CHICAGO, Sept. 14, 2023 /PRNewswire/ -- The report "Commercial Refrigeration Market by Product Type, Refrigerant Type, Application (Food Service, Food & Beverage Production, Food & Beverage Retail), End Use (Supermarkets & Hypermarkets, Hotels & Restaurants, Bakeries), & Region - Global Forecast to 2028", is projected to grow from USD 45.6 billion in 2023 to USD 62.7 billion by 2028, at a CAGR of 5.8%. The expansion of retail chains, supermarkets, and convenience stores on a global scale drive the demand for commercial refrigeration systems. The requirement of a reliable and efficient refrigeration infrastructure to preserve perishable goods and meet customer demands is expected to boost the market growth.
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By product type, the refrigerated display case is projected to account for the fastest-growing segment of the commercial refrigeration market during the forecast period.
The refrigerated display case segment, by product type, is projected to be the fastest-growing market during the forecast period. These cases are designed to showcase products in an appealing and visually enticing manner, encouraging customers to make purchases. The global rise in the number of supermarkets, grocery stores, and other food retail outlets is expected to create attractive opportunities in the commercial refrigeration market.
By refrigerant type, the hydrocarbons segment is estimated to account for the second-largest share of commercial refrigeration market during forecast period.
Hydrocarbons (HCs) are natural, non-toxic refrigerants that have minimal impact on ozone depletion and global warming compared to many synthetic refrigerants. Hydrocarbon gases, such as propane, isobutane, pentane, and isopentane, are used as refrigerants for cooling in industrial, commercial, and domestic applications. Their significant role in the shift toward more environmentally friendly cooling solutions, contribute to the overall market growth.
By application, the food & beverage distribution is projected to account for the fastest-growing segment of the commercial refrigeration market during the forecast period.
Commercial refrigeration is also employed in food & beverage distribution to provide safe & efficient storage, transportation, and delivery of perishable products. Frozen food products, such as frozen fruits, vegetables, meats, and ready-to-eat meals, require specialized freezing & refrigeration during distribution to ensure they remain frozen until they reach consumers. These factors are expected to boost the market growth between 2023 and 2028.
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By end use, the convenience stores segment is projected to account for the second fastest-growing segment of the commercial refrigeration market during the forecast period.
The advent of refrigeration has allowed convenience stores to store packaged foods & beverages for extended periods without spoilage. The rising number of convenience stores can be attributed to the increasing preference for packaged food items and beverages and the rising per capita income of consumers. The growth of the food preservatives market in China and India is also expected to contribute to the increased consumption of commercial refrigeration in convenience stores.
By region, Asia Pacific is estimated to account for the largest segment of commercial refrigeration market during 2023 to 2028.
Governments in the Asia Pacific region were implementing stricter regulations and standards related to refrigerants. Such regulations are released with the aim of decreasing ozone depletion and greenhouse gas emissions. This led to a shift toward using more environmentally friendly refrigerants and phasing out hydrochlorofluorocarbons (HCFCs) and other harmful substances Increasing economic growth and substantial investments in the consumer appliances industry drive the demand for commercial refrigeration in the region. Rising demand for food storage equipment, increasing urbanization, and growing consumer electronics are also driving the market.
The major players operating in the commercial refrigeration market include Daikin (Japan), Johnson Controls (US), Carrier (US), Dover (US), Baltimore Aircoil Company (US), Blue Star Limited (India), De Rigo Refrigeration (Italy), Fogel (Guatemala), Hussmann (US), Imbera (Mexico), KMW (Germany), Mayekawa Mfg. Co., Ltd. (Japan), Runte (China), SCM Frigo (Italy), True (US), Viessmann (Germany), Voltas (India), and others.
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