IMARC Group, a leading market research company, has recently releases report titled “Commercial Refrigeration Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global commercial refrigeration market report, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global commercial refrigeration market size reached US$ 28.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 37.2 Billion by 2028, exhibiting a growth rate (CAGR) of 4.5% during 2023-2028.
How big is the market?
|Market Size in 2022||US$ 28.1 Billion|
|Market Forecast in 2028||US$ 37.2 Billion|
|Growth rate (2023 to 2028)||4.5%|
|Base Year of the Analysis||2022|
What are Commercial Refrigeration?
Commercial refrigeration represents the cold storage equipment used for removing and cooling heat from several products. It usually consists of a condenser, compressor, fan, etc., that help in maintaining humidity, temperature, and airflow, thus preventing spoilage. Commercial refrigeration enhances shelf life, ensures safe storage, maximizes freshness, reduces wastage, saves space, etc. It is extensively utilized to store bulk products, display perishable goods, preserve food and beverages, protect inventories, transport frozen and processed food items, etc. Consequently, commercial refrigeration finds wide-ranging applications across pharmacies, hospitals, supermarkets, hotels, restaurants, grocery and convenience stores, etc.
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What are the growth prospects and trends in the Commercial Refrigeration Industry:
The escalating demand for frozen and chilled food products, owing to the inflating levels of urbanization, is primarily driving the commercial refrigeration market. Additionally, the widespread adoption of the equipment to transport, preserve, and store bulk quantities of frozen food items, such as poultry, ice cream, bread, sausages, pizza, meat, seafood, ready-to-eat (RTE) meals, etc., is further catalyzing the market growth. Besides this, the rising integration of the Internet of Things (IoT) and refrigerant tracking technology to monitor performance, schedule maintenance, access consumption data, and reduce costs is acting as another significant growth-inducing factor. Moreover, the increasing utilization of sustainable and energy-efficient natural refrigeration solutions, including trans critical CO2 systems, that offer optimal performance and reliability is positively influencing the global market. Apart from this, the inflating need for commercial refrigeration in the healthcare industry to preserve and transport vaccines and blood bags is also propelling the market growth. Furthermore, the launch of favorable policies by government bodies to improve food safety and minimize wastage is expected to fuel the commercial refrigeration market over the forecasted period.
Who are the key players operating in the industry?
- AB Electrolux
- Ali Group S.r.l.
- Baltimore Aircoil Company Inc.
- Bitzer SE
- Carrier Corporation
- Daikin Industries Ltd.
- Danfoss A/S
- Dover Corporation,
- Emerson Electric Company
- Haier Inc.
- Johnson Controls
- Panasonic Corporation.
The report has been segmented the market into following categories:
Breakup by Product Type:
- Chest Refrigeration
- Deep Freezers
- Bottle Coolers
- Storage Water Coolers
- Commercial Kitchen Refrigeration
- Medical Refrigeration
Breakup by End User:
- Full Service Restaurant, Quick Service restaurant & Hotels
- Food Processing Industry
- Retail Pharmacies
- Convenience Stores
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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