The Worldwide Commercial Refrigeration Equipment Industry is Expected to Reach $58.3 Billion by 2028

DUBLIN, Jan. 22, 2023 /PRNewswire/ -- The "Global Commercial Refrigeration Equipment Market, By Type, By Refrigerant Type, By System Type, By Application & By Region- Forecast and Analysis 2022-2028" report has been added to  ResearchAndMarkets.com's offering.

The global commercial refrigeration equipment market was valued at USD 37.25 billion in 2021, and the market size is estimated to reach USD 58.31 billion by 2028, at a CAGR of 5.1% over the forecast period (2022-2028).

The fast expansion of the hotel and tourist industries, as well as customers' increased desire for takeout meals, are expected to fuel the commercial refrigeration equipment market growth.

Furthermore, rising regulatory pressures that drive the use of low-GWP refrigerants, as well as continued technological improvements, will present the commercial refrigeration equipment sector with attractive growth possibilities.

The need for refrigeration of frozen items, processed meals, and seafood has also grown dramatically as the global food trade has expanded. The product's demand is being pushed further by rapid technology improvements and continuous technological innovations, such as liquid-vapor compression and ammonia absorption systems.

Segments covered in this report

The global commercial refrigeration equipment market is segmented based on type, refrigerant type, application, and region. Based on type, the commercial refrigeration equipment market is segmented into refrigerator and freezer, transport refrigeration, refrigerated display cases, ice machines, and others.

Based on refrigerant type, the commercial refrigeration equipment market is segmented into fluorocarbons, hydrocarbons, inorganics. Based on system type, the commercial refrigeration equipment market is segmented into self-contained and remotely operated.

Based on application, the commercial refrigeration equipment market is segmented into food & beverage, retail stores, hotels & restaurants, chemicals & pharmaceuticals, and others. Based on region, the commercial refrigeration equipment market is categorized into North America, Europe, Asia-Pacific, and MEA.

Driver

The food and beverage business contributes the most yearly income for global GDP, ranking among the top industries in all regions. The industry serves clients by transforming raw agricultural commodities produced by its over 2 million farms into consumer food items through over 680,000 retail shops and food service outlets. This boosts output and consumption rates, as well as global sales of commercial refrigeration equipment.

Restraint

The high cost of acquiring the equipment is expected to hinder the commercial refrigerant equipment industry's development. Commercial refrigerators, freezers, and other appliances are priced differently depending on size since they are designed to fit into vast spaces and are utilised in commercial applications. As a result, the expense of obtaining and maintaining such massive equipment becomes an impediment.

Market Trend

In the food logistics sector, cold storage warehouses provide a variety of services such as year-round availability of perishable and seasonal goods, export-import logistic facilities along international transportation routes, and meeting essential sites for retail distributions. Refrigeration warehouse services are increasingly becoming a global trend across a wide range of businesses. As a consequence, there will be an increasing number of profitable opportunities for commercial refrigeration equipment market growth.

Companies Mentioned

• Emerson Electric Co. (US)
• Carrier Corporation (US)
• Danfoss (Denmark)
• GEA Group Aktiengesellschaft (Germany)
• DAIKIN EUROPE GROUP (Belgium)
• Johnson Controls (Ireland)
• Nor-Lake, Inc. (US)
• The Middleby Corporation (US)
• Imbera (Mexico)
• Welbilt (US)
• AB Electrolux (Sweden)
• Ali Group S.r.l. (Italy)
• AHT Cooling Systems GmbH (Austria)
• Hillphoenix, A Dover Company (US)
• Excellence Industries (US)
• Illinois Tool Works Inc. (US)
• Lennox International Inc. (US)

For more information about this report visit https://www.researchandmarkets.com/r/i2tuyn

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SOURCE Research and Markets