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Commercial Refrigeration Rapid Growth, Market Forecast Surges To $56.2 Billion By 2035
(MENAFN- EIN Presswire)
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The growth of the global market for commercial refrigeration is driven by increase in demand for frozen & chilled products among consumers due to changes in lifestyle and rapid urbanization. Moreover, development of the organized retail sector coupled with increase in number of hypermarkets and supermarkets boosts the commercial refrigeration market growth . However, problems such as the need for frequent maintenance and potential technical issues arising due to lack of proper maintenance hamper the market growth.
Contrarily, advancements in commercial refrigerators such as integration of artificial intelligence (AI) coupled with rise in trend of automation of equipment and upsurge in number of food outlets & quick service restaurants especially in emerging economies are anticipated to provide potential opportunities for the growth of the commercial refrigeration market.
By end user, the supermarket/hypermarket segment accounted for a commercial refrigeration market share in 2019, and is expected to remain dominant during the forecast period. However, the retail pharmacies segment is expected to experience rapid growth with a CAGR of 6.0% from 2021 to 2027. This is attributed to the increased revenue from hospitals over the past few years, owing to rise in geriatric population and need for medical care.
Based on region, Asia-Pacific accounted for the largest share in 2019, holding more than two-fifths of the total market share, and will maintain its leadership status by 2027. However, LAMEA is expected to grow at the largest CAGR of 4.9% during the forecast period.
Asia-Pacific is one of the prominent regions for commercial refrigeration, which accounted for 43.7% total market share in 2019. The medical refrigeration segment is expected to grow at the fastest CAGR of 5.1% throughout the forecast period, reaching $3.55 billion by 2027. This is attributed to rapid expansion of the retail pharmacy across the globe.
The commercial refrigeration industry is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Increase in demand for commercial refrigeration equipment in Asia-Pacific and LAMEA is expected in the near future, owing to rapid industrialization and implementation of automation in these regions. Moreover, rise in number of food outlets coupled with expansion of retail pharmacies and experience centers such as supermarkets and hypermarkets is expected to provide lucrative opportunities for the growth of the global market.'
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The key players profiled in the report include United Technologies Corporation, Daikin Industries Ltd., Illinois Tool Works Inc. (ITW), Johnson Controls International Plc, Dover Corporation, AB Electrolux, Panasonic Corporation, Ali Group S.r.l., Frigoglass S.A.I.C., and Haier Electronics Group Co., Ltd.
Exploring Growth Prospects and Demand Trends in the Commercial Refrigeration:
Energy Efficiency: There's a growing emphasis on energy-efficient solutions in commercial refrigeration due to both environmental concerns and cost savings. Businesses are increasingly investing in equipment that reduces energy consumption while maintaining optimal cooling performance.
Regulatory Compliance: Stringent regulations regarding refrigerants and environmental protection continue to shape the industry. Phasing out of ozone-depleting substances like HCFCs and HFCs and the adoption of low-GWP (Global Warming Potential) alternatives are driving innovation and influencing purchasing decisions.
Technological Advancements: The commercial refrigeration sector is witnessing significant advancements in technology, including the integration of IoT (Internet of Things) for remote monitoring and control, smart sensors for real-time temperature management, and advanced insulation materials for better efficiency.
Changing Consumer Preferences: Evolving consumer preferences, such as the demand for fresh and organic products, are driving the need for specialized refrigeration solutions like display cases with improved visibility and humidity control for perishable items.
Food Safety and Quality Standards: Stricter food safety regulations and quality standards necessitate the use of reliable refrigeration systems to maintain the freshness and integrity of perishable goods throughout the supply chain. This is particularly crucial in sectors like food retail, restaurants, and healthcare.
E-commerce and Cold Chain Logistics: The rise of e-commerce has increased the demand for efficient cold chain logistics to ensure the safe and timely delivery of temperature-sensitive products. This trend is fueling investments in cold storage facilities, refrigerated transportation, and last-mile delivery solutions.
Key findings of the study:
○ Depending on type, the chest refrigeration segment in the market is expected to grow at a CAGR of 4.1% from 2021 to 2027.
○ Region wise, Asia-Pacific is projected to maintain its leading position throughout the forecast period, growing at a CAGR of 4.6%.
