Commercial Refrigeration Equipment Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Commercial Refrigeration Equipment Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Commercial Refrigeration Equipment Market

The commercial refrigeration equipment market size become worth USD 50.42 billion in 2022 and is projected to develop from USD 52.86 billion in 2023 to USD 77.73 billion via 2030, showing a compound annual boom price (CAGR) of 6.Four% during the forecast duration from 2022 to 2030.

The COVID-19 pandemic to start with disrupted the demand for business refrigeration, impacting retail chains and squeezing margins for producers.However, the need to save medicines and a surge in frozen meals call for boosted the market, making industrial refrigeration important for pharmaceutical agencies and food supply chains.

Rising investments within the meals and beverage industry substantially drive marketplace boom. This area generates the highest annual sales globally, transforming uncooked farm commodities into purchaser merchandise through considerable retail networks.

Technological advancements, consisting of IoT and AI integration, are using market boom. The upward thrust in IoT programs and smart production has improved call for for wise commercial refrigeration. Key gamers are incorporating AI-primarily based answers for better connectivity and power performance. For example, Axiom Cloud, Inc. Acquired Turn Tide Technologies in August 2020 to expand AI-based totally software program for commercial refrigeration manage.

Comprehensive Analysis of Commercial Refrigeration Equipment Market

Segmentation in the Commercial Refrigeration Equipment market share runs the market beacuse it allows the companies to target precise customers with tailored offerings and solutions. The market is divided into types and applications. The types include refrigerators and freezers, transport refrigeration units, refrigerated display cases, ice machines, and other related equipment. The applications cover various sectors such as food and beverages, retail stores, hotels and restaurants, chemicals and pharmaceuticals, and more.

The Asia Pacific marketplace is predicted to grow drastically because of the growing demand for frozen food merchandise in India, China, South Korea, and Japan. Food manufacturing organizations in those nations are more and more producing frozen variations of local dishes, that's driving market growth.

Key players impact market size by investing in innovative systems, forming partnerships, and expanding product offerings. Through strategic acquisitions and collaborations, they enhance operations, scale sales, and broaden customer reach. The key players in the market include Carrier Corporation (U.S.), Viessmann (Germany), Daikin Europe Group (Belgium), Hillphoenix, A Dover Company (U.S.), Danfoss (Denmark), Johnson Controls (Ireland), Nor-Lake, Inc. (U.S.), The Middleby Corporation (U.S.), GEA Group Aktiengesellschaft (Germany), AHT Cooling Systems GmbH (Austria), Excellence Industries (U.S.), GE Appliances (U.S.), Welbilt (U.S.), Lennox International Inc. (U.S.), AB Electrolux (Sweden), Emerson Electric Co. (U.S.), Ali Group S.r.l. (Italy), Everidge, Inc. (U.S.), True Manufacturing Co., Inc. (U.S.), Minus Forty Technologies Corp. (Canada), Panasonic Corporation (Japan), Imbera (Mexico), Canadian Curtis Refrigeration Inc. (Canada), Illinois Tool Works Inc. (U.S.), Standex International Corporation (U.S.), and Whirlpool Corporation (U.S.).

Frigoblock, a main delivery refrigeration manufacturer and Thermo King logo, tested and began turning in electric-powered multi-temperature cars in February 2023. These sturdy, green automobiles are in high call for in the course of the arena.

Segmentation Table

Global Commercial Refrigeration Equipment Market Scope

Study Period 2019-2030

Base Year 2022

Estimated Year 2023

Forecast Period 2023-2030

Historical Period 2019-2021

Growth Rate CAGR of 6.4% from 2023 to 2030

Unit Value (USD Billion)

Segmentation By Type, By Application, By Region

By Type Refrigerator & Freezer

Transport Refrigeration

Refrigerated Display Cases

Ice Machines

Others (Vending Machines)

By Application Food & Beverage

Retail Stores

Hotels & Restaurants

Chemicals & Pharmaceuticals

Others (Hospitality)

By Region North America (By Type, By Application, By Country)

- U.S. (By Application)

- Canada (By Application)

Europe (By Type, By Application, By Country)

- U.K. (By Application)

- Germany (By Application)

- France (By Application)

- Italy (By Application)

- Russia (By Application)

- Rest of Europe

Asia Pacific (By Type, By Application, By Country)

- China (By Application)

- India (By Application)

- Japan (By Application)

- South Korea (By Application)

- ASEAN (By Application)

- Oceania (By Application)

- Southeast Asia (By Application)

- Rest of Asia Pacific

Middle East & Africa (By Type, By Application, By Country)

- South Africa (By Application)

- GCC (By Application)

- Rest of Middle East & Africa

Latin America (By Type, By Application, By Country)

- Brazil (By Application)

- Mexico (By Application)

- Rest of Latin America


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