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Commercial Refrigeration Equipment Market To Surpass US$ 76.86 Bn By 2030

Commercial Refrigeration Equipment Market To Surpass US$ 76.86 Bn By 2030 - Coherent Market Insights

Publish In: Jul 03, 2023

Global commercial refrigeration equipment market was valued at US$ 53.38 Billion in 2022 and is projected to reach US$ 76.86 Billion by 2030, exhibiting a CAGR of 4.7% over the forecast period (2023-2030). According to Global Commercial Refrigeration Equipment Market Report, " By Product Type (Transportation Refrigeration, Refrigerator and Freezer, Beverage Refrigeration, Refrigerated Display Cases, Ice Machines and Refrigerated Vending Machines), By Application (Food and Beverage Production, Food and Beverage Retail, Food and Beverage Distribution, Food Service), By Region (North America, Europe, Asia Pacific, Latin America, and Middle East& Africa).

Increase in the preferences of customers to preserve food is one of the major factors that is expected to propel growth of the market over the forecast period. The demand for frozen foods, processed foods has been on a rise as a result of increase in the food trade sector. The need for commercial refrigeration equipment is also being met by suppliers following the technological advancements such as liquid-vapor compressions and ammonia absorption systems. To achieve a competitive edge, most of the key players are focusing and investing heavily in R&D as well as Temperature Control Systems.

Global Commercial Refrigeration Equipment Market- Drivers

Increasing Demand for Frozen Foods

Increasing demand for frozen foods sector is expected to drive the commercial refrigerant market growth. Food on the go is a trend being followed by many that not only ensures quick take away of food items but also saves time and provides convenience. On-the-go breakfast products were valued at around US$ 1.56 billion in 2022 and are forecast to reach US$ 2.54 billion by 2030. These breakfast items and beverages require suitable refrigeration and storage for preservation purposes. A steady rise in the demand for such products will eventually lead to a rise in the demand of refrigeration equipment by the suppliers of these food items.

Global Commercial Refrigeration Equipment Market - Restraints

Environment Damaging Gases used for Refrigeration Purposes        

The gases such as Chlorofluorocarbons (CFCs) that are required for maintaining the cold temperature within the refrigeration chamber, have an ozone depletion potential of 1.0, can contribute towards the depletion of the ozone layer by releasing harmful greenhouse gases. These gases trap the earth’s heat within the atmosphere which lead to a rise in the climate of the planet. A switch to natural refrigerants such as HFCs or Propane can have 0 effect on the Ozone Depletion and also serve as a useful alternative to CFCs.

Global Commercial Refrigeration Equipment Market - Key Developments

Daikin is one of the world’s largest commercial air conditioner and refrigeration equipment manufacturer. Daikin manufactures not only air conditioners but also develops new refrigerants for use. The first residential air conditioner powered by R-32 refrigerant was introduced by Daikin in November 2012, in Japan. When compared to R-22 and R-410A, R-32 transfers heat at a much higher rate, can reduce energy consumption by up to 10%. Hence it has a significantly lower impact on the environment. It also reduces global warming and its carbon footprint. They have just 1/3 of the dangerous Global Warming Potential (GWP) of R-410A and an ozone exhaustion of 0.

Global Commercial Refrigeration Equipment Market- Impact of Coronavirus (Covid-19) Pandemic

The COVID-19 pandemic had a severe effect on businesses across the globe. The refrigeration and food & beverage industry have been impacted by the COVID-19 pandemic. Commercial Refrigeration Equipment market has also been affected as the manufacturing plants were shut down due to the lockdown imposed by governments all over the world. Lack of labor were available to avoid mass-gathering has affected the market growth. Many manufacturers closed their production activities due to the restrictions imposed by the governments all over the world. The pandemic led to most if not all households to prioritize health and cook fresh food, thereby reducing the dependency on frozen food due to health concerns.

According to American Frozen Food Institute, despite a wide range of issues with the supply chain, sales continued to rise in 2021 and 2022, with the frozen food department emerging as one of the primary contributors to the expansion. US$ 72.2 billion worth of sales was generated post pandemic, which is a surprising US$ 19.4 billion increase in frozen food deals somewhere between 2018 and 2022.

To know the latest trends and insights prevalent in this market, click the link below:

Browse 150 market data tables* and 90 figures* on “Global Commercial Refrigeration Equipment Market - forecast to 2030”

Key Trends and Analysis of the Global Commercial Refrigeration Equipment Market:

The global commercial refrigeration equipment market in the Asia Pacific (APAC) is ready for huge development in the estimate period, with a projected build yearly development rate (CAGR) of 9.6%. By 2030, the market size is supposed to take off to US$ 30.3 billion. This development can be credited to a few key elements, including the flourishing food and refreshments industry, a developing interest for prepared-to-eat food, and the persistent pattern of urbanization in the district. As the populace in Asia keeps on developing, more individuals are moving to metropolitan regions looking for better expectations for everyday comforts and job opportunities. The number of supermarkets, hypermarkets, hotels, restaurants, and other commercial establishments has increased as a result of this demographic shift. Subsequently, there is a developing interest for business refrigeration gear to take special care of the requirements of these organizations.

In February 2021, the American Frozen Food Institute (AFFI) reported that sales of frozen seafood and poultry across North America were 21.0% higher than in 2019 as well as double-digit sales of all types of frigid/chilled meals. Convenience food purchases, such as frozen foods, have significantly increased across the U.S. as a result of the economy's expansion, the population of the working class's expansion, and the evolving consumer lifestyle. This in turn, is leading to an increase in the sale of refrigeration equipment needed for storage purposes across the country.

Additionally, younger consumers with more money to spend are more likely to try new products, many of which are convenience food purchases, and to adopt non-traditional eating habits. In addition, they eat out more frequently, increasing the national demand for frozen meals and snacks.

Europe is also expected to showcase a CAGR of 6.2% over the next 7 years (2023 – 2030) The demand for convenience foods such as frozen foods, which can be prepared in a shorter amount of time and stored for a longer period of time, has increased as a result of the rapid urbanization of certain nations such as Germany, the Netherlands, and others. In addition, in some nations, the government's focus on reducing food waste is giving the frozen food market more leverage. According to a report from the European Commission, in 2020, "out-of-home" food waste totaled 0.75 kilograms per person. Household food waste averaged 31 kilograms per person. During the distribution and consumption phases, the majority of this waste is produced. Frozen foods naturally reduce waste throughout the supply chain, in stores, and at the consumer level due to their extended shelf life.

Some of the major players in the Commercial Refrigeration Equipment market are Siemens AG, Robert Bosch GmbH, Continental AG, Denso Corporation, Magna International, Mitsubishi Electric Corporation, Valeo S.A., Mahle Group, Nidec Corporation, and Borgwarner Inc.

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