○ On the basis of end user, the supermarket/hypermarket segment accounted for 26.13% of the share in 2019; however, the retail pharmacies segment is expected to grow at a CAGR of 6.0% from 2021 to 2027.
○ China is expected to occupy a major share in the Asia-Pacific market in 2019.
Enquire More About this Report @
Reasons to buy Commercial Refrigeration Market Report:
○ Procure strategically important competitor information, analysis, and insights to formulate effective R&D strategies.
○ Recognize emerging players with potentially strong product portfolio and create effective counter-strategies to gain competitive advantage.
○ Classify potential new clients or partners in the target demographic.
○ Develop tactical initiatives by understanding the focus areas of leading companies.
○ Plan mergers and acquisitions meritoriously by identifying Top Manufacturer.
○ Develop and design in-licensing and out-licensing strategies by identifying prospective partners with the most attractive projects to enhance and expand business potential and Scope.
○ Report will be updated with the latest data and delivered to you within 2-4 working days of order.
○ Suitable for supporting your internal and external presentations with reliable high-quality data and analysis.
○ Create regional and country strategies on the basis of local data and analysis.
Read More Trending "AMR Exclusive Insights:
○ Household Appliances Market is projected to reach $763,451 million by 2025
○ Europe Commercial Refrigeration Market is projected to reach $9,921.0 million by 2028
○ White Goods Market is estimated to reach $ 1,031.0 billion by 2027
○ Hand Dryer Market is projected to reach $3,100.1 million by 2031
○ Commercial Steamer Market Size, Share, Growth, Trends and Forecasts 2021-2027
○ Water Heater Market is projected to reach $48,519 million by 2025
○ Pizza Oven Market is projected to reach $3 billion by 2031
○ Japan Household Appliance Market is expected to reach $27,979.0 million by 2025
Commercial Refrigeration Market Overview
Commercial refrigeration market size was valued at $29.6 billion in 2023, is estimated to reach $56.2 billion by 2035, grow at a CAGR of 5.6% from 2024 to 2035
On the basis of product type, the others segment is the fastest-growing segment with a 6.4% CAGR.” - Roshan DeshmukhWILMINGTON, NEW CASTLE, DE, UNITED STATES, September 13, 2024 /EINPresswire / -- According to a new report published by Allied Market Research, titled,“Commercial Refrigeration Market by Product and End User: Global Opportunity Analysis and Industry Forecast, 2021–2027". The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends. The commercial refrigeration market size was valued at $28.19 billion in 2019, and is projected to reach $35.25 billion by 2027, growing at a CAGR of 4.4% from 2021 to 2027.Download Sample Report @
The growth of the global market for commercial refrigeration is driven by increase in demand for frozen & chilled products among consumers due to changes in lifestyle and rapid urbanization. Moreover, development of the organized retail sector coupled with increase in number of hypermarkets and supermarkets boosts the commercial refrigeration market growth . However, problems such as the need for frequent maintenance and potential technical issues arising due to lack of proper maintenance hamper the market growth.
Contrarily, advancements in commercial refrigerators such as integration of artificial intelligence (AI) coupled with rise in trend of automation of equipment and upsurge in number of food outlets & quick service restaurants especially in emerging economies are anticipated to provide potential opportunities for the growth of the commercial refrigeration market.
By end user, the supermarket/hypermarket segment accounted for a commercial refrigeration market share in 2019, and is expected to remain dominant during the forecast period. However, the retail pharmacies segment is expected to experience rapid growth with a CAGR of 6.0% from 2021 to 2027. This is attributed to the increased revenue from hospitals over the past few years, owing to rise in geriatric population and need for medical care.
Based on region, Asia-Pacific accounted for the largest share in 2019, holding more than two-fifths of the total market share, and will maintain its leadership status by 2027. However, LAMEA is expected to grow at the largest CAGR of 4.9% during the forecast period.
Asia-Pacific is one of the prominent regions for commercial refrigeration, which accounted for 43.7% total market share in 2019. The medical refrigeration segment is expected to grow at the fastest CAGR of 5.1% throughout the forecast period, reaching $3.55 billion by 2027. This is attributed to rapid expansion of the retail pharmacy across the globe.
