Commercial Refrigeration Equipment Market, 43% of Growth to Originate from APAC, Technavio

NEW YORK, June 3, 2024 /PRNewswire/ -- The global commercial refrigeration equipment market size is estimated to grow by USD 14.84 billion from 2024 to 2028, according to Technavio. The market is estimated to grow at a CAGR of almost 6.66% during the forecast period.

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Region Outlook

1. APAC
2. North America
3. Europe
4. South America
5. Middle East and Africa

1. APAC - APAC is estimated to contribute 43%. to the growth of the global market. The Commercial Refrigeration Equipment Market report forecasts market growth by revenue at global, regional & country levels from 2017 to 2027.  The commercial refrigeration equipment market in APAC is experiencing significant growth, driven by the rise of takeaway meals and increasing demand for perishable food items in sectors like convenience stores, hospitality businesses, and food service outlets.

Vendors are launching competitively priced equipment, featuring advanced technologies such as liquid-vapor compression, ammonia absorption systems, ENERGY STAR certification, and high GWP refrigerants. Energy efficiency and reducing carbon footprint are key considerations, with vendors exploring options like magnetic refrigeration systems and remotely operated refrigerators.

The market caters to various industries, including transportation refrigeration equipment for cold chain logistics, and food service for blast chillers, beverage dispensers, ice machines, and more. Food safety standards and consumer preferences are influencing the adoption of energy-efficient refrigeration solutions and the phase-out of HFC emissions.

Additionally, the market is expanding to cater to the needs of specialty food stores, fresh produce, dairy, meat, and frozen foods, as well as vaccines in the context of mass immunization programs. Temperature control is crucial for food and beverages, with refrigerators, freezers, coolers, and display cases all playing essential roles in the food service industry. Lockdown measures have further accelerated the demand for convenience foods, leading to increased sales of commercial refrigeration equipment.

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Segmentation Overview

1. End-user 
• 1.1 Retail
• 1.2 Restaurants
• 1.3 Hotels
• 1.4 Catering units
2. Product 
• 2.1 Walk-in coolers
• 2.2 Display cases
• 2.3 Refrigerator for drinks
• 2.4 Ice-making machines
• 2.5 Freezers and others
3. Geography 
• 3.1 APAC
• 3.2 Europe
• 3.3 North America
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Fastest growing segment:

The global Commercial Refrigeration Equipment Market caters to various retail segments, including convenience stores, supermarkets, and specialty food stores. Retailers utilize specialized equipment, such as energy-efficient beverage refrigeration systems and blast chillers, to store and sell perishable food items and temperature-controlled beverages. Energy-efficient systems, including liquid-vapor compression, ammonia absorption, and magnetic refrigeration, reduce carbon footprint and enhance energy efficiency. ENERGY STAR certification is a standard for energy efficiency in commercial refrigeration equipment.

High GWP refrigerants are being phased out due to their environmental impact. Takeaway meals and food service outlets, including cafes and hospitality businesses, require reliable transportation refrigeration equipment. Mass immunization programs rely on temperature-controlled cold channel logistics for vaccine distribution. Commercial refrigeration equipment includes refrigerators, freezers, and remotely operated units for storing fresh produce, dairy, meat, and frozen foods. HFC emissions are a concern for the industry, and sustainable alternatives are being explored.

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Research Analysis

The Commercial Refrigeration Equipment Market encompasses a range of products, including refrigerators, freezers, coolers, display cases, beverage dispensers, ice machines, and blast chillers. These equipment are essential for convenience stores, hospitality businesses, and the food service industry to maintain the temperature of perishable food items and beverages. Energy efficiency is a significant consideration in this market, with ENERGY STAR certification being a key factor.

Various refrigeration technologies are used, such as liquid-vapor compression, ammonia absorption systems, magnetic refrigeration systems, and high GWP refrigerants. Transportation refrigeration equipment is another segment of this market, used to maintain temperatures during transportation. The carbon footprint of these systems is also a concern, with efforts being made to reduce it through the use of energy-efficient technologies and low-global-warming-potential refrigerants.

Market Overview

The Commercial Refrigeration Equipment Market encompasses a broad range of products, including compressors, condensers, evaporators, and refrigerants. These components are essential for maintaining optimal temperatures in various industries, such as food and beverage, pharmaceuticals, and hospitality. The market is driven by factors like increasing demand for temperature-controlled environments, technological advancements, and stringent regulations.

Companies like HFC, Carrier, and Danfoss are major players in this sector, offering innovative solutions for energy efficiency and sustainability. The future of commercial refrigeration equipment lies in smart technologies, such as IoT and AI, which enable remote monitoring and predictive maintenance.

Additionally, the growing trend towards plant-based foods and the need for specialized refrigeration systems to store and transport these products are expected to fuel market growth. Overall, the Commercial Refrigeration Equipment Market is a dynamic and evolving industry, with a strong focus on innovation, efficiency, and sustainability.

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Key Topics Covered:

 1 Executive Summary
 2 Market Landscape
 3 Market Sizing
 4 Historic Market Size
 5 Five Forces Analysis
 6 Market Segmentation
 7 Customer Landscape
 8 Geographic Landscape
 9 Drivers, Challenges, and Trends
10 Venodr Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

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SOURCE Technavio