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Commercial Refrigeration Equipment Global Market Report 2023
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New York, Feb. 17, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Commercial Refrigeration Equipment Global Market Report 2023” – https://www.reportlinker.com/p06282479/?utm_source=GNW
The global commercial refrigeration equipment market will grow from $59.18 billion in 2022 to $62.11 billion in 2023 at a compound annual growth rate (CAGR) of 4.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The commercial refrigeration equipment market is expected to grow to $73.95 billion in 2027 at a CAGR of 4.5%.
Commercial refrigeration equipment market consists of sales of plug-in enclosed vending machines, deli cases, drop in coolers and others.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Commercial refrigeration equipment refers to tools used for cold storage in industrial settings.
The Asia Pacific was the largest region in the commercial refrigeration equipment market in 2022.North America was the second largest region in the commercial refrigeration equipment market.
The regions covered in the commercial refrigeration equipment report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main product types of commercial refrigeration equipment are refrigerator & freezer, transportation refrigeration, refrigerated display cases, beverage refrigeration, ice cream merchandiser, and refrigerated vending machine.Beverage refrigeration refers to a refrigerated storage area intended to cool beverages using a vehicle’s air conditioning system or a separate phase-cooling system.
The refrigerant types are fluorocarbons, hydrocarbons, and inorganics. The various applications involved are hotels & restaurants, supermarkets & hypermarkets, convenience stores, and bakeries.
The increasing demand for frozen & chilled products from consumers is anticipated to drive the commercial refrigeration market.Preference for frozen & chilled products have increased due to changing lifestyle, accelerated urbanization, and benefits offered by frozen products such as longer shelf life, convenience, reduced food preparation & clean-up time.
As per the study of the American Frozen Food Institute (AFFI) released in May 2020, there is a significant growth in the purchase of frozen products among consumers with 70% of consumers buying more frozen food than usual during the COVID-19 situation.Frozen food sales increased to 80% in the week of March 15 and 94% in the week of March 22 when compared to the same weeks in 2019.
Frozen and chilled products are stored in commercial refrigerators in supermarkets, hypermarkets, and refrigerated trucks from where they are bought and transported. This is likely to generate a higher requirement for commercial refrigeration equipment for storing, which propels the growth of the market.
High equipment and installation costs of equipment are expected to hinder the commercial refrigeration equipment market’s growth.For instance, the total cost of the walk-in cooler including installation range from $3,000 to $9,000.
In addition to this, the average cost of commercial refrigeration equipment repair falls between $100 and $325. This high cost of the equipment, installation, and maintenance are extremely unaffordable to smaller retailers who rent these services or opt for non-commercial variants, which hinders the growth of the commercial refrigeration equipment market.
Companies are concentrating on incorporating the latest technologies such as artificial intelligence, 5G, and machine learning into commercial refrigeration equipment for decreasing electrical consumption, improved preventive maintenance, and better customer experience.For instance, in August 2020, Axiom Cloud and Turn tide Technologies collaborated to stimulate AI technology in Commercial refrigeration.
Axiom will license divisions of its IoT infrastructure to Turn tide to support Turn tide’s mission to reduce the 25% of global electricity consumption that is misused by legacy motors.
In September 2021, Ronin Equity Partners, a US-based private equity firm, acquired QBD for an undisclosed amount.This acquisition broadens the application of QBD’s green cooling deck concept and extends our reach into new industries.
QBD is a US-based manufacturer of commercial refrigeration equipment.
The countries covered in the commercial refrigeration equipment market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The commercial refrigeration equipment market research report is one of a series of new reports that provides commercial refrigeration equipment market statistics, including commercial refrigeration equipment industry global market size, regional shares, competitors with a commercial refrigeration equipment market share, detailed commercial refrigeration equipment market segments, market trends and opportunities, and any further data you may need to thrive in the commercial refrigeration equipment industry. This commercial refrigeration equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06282479/?utm_source=GNW
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