IMARC Group’s report titled “Commercial Refrigeration Market Report by Product Type (Chest Refrigeration, Deep Freezers, Bottle Coolers, Storage Water Coolers, Commercial Kitchen Refrigeration, Medical Refrigeration, and Others), End User (Full Service Restaurant, Quick Service Restaurant & Hotels, Food Processing Industry, Hospitals, Retail Pharmacies, Supermarket/Hypermarket, Convenience Stores, and Others), and Region 2024–2032”. The global commercial refrigeration market size reached US$ 29.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 42.4 Billion by 2032, exhibiting a growth rate (CAGR) of 4.1% during 2024–2032.
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Factors Affecting the Growth of the Commercial Refrigeration Industry:
● Thriving Food and Beverage (F&B) Industry:
As people are seeking convenience, the demand for processed, packaged, and ready-to-eat (RTE) food products is rising. This increases the need for commercial refrigeration systems to store, preserve, and transport these products safely. The growth of restaurants, cafes, fast-food chains, and catering services requires advanced refrigeration solutions for food storage and preparation. This is driving the demand for various commercial refrigeration units like reach-in refrigerators, undercounter units, and display cases.
● Technological Advancements:
Innovations in refrigeration technology focus on improving energy efficiency. Energy-efficient systems, such as those utilizing advanced compressors, variable-speed fans, and LED lighting, help reduce operational costs and meet regulatory standards for energy consumption. The integration of smart controls and Internet of Things (IoT) technology allows for real-time monitoring and remote management of refrigeration systems. This enhances operational efficiency, enables predictive maintenance, and provides valuable data insights for optimizing performance.
● Focus on Food Safety and Quality:
Stringent regulations and standards for food safety require businesses to maintain precise temperature controls to prevent spoilage and contamination. Commercial refrigeration systems that comply with these regulations are essential for foodservice establishments, supermarkets, and food processing facilities. Increasing consumer awareness and demand for high-quality, fresh food drive businesses to invest in reliable refrigeration systems. Consumers expect that their food will be stored under optimal conditions, leading to a higher demand for advanced refrigeration solutions.
Leading Companies Operating in the Global Commercial Refrigeration Industry:
- AB Electrolux
- Ali Group S.r.l.
- Baltimore Aircoil Company Inc.
- Bitzer SE
- Carrier Corporation
- Daikin Industries Ltd.
- Danfoss A/S
- Dover Corporation
- Emerson Electric Company
- Haier Inc.
- Johnson Controls
- Panasonic Corporation
Commercial Refrigeration Market Report Segmentation:
By Product Type:
- Chest Refrigeration
- Deep Freezers
- Bottle Coolers
- Storage Water Coolers
- Commercial Kitchen Refrigeration
- Medical Refrigeration
- Others
Chest refrigeration represents the largest segment due to its efficient storage capacity, cost-effectiveness, and suitability for a variety of commercial applications.
By End User:
- Full Service Restaurant, Quick Service restaurant & Hotels
- Food Processing Industry
- Hospitals
- Retail Pharmacies
- Supermarket/Hypermarket
- Convenience Stores
- Others
Full service restaurant, quick service restaurant & hotels hold the biggest market share owing to their high demand for refrigeration systems to manage large volumes of perishable goods and ensure food safety.
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Asia Pacific enjoys the leading position in the commercial refrigeration market on account of its rapid urbanization, thriving food and beverage (F&B) industry, and increasing investments in retail and foodservice sectors across the region.
Global Commercial Refrigeration Market Trends:
The shift towards refrigerants with lower global warming potential (GWP) and ozone depletion potential (ODP) is accelerating due to environmental regulations and sustainability goals. Expanding foodservice establishments, supermarkets, and hypermarkets are driving the demand for advanced commercial refrigeration solutions to meet the needs of storing and displaying perishable goods. The development of cold chain logistics for pharmaceuticals, perishable foods, and temperature-sensitive products is boosting demand for reliable and efficient refrigeration systems. Increased consumer preferences for fresh, packaged, and convenience foods is driving investments in refrigeration systems that ensure product quality and safety.
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