Commercial Refrigeration Equipment Market is expected to grow up to USD 45.45 Billion By 2023
The Global Commercial Refrigeration Equipment Market is projected to grow from an estimated USD 33.58 billion in 2018 to USD 45.45 billion by 2023, at a CAGR of 6.2%, from 2018 to 2023. The commercial refrigeration equipment market is expected to shift towards natural refrigerant-based systems because of the potential for large energy savings, and implementation of stringent regulations worldwide for phasing out ozone-depleting substances, such as hydrofluorocarbons (HFCs) and hydrochlorofluorocarbons (HCFCs). The demand for NH3/CO2 cascade systems is also slated to go up gradually due to the advantages they offer for food processing and low-temperature distribution facilities. These benefits include low operating costs (as they use less energy per ton of refrigeration compared to other systems), lower capital and compliance costs, optimal food quality, and increased throughput.
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Browse 99 market data Tables and 32 Figures spread through 159 Pages and in-depth TOC on "Commercial Refrigeration Equipment Market”
The commercial refrigeration equipment market has a diversified ecosystem of upstream players, including raw material suppliers, along with downstream stakeholders, vendors, and government organizations. Companies operating in the commercial refrigeration equipment market include Baltimore Aircoil Company, Inc. (US), Daikin Industries, Ltd. (Japan), GEA Group AG (Germany), Emerson Climate Technologies (US), among others.
Target Audience
- Manufacturers, dealers, and suppliers of the commercial refrigeration equipment
- End users of the commercial refrigeration equipment
- Government and research organizations
- Companies operational in material R&D
- Associations and industrial bodies
- Investment banks
- Consulting companies/consultants in chemical and material sectors
In terms of product type, the transportation refrigeration segment, is estimated to account for the largest share of the commercial refrigeration equipment market in 2018. The commercial refrigeration equipment for refrigerated transport 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.
In terms of application, the hotels and restaurants segment is estimated to be the largest segment of the commercial refrigeration equipment market in 2018. Various commercial refrigeration equipment (CRE) such as display cases, refrigerated vending machines, among others, are being used as selling points in hotel lobbies and act as micro markets. High consumption of FMCG products including ready-to-eat salads and sandwiches and beverages, among others, are sold using CRE products to help improve customer service and engagement.
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