According to SPER Market Research, the Commercial Refrigeration System Market is being used excessively as a result of the rise in the import and export of packaged foods. The demand for frozen goods, seafood, and processed meals to be refrigerated has also increased as a result of considerable growth in international food traffic. Due to ongoing innovation, the industry has witnessed quick advancements in technologies like liquid-vapor compression and ammonia absorption systems. Over the past five years, there has been a tremendous improvement in the energy efficiency of commercial refrigeration.
The COVID-19 pandemic has had a significant impact on the global commercial refrigeration system market. The market has been negatively affected by disruptions in the food service industry and supply chain disruptions. The closure of restaurants, hotels, and other food service establishments has resulted in reduced demand for commercial refrigeration systems, as these businesses are not purchasing as many refrigeration units as they normally would. Moreover, supply chain disruptions, border closures, and transportation restrictions have also led to delays in the delivery of refrigeration systems, components, and parts.
Impact of COVID-19 on the Global Commercial Refrigeration System Market:
The COVID-19 pandemic has had a significant impact on the global commercial refrigeration system market. The pandemic has caused disruptions in the food supply chain, leading to fluctuations in demand for refrigeration systems, as well as changes in consumer behavior and safety regulations. The closure of restaurants, hotels, and other food service establishments during the pandemic led to a decline in demand for refrigeration systems in the first half of 2020. The closure of manufacturing facilities and supply chain disruptions also contributed to supply chain disruptions, causing delays and interruptions in the production and delivery of refrigeration systems. However, the pandemic also led to changes in consumer behavior, with an increased demand for frozen and packaged foods, which boosted demand for refrigeration systems in supermarkets, convenience stores, and other food retail establishments. The need for maintaining a safe and hygienic environment in commercial kitchens and food storage facilities also led to an increased demand for more advanced refrigeration systems, such as touchless refrigerators and freezers.
Commercial Refrigeration System Market Overview:
- Forecast CAGR (2022-2032): 5.03%
- Forecast Market Size (2032): 81.51 billion
The market is segmented by product type into transportation refrigeration systems, refrigerators and freezers, beverage refrigeration, and others. By end-use industry, the market is segmented into food service, food and beverage retail, and others. Geographically, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World.
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Commercial Refrigeration System Market Key Segments Covered
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2032. This report contains statistics on product type segment growth estimates and forecasts.
By Type:
- Beverage Refrigerator
- Freezers and Refrigerators
- Transportation Refrigerator
- Glass Door Merchandizers
- Display Cases
- Beverage Dispensers
By Application:
- Food Service
- Food and Beverage Production
- Food and Beverage Retention
- Food and Beverage Retail
By Operation:
- Plug -In
- Remote
By Technology:
- Conventional
- Smart Connected
By Region:
- Asia-Pacific
- Europe
- Middle East & Africa
- North America
- Latin America
The Global Commercial Refrigeration Market is divided into the following geographic regions: North America, Europe, Asia Pacific, and the Rest of the World. Throughout the forecast period, the Asia Pacific region is anticipated to expand significantly, largely as a result of factors including steady employment rates, improved economic conditions, rising gross disposable income, and increased expenditure on leisure activities like travelling and dining out. Due to the growing deployment of vaccine storage units by biopharmaceutical companies and research institutes, developing economies like India and China present potential opportunities for market expansion.
Commercial Refrigeration System Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Arneg S.P.A, Blue Star Limited, Daikin Industries, Ltd., Dover Corporation, Electrolux AB, Frigo glass SAIC, FUJIMAK Corporation, GEA Group AG, Hoshizaki Corporation, Illinois Tool Works Inc., Innovative Display Works, METALFRIO Solution SA, Panasonic Corporation, Precision Refrigeration Limited, QBD Molecular System, Shanghai ZHAOUXE Refrigeration Equipment Co. Ltd., Standex International Corporation, Structural Concept Corporation, True Manufacturing Co., Inc, Turbo Air Inc., Whirlpool Corporation, Zero Zone Inc.
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Commercial Refrigeration System Market Size
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The global commercial refrigeration equipment market is expected to grow at a CAGR of 6.4% during the forecast period with its market size predicted to reach USD 64.0 billion by 2024.
Among all these segments, walk-in coolers hold the largest share in the market since walk-in coolers help the users in reducing operating costs, convenience and flexibility.
Furthermore, these coolers are considered to be most efficient alternative for reducing electricity cost and helps in keeping food fresh for longer time span.Insight by ApplicationThe commercial refrigeration equipment market on the basis of application is segmented into food and beverage distribution, food service, food and beverage retail and others.
The growth of the market for this application is attributed towards increasing utilization of food service refrigeration equipment in ensuring quality of food from the supplier to the consumer.Insight by End UserOn the basis of end-user, the commercial refrigeration equipment market is segmented into hotels/restaurants & catering, convenience stores, supermarkets, hypermarkets, e-commerce, and others.
Among these segments, supermarkets are the largest end-user of refrigeration equipment in commercial application since this system helps in gaining expertise in order to meet efficiencies in energy requirement and helps in reducing carbon footprints without comprising the performance of an organization.Request for Report Discount: http://marketgrowthanalysis.com/reports/enquiry/289Industry DynamicsIndustry TrendsIncreasing utilization and demand for refrigeration systems in various grocery stores, supermarkets, convenience stores and specialty food stores are the key trends observed in the commercial refrigeration equipment market across the globe.
Natural refrigerants are those which serve as refrigerants in the refrigerator and do not contain synthetic chemicals.
