By the end of 2022, the market for commercial refrigeration equipment is anticipated to be worth US$ 51.8 Bn, with sales increasing 3.9% year over year. By 2028, it is anticipated that the global market for commercial refrigeration equipment will be worth US$68.3 billion, growing at a CAGR of 4%. (2022-2028).
Commercial refrigeration systems accounted for 40% share of the global refrigeration equipment market in 2020. Commercial refrigerators and commercial freezers will see good sales as investments in the food & beverage industry rise over the next few years.
A comparison analysis was estimated by Future Market Insights for the commercial refrigeration equipment market. The demand for packaged and frozen goods has significantly increased as a result of the significant changes in people’s eating and living habits over the previous few years.
The demand for commercial refrigeration systems, which rises along with the demand for these goods, drives the market for commercial refrigeration equipment.
In response to the rising demand for prepared foods and beverages, it is anticipated that sales of equipment such as industrial refrigerators, commercial freezers, and other refrigeration units will rise.
The food and beverages industry is one of the major end-use industries for commercial refrigeration devices and systems. As the global population increases and demand for food products increases, investments in the food and beverage sector are expected to see a major hike over the forecast period. Increasing demand for ready-to-eat food and beverages is expected to propel sales of equipment such as industrial refrigerators, commercial freezers, and other refrigeration units.
The North American region has a promising future for the sales of commercial freezers and refrigerators. The commercial refrigeration equipment market in North America currently accounts for a sizeable 28.5% of global sales. The forecast for the demand for commercial refrigeration systems in this region is significantly influenced by the rise in demand for ready-to-eat food and beverages.
The United States is renowned for implementing cutting-edge technologies first. Sales of commercial refrigerators and commercial freezers are predicted to benefit from the presence of a well-established retail infrastructure and numerous commercial refrigeration equipment suppliers.
India is seeing an increase in per capita disposable and this has largely influenced food habits in the nation and it has seen an increase in demand for ready-to-eat foods and drinks. Industrial refrigerators are expected to see an increase in demand as food and beverage manufacturers increase in India.
Key Players:
- Carrier Corporation
- Blue Star Limited
- Danfoss A/S
- Electrolux
- Standex International Corporation
- Hussman Corporation (Panasonic)
- Illinois Tool Works Inc.
- Dover Corporation
- Hoshizaki Corporation
- Whirpool Corporation
- Innovative DisplayWorks
- Emerson Electric Company
- Daikin Industries Ltd
- GEA Group AG
