Commercial Refrigeration Equipment Market size to increase by USD 14.50 billion during 2022-2027, The need to increase the storage life of food products to drive the growth - Technavio

NEW YORK, Jan. 5, 2024 /PRNewswire/ -- The commercial refrigeration equipment market size is expected to grow by USD 14.50 billion between 2022 and 2027. However, the growth momentum of the market will progress at a CAGR of 6.86% during the forecast period. The market is segmented by End-user (Retail, Restaurants, Hotels, and Catering units ), Product (Walk-in coolers, Display cases, Refrigerators for drinks, Ice-making machines, and Freezers and others ), and Geography (APAC, Europe, North America, Middle East and Africa, and South America). The need to increase the storage life of food products is a key factor driving market growth. Storage conditions play a key role in determining the shelf life of food products. The inadequate temperature during storage can lead to degradation and losses, particularly in commercial spaces like food service establishments. Refrigeration is a key element in preserving food's nutritional and microbial quality. Proper refrigeration offers various benefits by minimizing moisture transfer and ensuring the preservation of the flavor, color, and texture of food products. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View a Free PDF Sample 

Key Highlights:

• The report recognizes the following as some of the key players in the commercial refrigeration equipment market: AB Electrolux, Ali Group Srl, Blue Star Ltd., Daikin Industries Ltd., Dover Corp., Felix Storch Inc., FUJIMAK Corp., HOSHIZAKI Corp., Illinois Tool Works Inc., Imbera, Lennox International Inc., Panasonic Holdings Corp., Standex International Corp., Tecumseh Products Co. LLC, TEFCOLD AS, The Middleby Corp., TURBO AIR Inc., UAB FREOR LT, Valpro Refrigeration, and Welbilt Inc.
• Commercial Refrigeration Equipment Market is fragmented in nature.
• Market to observe 5.9% YOY growth in 2023.

Market Dynamics:

Trend

• The growing demand for energy-efficient models of commercial refrigeration equipment is a major trend in the market.
• End-users are increasingly inclined towards commercial refrigeration due to its numerous benefits, particularly its cost-saving advantages in terms of energy consumption. ENERGY STAR-certified commercial refrigeration equipment offers a solution for minimizing energy usage.
• For example, commercial refrigeration equipment with ENERGY STAR certification is 20% more energy efficient compared to standard commercial refrigeration equipment.

Challenge

• The rising preference for pre-used and rented commercial refrigeration equipment is a significant challenge impeding market growth.
• Many vendors in the market are introducing enhanced commercial refrigeration equipment with added features. However, not all end-users can invest in these upgraded models. Consequently, many end-users opt for low-cost commercial refrigeration equipment or used models, which are priced lower than new products.

The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report

Keg Segments:

The retail segment is estimated to witness significant growth during the forecast period. The retail segment comprises hypermarkets, supermarkets, grocery stores, and convenience stores. These retail stores provide a variety of packaged refrigerated food products and use commercial refrigeration equipment such as glass door freezers and refrigerators for storing drinks. Furthermore, many retailers are introducing fresh varieties of private-label refrigerated food products. For example, Target Brands Inc. recently launched its Good and Gather brand of frozen meal products in March 2021. Get a glance at the market contribution of the segments, Request a Sample Report

Related Reports:

The refrigerated transportation market size is estimated to grow at a CAGR of 7.46% between 2022 and 2027 and the size of the market is forecast to increase by USD 34,683.44 million.

The cold storage market size is estimated to grow by USD 118.3 billion between 2022 and 2027 accelerating at a compound annual growth rate (CAGR) of 13.47%.

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by End-user

Market Segmentation by Product

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide 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 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.

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SOURCE Technavio