February 25, 2022 00:55 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Feb. 25, 2022 (GLOBE NEWSWIRE) -- The global commercial refrigeration equipment market size reached USD 46.13 billion in 2020. The market valuation is slated to rise from USD 48.18 billion in 2021 to USD 68.81 billion in 2028 at a CAGR of 5.2% in the 2021-2028 period. This information is provided by Fortune Business Insights, in its report, titled, “Commercial Refrigeration Equipment Market, 2021-2028.”
According to our expert analysts, commercial refrigeration equipment is gaining popularity due to the rising demand for food and beverage refrigeration, and expanding uses in chemicals and pharmaceuticals, the hotel industry, and other areas. Because of the importance of a healthy diet and changes in customer preferences around the globe, consumption of healthy food items such as ready-to-eat and frozen fruits is increasing. The rising government regulations and concerns about toxic refrigerants that contribute to ozone depletion will provide substantial market prospects for magnetic refrigeration technology and green technology over the projected period.
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Companies Profiled in the Commercial Refrigeration Equipment Market:
Cumulative Impact of COVID-19 on Market Growth
In the first and second quarters of 2020, the sudden advent of the COVID-19 pandemic impacted global growth and demand for commercial refrigeration equipment. This put undue strain on the supply chain in each industry, leaving manufacturers and distributors with little time to restructure and deal with the immediate issues. Whereas, hotels and restaurants, supermarkets and hypermarkets, convenience stores, and bakeries have been impacted, leading to reduced product demand. Due to rigorous lockdowns and curfews in most nations to prevent the spread of coronavirus, hotels, restaurants, and bakeries were among the worst-affected industries.
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The commercial refrigeration equipment market report explains the elements that contribute to market growth and expansion. This is represented by recently released items that promote the industry's global expansion. To analyses the potential for growth and plans to expand the company's reach, key industry changes are considered. The impact of drivers and restraints on commercial refrigeration equipment market growth is investigated to improve the targeting strategies for the segmented market.
Based on type, the Commercial Refrigeration Equipment Market is segmented into transport refrigeration, refrigerator & freezer, ice machines, refrigerated display cases, and others.
On the basis of application, the market is segregated into hotels & restaurants, food & beverage, chemicals & pharmaceuticals, retail stores, and others.
On the basis of distribution channel, the market is divided into online and offline.
Finally, by geography, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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Growing Demand from Food & Beverage Sector to Stimulate Growth
The food and beverage industry are one of the most profitable sectors in the world, with the biggest yearly revenue contribution to global GDP. Through roughly 680,000 retail stores and food service outlets, the industry provides to clients by converting raw farm commodities from over 2 million farms into consumer food products. This boosts global production and consumption, and commercial refrigeration equipment sales. Furthermore, rising demand for consumer and ready-to-eat food and beverage items due to global increase in the use of commercial refrigeration equipment. Whereas, because this equipment is utilized in commercial applications, the price varies depending on the size, as commercial refrigerators, freezers, and other appliances are designed to fit into vast spaces. Therefore, the cost of owning and maintaining such massive machinery becomes a major market constraint.
Asia Pacific is expected to dominate the commercial refrigeration equipment market share due to rising demand for frozen food items in India, China, South Korea, and Japan. Food manufacturers all throughout the region are concentrating on making frozen versions of regional foods, which is helping to drive market growth. The region's growing population, better economic conditions, such as rising GDP and disposable incomes, and a burgeoning consumer appliances sector have all contributed to increased demand for commercial refrigeration equipment. Furthermore, growing urbanization, rise in the manufacturing sector, and increased expenditure on private and public infrastructure construction are all driving the commercial refrigeration equipment market in this region.
The expansion of the regional market will be fueled by increased investments in the food and beverage sectors across North America. Consumers are becoming more aware of the need for nutritious and hygienic food and are prepared to pay a premium for it, prompting restaurants and hotels to use these systems to keep food products fresh and safe. Furthermore, the growing number of fast-food restaurants and the expanding restaurant industry in the U.S. and Canada will boost the market size in North America throughout the forecast period.
Companies Adopt Strategic Acquisition to Improve Market Position
The increasing use of sustainable technology equipment has prompted important businesses to concentrate on business methods such as collaborations, mergers, and acquisitions that can help them expand their market share. For example, major manufacturers partner with solution providers to develop customer-centric technology that helps grocery stores, and supermarkets to reduce food waste. Moreover, some major manufacturers are concentrating their efforts on acquiring top players or niche product producers to broaden their geographic reach and product line.
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