SAN FRANCISCO, May 11, 2021 /PRNewswire/ -- The global commercial refrigeration equipment market size is estimated to reach USD 43.16 billion by 2028, registering an estimated CAGR of 4.2% from 2021 to 2028, according to a new report by Grand View Research, Inc. The increase in demand for frozen food items and the thriving hospitality and tourism industries are some of the factors driving the market growth.
Key suggestions from the report:
The refrigerators and freezers segment accounted for a revenue share of nearly 25.0% in 2020. The rising consumption of vaccine storage units during the COVID-19 pandemic in an attempt to conduct a successful immunization process is anticipated to contribute to the growth
The U.S. has been the major contributor in the North America region with a revenue share of close to 80.0% in 2020
By system type, the self-contained refrigeration equipment segment is expected to register a CAGR of nearly 5.0% from 2021 to 2028
The 51 cu. Ft. - 100 cu. Ft. capacity segment accounted for the largest revenue share in 2020
The growing environmental concerns related to the emission of harmful refrigerants such as Chlorofluorocarbons (CFC) and Hydro-chlorofluorocarbons (HCFC) have led to the implementation of regulations favoring the use of efficient alternatives in commercial refrigeration equipment globally. Under its Clean Air Act, the U.S. Environment Protection Agency (EPA) has mandated the regularized use of low Global Warming Potential (GWP) refrigerants in the equipment for the commercial sector. Such regulations are encouraging commercial refrigerator manufacturers to seek low energy consuming refrigerants to minimize the adverse effect of Greenhouse Gas (GHG) emissions. For instance, in 2020, Hiber, a brand of Ali Group S.r.l. a Socio Unico, added bidirectional IoT connectivity integrated refrigeration cabinets optimized with self-learning systems for reducing energy consumption when the equipment is not in use.
In 2020, the COVID-19 catastrophe majorly disrupted the commercial foodservice industry and retail industries, adversely impacting the growth of the market for commercial refrigeration equipment. However, since December 2019, the research institutes and pharmaceutical companies have highly demanded and utilized vaccine storage refrigerators during their R&D processes to come up with a life-saving vaccine against the coronavirus. The commercial refrigeration equipment has witnessed a boom from the biotechnology and pharmaceutical industry owing to the formulation of the vaccine and later its rollout, and for successfully storing and transporting the vaccines at a global scale.
Grand View Research has segmented the global commercial refrigeration equipment market based on product, application, system type, capacity, and region:
Industrial Refrigeration Systems Market – The global industrial refrigeration systems market size was valued at USD 19.55 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 4.6% from 2020 to 2027.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.