The global Commercial Refrigeration Equipment market size is expected to be worth US$ 53.16 billion by 2030, according to a new report by Vision Research Reports.
The global Commercial Refrigeration Equipment market size was valued at US$ 43.53 billion in 2020 and is anticipated to grow at a CAGR of 10.2% during forecast period 2021 to 2030.
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The increase in demand for items and the thriving hospitality and tourism industries are some of the factors driving the market growth. The growing environmental concerns related to the emission of harmful refrigerants such as Chlorofluorocarbons (CFC) and Hydro-chlorofluorocarbons (HCFC) have led to the implementation of regulations favoring the use of efficient alternatives in commercial refrigeration equipment globally. Under its Clean Air Act, the U.S. Environment Protection Agency (EPA) has mandated the regularized use of low Global Warming Potential (GWP) refrigerants in the equipment for the commercial sector. Such regulations are encouraging commercial refrigerator manufacturers to seek low energy consuming refrigerants to minimize the adverse effect of Greenhouse Gas (GHG) emissions. For instance, in 2020, Hiber, a brand of Ali Group S.r.l. a Socio Unico, added bidirectional IoT connectivity integrated refrigeration cabinets optimized with self-learning systems for reducing energy consumption when the equipment is not in use.
the COVID-19 catastrophe majorly disrupted the commercial foodservice industry and retail industries, adversely impacting the growth of the market for commercial refrigeration equipment. However, since December 2019, the research institutes and pharmaceutical companies have highly demanded and utilized vaccine storage refrigerators during their R&D processes to come up with a life-saving vaccine against the coronavirus.
|Market Size||US$ 53.16 billion by 2030|
|Growth Rate||CAGR of 10.2% From 2021 to 2030|
|Forecast Period||2021 to 2030|
|Segments Covered||Product, System Type, Capacity, Application, Region|
|Companies Mentioned||AB Electrolux, Ali S.p.A, Carrier, DAIKIN Industries, Ltd., Dover Corporation|
- AB Electrolux
- Ali S.p.A
- DAIKIN Industries, Ltd.
- Dover Corporation
- Product Outlook
- Transportation Refrigeration Equipment
- Refrigerators & Freezers
- Beverage Refrigeration
- Display Showcases
- Ice Merchandisers & Ice Vending Equipment
- Other Equipment
- System Type Outlook
- Remotely Operated
- Capacity Outlook
- Less than 50 cu. Ft.
- 51 cu. Ft. to 100 cu. Ft.
- More than 100 cu. Ft.
- Application Outlook
- Food Service
- Food & Beverage Retail
- Convenience Store
- Specialty Food Store
- Food & Beverage Distribution
- Food & Beverage Production
- Regional Outlook
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- North America
In this study, the years considered to estimate the market size of Commercial Refrigeration Equipment are as follows:
- History Year: 2017-2020
- Base Year: 2021
- Forecast Year 2021 to 2030
Reasons to Purchase this Report:
– Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
– Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
– Market value USD Million and volume Units Million data for each segment and sub-segment
– Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
– Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
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