Commercial Refrigeration Market Global Opportunity Analysis and Industry Forecast, 2020 – 2030

Posted May 28, 2021 by paulmathew

The Global commercial refrigeration market held USD 29.32 billion in 2020 and is expected to grow at a CAGR of 4.0% from 2020-2030.
The Global commercial refrigeration market held USD 29.32 billion in 2020 and is expected to grow at a CAGR of 4.0% from 2020-2030. Growing demand for ready meals, bakery products, and processed food items increases demand for commercial equipment refrigeration industry. In addition, in an effort to reduce carbon footprints, the manufacturers are focused on developing commercial refrigeration equipment which consumes less energy. In addition, the U.S. Department of Energy and Environmental Protection Agency has implemented new rules and guidelines for industrial cooling with an emphasis on energy conservation and reducing its environmental effects. Hence, businesses are investing in the production of new refrigeration system with advanced technology to comply with the new regulations.

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Some of the manufacturers of commercial refrigeration industry are also redesigning the goods to meet new requirements. Furthermore, manufacturers of commercial refrigeration industry are sourcing new products and seeking new safety certifications to provide a sustainable product. There is an increase in commercial refrigeration market trends because of the supermarkets which are most energy-intensive retail businesses, with much of their electric charge on the refrigeration network searching for industrial refrigeration equipment that will help them save a lot on electricity usage. With advancements in technology, businesses are moving towards implementing sensor-equipped smart refrigeration system increasing the commercial refrigeration market share.

Owing to the evolving commercial refrigeration market trends in food consumption, the advent of supermarkets and fast food chains, and increasing international trade, the global commercial refrigeration market is set to expand over the forecast period. Growing exports of seafood and processed food across the globe also provide the market with ample potential for growth. The demand for commercial refrigeration industry is driven largely by the dramatic increase in the number of supermarkets, hypermarkets, and large retail chains that have opened around the world. The need for energy-efficient commercial refrigeration is highly important in developing countries where the concept of supermarket, hypermarket, and organized retail chains is relatively new and upcoming.

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Commercial refrigeration market analysis was conducted across North America, Asia-Pacific, Europe and LAMEA based on region. Asia-Pacific and LAMEA regions are anticipated to increase in the demand for the commercial refrigeration market size in the coming years, which is mainly due to increase in commercial refrigeration market trends industrialization and high degree of automation implementation in these regions. Furthermore, an increase in the number of restaurants especially combined with a rise in the number of retail pharmacies, and experience centers such as supermarkets and hypermarkets are anticipated to provide opportunities for commercial refrigeration market growth. The U.S. commercial refrigeration industry, contributed approximately USD 9.8 billion in the total revenue in 2017, is expected to witness growth due to the country's growing food-service sector.

The major players of global commercial refrigeration market include, United Technologies Corporation, Johnson Controls International Plc, AB Electrolux, Dover Corporation, Panasonic Corporation, Daikin Industries Ltd., Ali Group Srl, AB Electrolux, Panasonic Corporation, Illinois Tool Works Inc. (ITW), Frigoglass S.A.I.C., and Haier Electronics Group Co., Ltd.
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Issued By Decision Foresight
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Country India
Categories Blogging
Tags commercial refrigeration market
Last Updated May 28, 2021