Commercial Refrigeration systems. In- Commercial Refrigeration System development is heavily funded by the vast majority of companies operating in the Commercial Refrigeration System Market, frequently in order to create new and enhanced goods. The primary methods adopted by the leading rivals in the Global Commercial Refrigeration System Market are product expansion and mergers and acquisitions.
They also engage in mergers and acquisitions and collaborations while obtaining regulatory permissions.
• In February 2022, Toshiba Carrier Corporation, a partnership between Carrier and Toshiba that specializes in variable refrigerant flow and light commercial HVAC, and Carrier Corporation signed a contract that will allow Carrier to acquire Toshiba Corporation's ownership stake.
• Hillphoenix, a division of Dover Food Retail and Dover, announced the addition of a CO2OneTM single-condensing unit to its broad array of environmentally friendly, all-natural products in February 2022. In terms of creating ecologically friendly refrigeration systems, Hillphoenix is a pioneer.
• The Daikin Industries, Ltd. committed patents, which cover particular HVAC-R equipment using the non-blended, single-component refrigerant HFC-32, were increased by 123 new patents in July 2021. (R-32). 300 patents can currently be utilized without the owner's consent or a formal agreement.
Scope of the Report
Attribute
Details
Growth Rate
CAGR of 4.8% from 2022 to 2032
Base Year for Estimation
2022
Historical Data
2017 to 2021
Forecast Period
2022 to 2032
Quantitative Units
Revenue in USD Million, Volume in Units, and CAGR from 2022 to 2032
Report Coverage
Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis
Key Segments Profiled in the Global Commercial Refrigeration System Market Report Global Commercial Refrigeration System Market
By Type, Global Commercial Refrigeration System Market is segmented as:
Beverage Refrigerator
Drinking Fountain
Soda Fountain
Beer Dispensing Equipment
Beverage Coolers
Freezers & Refrigerators
Freezer & Chillers
Blast Chiller/Stock Freezers
Contact Freezers
Refrigerators
Walk-in-Refrigerators
Reach-in Refrigerators
Transportation Refrigerators
Trailers
Trucks
Shipping Containers
Glass Door Merchandisers
Hinged Door
Sliding Door
Display Cases
Ice Cream Cabinets
Bakery/Deli Display
Beverage Dispensers
Refrigerated Vending Machine
Ice Machine
Ice Cream Machine
By Application, Global Commercial Refrigeration System Market is segmented as:
Food Services
Food & Beverage Retail
Food & Beverage Production
Food & Beverage Distribution
By Operation, Global Commercial Refrigeration System Market is segmented as:
Plug-In
Remote
By Region, Global Commercial Refrigeration System Market is segmented as:
North America
Latin America
Europe
East Asia
South Asia Pacific
Middle East & Africa
Frequently Asked Questions
What was the value of the Global Commercial Refrigeration System Market in 2021?
In 2021, the value of the Global Commercial Refrigeration System Market reached over US$ 47,964.3 Million.
At what rate is the Global Commercial Refrigeration System Market projected to expand during the forecast period?
During the forecast period, the Commercial Refrigeration System Markets estimated to expand at a CAGR of 4.8% during 2022 to 2032.
By 2032, what will the value of the Commercial Refrigeration System Market?
The Global Commercial Refrigeration System Market is projected to reach US$ 79,711.2 Million by the end of 2032.
Which region/country is set to lead the Commercial Refrigeration System Market?
The USA is projected to lead the Global Commercial Refrigeration System Market in the forecast period.
Which are the top players in the Commercial Refrigeration System Market?
The key players operating in the Global Commercial Refrigeration System Market are Carrier Corporation, Hussman Corporation, Whirpool Corporation, Hoshizaki Corporation, Daikin Industries, Ltd. Illinois Tool Works Inc., and Dover Corporation.
