Chicago, June 06, 2023 (GLOBE NEWSWIRE) -- The global Commercial Refrigeration Equipment Market is estimated to be USD 32.0 billion in 2021 and is projected to reach USD 43.3 billion by 2026, at a CAGR of 6.2%, from 2021 to 2026, as per the recent study by MarketsandMarkets™. The growth of the market can be attributed to the improving consumer lifestyles and flourishing food and healthcare industries, growing cold chain market, and increasing use of advanced technologies, for instance, magnetic refrigeration.
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List of Key Players in Commercial Refrigeration Equipment Market:
- Carrier (US)
- Daikin (Japan)
- Danfoss (Denmark)
- GEA Group (Germany)
- Emerson Electric Company (US)
- Others
Drivers, Restraints, and Opportunities in Commercial Refrigeration Equipment Market:
- Driver: Growing demand for frozen and processed food across word
- Restraints: Stringent regulations against the use of fluorocarbon refrigerants
- Opportunity: Improvements in the efficiency of refrigeration systems with the use of natural refrigerants
- Challenge: Few purification companies
Key Findings of the Study:
- By application, supermarkets & hypermarkets segment is expected to account for the largest share for commercial refrigeration equipments market during the forecast period
- By refrigerant type, fluorocarbons segment is expected to lead the commercial refrigeration equipments market during the forecast period
- By product type, transportation refrigeration segment is expected to lead the commercial refrigeration equipments market during the forecast period
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The supermarkets & hypermarkets segment of the commercial refrigeration equipment market, based on application industry, is projected to lead the market during the forecast period. The commercial refrigeration equipment is widely utilized in the supermarkets & hypermarkets industry. All types of commercial refrigeration equipment/products, namely, refrigerator, freezer, display cases, vending machines, and ice cream merchandiser are consumed in supermarkets & hypermarkets.
The commercial refrigeration equipment for refrigerated transport, based on product type, is one of the essential links in the cold chain system for the distribution of food commodities, such as bakery & confectionery products, dairy products, beverages, fresh fruits & vegetables, ice creams, frozen dairy products, processed meat, and fish & seafood products. The growth of the refrigerated transport market is attributed to the technological advancements in refrigerated transport systems and equipment, increasing globalization, and a surge in demand for temperature-controlled food systems and containers across the globe.
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The hydrocarbon segment is estimated to be the fastest-growing refrigerant type segment of the commercial refrigeration equipment market. Hydrocarbon gases, such as propane, isobutane, pentane, and isopentane are used as refrigerants for cooling in the industrial, commercial, and domestic applications. Unlike inorganic refrigerants, Hydrocarbon (HC) refrigerants are flammable, which makes them unsafe for use in some applications. However, countries in the EU have proved that hydrocarbon refrigerants can be used with a degree of reliability similar to other gases. They are gaining popularity due to their low Global Warming Potential (GWP). Hence, hydrocarbon refrigerants are likely to have high growth potential in the near future as high demand for low GWP products is anticipated.
Asia Pacific is the largest market for commercial refrigeration equipment. The increasing population in the region, improving economic conditions, such as rising GDP & disposable incomes, and a booming consumer appliances sector have led to growth in the commercial refrigeration equipment market in the region.
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Related Reports:
- Natural Refrigerants Market
- Refrigerants Market
- Cold Chain Market
- Frozen Food Market
- Frozen Bakery Products Market
- Refrigerated Transport Market
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