Commercial Refrigeration Equipment Market Overview
The commercial refrigeration equipment market is expected to grow at a Compound Annual Growth Rate ( CAGR ) of 5.77% over the forecast period (2021-2023). The global market value is anticipated to be worth from USD 32.41 Billion in 2022 to USD 50.78 Billion by 2030.
Commercial refrigeration equipment refers to refrigeration and freezing devices that are used in commercial stores like restaurants, convenience stores, supermarkets, etc. These refrigeration equipment are used to preserve and chill foods products and some other industrial goods too. Apart from commercial stores these refrigerators also find use in hospitals, pharmaceutical stores, and other businesses where refrigeration is required. Some of the common commercial refrigeration equipment types are reach-in refrigerators and freezers, walk-in refrigerators and freezers, undercounter refrigerators, refrigerated merchandisers, and bar refrigerators.
The growing food and beverage processing industry is driving the growth of the global commercial refrigeration equipment market. With an increase in disposable income of people, the demand for preserved and refrigerated foods has increased by several manifolds. Moreover, urbanization has also led to the growth of commercial stores having refrigeration units to fulfill the growing demand. The growing travel and tourism industry is also contributing towards the market growth by increasing the demand for freezers and chilled products.
Key Companies in the Commercial Refrigeration Equipment market includes
- Williams Refrigeration
- Rockwell Industries Limited
- Voltas, Inc.
- Kysor Warren
- A Dover Company
- The kelvin group
- Hussmann Corporation
- Enex Technologies
- AHT Cooling Systems GmbH
- United Technologies Corporation among others
Rising Demand from Food and Beverage Retail:
The food and beverage retail sector is a major consumer of commercial refrigeration equipment. Supermarkets, convenience stores, restaurants, and cafes require reliable refrigeration systems to store fresh and frozen food items for extended periods.
Manufacturers have been continuously improving commercial refrigeration equipment with advanced technologies such as energy-efficient compressors, smart temperature controls, and IoT integration. These innovations aim to enhance performance, reduce energy consumption, and ensure better product preservation.
Rise in Food Delivery Services:
The growth of food delivery services has increased the need for commercial refrigeration equipment at food preparation and storage facilities to maintain food safety during transportation and delivery.
Healthcare and Pharmaceutical Applications:
Hospitals, pharmacies, and pharmaceutical companies rely on commercial refrigeration equipment to store vaccines, medicines, and other temperature-sensitive medical products.
Rapid Urbanization and Changing Lifestyles:
Urbanization and changing lifestyles have increased the demand for convenience foods and frozen products, driving the need for efficient commercial refrigeration solutions.
The commercial refrigeration equipment market has experienced significant growth in emerging economies, particularly in Asia-Pacific and Latin America, due to increased urbanization, rising disposable incomes, and expanding retail sectors.
Segmentation, By Type
Display Cases, Walk-in Coolers/Reach-in Coolers and Beverage Refrigeration
Display cases will dominate the market demand over the forecast period due to rising demand from small and medium-scale convenience stores.
Segmentation, By Application
Supermarket, Hypermarket, and others
The supermarket segment accounts for most of the demand owing to their large-scale need and growing supermarket chains across the globe.
The key players of the industries are bringing different variants of the. products to suit the needs of different end-users. Moreover, considerable emphasis is also being given to developing eco-friendly refrigeration devices.
In January 2021, Arneg Deutschland, the leading German commercial refrigeration solution provider, acquired IKT ( Innovative KalteTechnik), the German specialist of refrigeration technology. This acquisition is set to expand the former’s refrigeration services.
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