The commercial refrigeration industry is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Increase in demand for commercial refrigeration equipment in Asia-Pacific and LAMEA is expected in the near future, owing to rapid industrialization and implementation of automation in these regions. Moreover, rise in number of food outlets coupled with expansion of retail pharmacies and experience centers such as supermarkets and hypermarkets is expected to provide lucrative opportunities for the growth of the global market.'
Buy This Research Report:
The key players profiled in the report include United Technologies Corporation, Daikin Industries Ltd., Illinois Tool Works Inc. (ITW), Johnson Controls International Plc, Dover Corporation, AB Electrolux, Panasonic Corporation, Ali Group S.r.l., Frigoglass S.A.I.C., and Haier Electronics Group Co., Ltd.
Exploring Growth Prospects and Demand Trends in the Commercial Refrigeration:
Energy Efficiency: There's a growing emphasis on energy-efficient solutions in commercial refrigeration due to both environmental concerns and cost savings. Businesses are increasingly investing in equipment that reduces energy consumption while maintaining optimal cooling performance.
Regulatory Compliance: Stringent regulations regarding refrigerants and environmental protection continue to shape the industry. Phasing out of ozone-depleting substances like HCFCs and HFCs and the adoption of low-GWP (Global Warming Potential) alternatives are driving innovation and influencing purchasing decisions.
Technological Advancements: The commercial refrigeration sector is witnessing significant advancements in technology, including the integration of IoT (Internet of Things) for remote monitoring and control, smart sensors for real-time temperature management, and advanced insulation materials for better efficiency.
Changing Consumer Preferences: Evolving consumer preferences, such as the demand for fresh and organic products, are driving the need for specialized refrigeration solutions like display cases with improved visibility and humidity control for perishable items.
Food Safety and Quality Standards: Stricter food safety regulations and quality standards necessitate the use of reliable refrigeration systems to maintain the freshness and integrity of perishable goods throughout the supply chain. This is particularly crucial in sectors like food retail, restaurants, and healthcare.
E-commerce and Cold Chain Logistics: The rise of e-commerce has increased the demand for efficient cold chain logistics to ensure the safe and timely delivery of temperature-sensitive products. This trend is fueling investments in cold storage facilities, refrigerated transportation, and last-mile delivery solutions.
Key findings of the study:
○ Depending on type, the chest refrigeration segment in the market is expected to grow at a CAGR of 4.1% from 2021 to 2027.
○ Region wise, Asia-Pacific is projected to maintain its leading position throughout the forecast period, growing at a CAGR of 4.6%.
○ On the basis of end user, the supermarket/hypermarket segment accounted for 26.13% of the share in 2019; however, the retail pharmacies segment is expected to grow at a CAGR of 6.0% from 2021 to 2027.
○ China is expected to occupy a major share in the Asia-Pacific market in 2019.
Enquire More About this Report @
Reasons to buy Commercial Refrigeration Market Report:
○ Procure strategically important competitor information, analysis, and insights to formulate effective R&D strategies.
○ Recognize emerging players with potentially strong product portfolio and create effective counter-strategies to gain competitive advantage.
○ Classify potential new clients or partners in the target demographic.
○ Develop tactical initiatives by understanding the focus areas of leading companies.
○ Plan mergers and acquisitions meritoriously by identifying Top Manufacturer.
○ Develop and design in-licensing and out-licensing strategies by identifying prospective partners with the most attractive projects to enhance and expand business potential and Scope.
○ Report will be updated with the latest data and delivered to you within 2-4 working days of order.
○ Suitable for supporting your internal and external presentations with reliable high-quality data and analysis.
○ Create regional and country strategies on the basis of local data and analysis.
Read More Trending "AMR Exclusive Insights:
○ Household Appliances Market is projected to reach $763,451 million by 2025
○ Europe Commercial Refrigeration Market is projected to reach $9,921.0 million by 2028
○ White Goods Market is estimated to reach $ 1,031.0 billion by 2027
○ Hand Dryer Market is projected to reach $3,100.1 million by 2031
○ Commercial Steamer Market Size, Share, Growth, Trends and Forecasts 2021-2027
○ Water Heater Market is projected to reach $48,519 million by 2025
○ Pizza Oven Market is projected to reach $3 billion by 2031
○ Japan Household Appliance Market is expected to reach $27,979.0 million by 2025
David Correa
Allied Market Research
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