Commercial Refrigeration Equipment Market to Reach USD 77.73 Billion by 2030; Carrier Joined Forces with ConMet to Deliver Sustainable Solutions to Users

The global commercial refrigeration equipment market size was valued at USD 50.42 billion in 2022. Fortune Business Insights™ in its report titled “Commercial Refrigeration Equipment Market Size, Share & COVID-19 Impact Analysis, By Type (Refrigerator & Freezer, Transport Refrigeration, Refrigerated Display Cases, Ice Machines, and Others), By Application (Food & Beverage, Retail Stores, Hotels & Restaurants, Chemicals & Pharmaceuticals, and Others), and Regional Forecast, 2023-2030” observes that the market is projected to grow from USD 52.86 billion in 2023 to USD 77.73 billion by 2030, exhibiting a CAGR of 6.4% during the forecast period. The surging demand for carbonated drinks worldwide and rising demand for commercial refrigerators and freezers across hypermarkets, supermarkets, and food retailers for storing processed foods, ready-to-eat products, and frozen foods are aiding market expansion. Moreover, increasing disposable income of end-users and growing spending on frozen foods and ready-to-eat meals will also aid segment growth.

Carrier Transicold Starts Production of All-Electric Syberia eCool Temperature-Controlled Unit

In February 2023, Carrier Transicold began producing the new all-electric Syberia eCool temperature-controlled unit, thus continuing the electrification of the company’s eCool series and demonstrating its commitment to sustainability. The new system ultra-low noise operation with zero direct engine emissions makes it the ideal solution for all-electric urban deliveries. First launched at IAA Transportation 2022, the Carrier Transicold Syberia eCool is now available in limited quantities in both multi-temperature and single configurations and is expected to be widely available to customers in 2024.

Growing Product Demand from the Pharmaceutical Sector Escalated Market Proliferation Amid the Pandemic

The COVID-19 outbreak resulted in the closure of manufacturing facilities as nationwide lockdowns were imposed to control the rising number of cases. This, in turn, resulted in supply chain disruptions and affected product sales negatively. However, the demand for commercial refrigeration equipment from pharmaceutical sector increased. It was needed to store medicines and drugs to prevent them from spoiling. Moreover, product demand increased significantly after the pandemic due to the rising consumption of frozen food meals in developing and developed countries alike.

Surging Demand for Commercial Refrigeration Equipment in the Food and Beverage Sector to Propel Market Growth

The global food and beverage refrigeration industry generates the highest annual revenue in the global GDP. The industry cools raw farm commodities as well as consumer food products through nearly 680,000 retail stores and food service outlets. This, in turn, boosts production, consumption, and refrigeration equipment sales globally. Furthermore, rising Foreign Direct Investment (FDI) in the food processing industry will aid the commercial refrigeration equipment market growth.

Contrastingly, the high installation and maintenance costs associated with commercial refrigeration systems will hinder market proliferation in the forthcoming years.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/commercial-refrigeration-equipment-market-102584

Mergers and Acquisitions Among Industry Leaders to Drive Market Augmentation

Leading manufacturers are participating in tactical decisions, such as partnerships, collaborations, and mergers & acquisitions, to strengthen their positioning in the global market and gather larger revenues. For instance, in September 2022, Ryder acquired San Francisco based start-up Baton to expand supply chain and transportation solution businesses and helped bring new technologies in the market.

Notable Industry Development

• January 2022: Carrier joined forces with ConMet to deliver sustainable solutions to users and assist companies, thus supporting their Environmental, Social & Governance (ESG) goals.

List of Key Companies Profiled in the Report:

• Emerson Electric Co. (U.S.)
• Carrier Corporation (U.S.)
• Danfoss (Denmark)
• GEA Group Aktiengesellschaft (Germany)
• DAIKIN EUROPE GROUP (Belgium)
• Johnson Controls (Ireland)
• Nor-Lake, Inc. (U.S.)
• Danfoss (Denmark)
• The Middleby Corporation (U.S.)
• Imbera (Mexico)
• Welbilt (U.S.)
• AB Electrolux (Sweden)
• Ali Group S.r.l. (Italy)
• AHT Cooling Systems GmbH (Austria)
• Hillphoenix, A Dover Company (U.S.)
• Excellence Industries (U.S.)
• Illinois Tool Works Inc. (U.S.)
• Lennox International Inc. (U.S.)
• Minus Forty Technologies Corp. (Canada)
• Panasonic Corporation (Japan)
• True Manufacturing Co., Inc. (U.S.)
• Whirlpool Corporation (U.S.)
• Standex International Corporation (U.S.)
• Viessmann (Germany)
• Canadian Curtis Refrigeration Inc. (Canada)
• Everidge, Inc. (U.S.)

Further Report Findings

• Asia Pacific led the market in 2022 owing to rising focus of leading food manufacturers on producing frozen versions of regional food products, thus aiding market growth in the region. The growing demand for frozen food products in China, India, South Korea, and Japan is also aiding market expansion.
• Based on type, the refrigerator & freezer segment dominated the market in 2022 owing to the rising demand for cold storage equipment for numerous industrial applications.
• As per application, the food & beverage segment held the largest commercial refrigeration equipment market share in 2022 owing to the surging demand for ready-to-eat and healthy food products worldwide

Table of Segmentation