Commercial Refrigeration Equipment Market Size, Share & Trends Analysis Report By Product, By Application, By System Type (Self-contained, Remotely Operated), By Capacity, By Region, And Segment Forecasts, 2021 - 2028
The global commercial refrigeration equipment market size is estimated to reach USD 43.16 billion by 2028, registering an estimated CAGR of 4.2% from 2021 to 2028. The increase in demand for frozen food items and the thriving hospitality and tourism industries are some of the factors driving the market growth.
The growing environmental concerns related to the emission of harmful refrigerants such as Chlorofluorocarbons (CFC) and Hydro-chlorofluorocarbons (HCFC) have led to the implementation of regulations favoring the use of efficient alternatives in commercial refrigeration equipment globally. Under its Clean Air Act, the U.S. Environment Protection Agency (EPA) has mandated the regularized use of low Global Warming Potential (GWP) refrigerants in the equipment for the commercial sector. Such regulations are encouraging commercial refrigerator manufacturers to seek low energy consuming refrigerants to minimize the adverse effect of Greenhouse Gas (GHG) emissions. For instance, in 2020, Hiber, a brand of Ali Group S.r.l. a Socio Unico, added bidirectional IoT connectivity integrated refrigeration cabinets optimized with self-learning systems for reducing energy consumption when the equipment is not in use.
In 2020, the COVID-19 catastrophe majorly disrupted the commercial foodservice industry and retail industries, adversely impacting the growth of the market for commercial refrigeration equipment.However, since December 2019, the research institutes and pharmaceutical companies have highly demanded and utilized vaccine storage refrigerators during their R&D processes to come up with a life-saving vaccine against the coronavirus.
The commercial refrigeration equipment has witnessed a boom from the biotechnology and pharmaceutical industry owing to the formulation of the vaccine and later its rollout, and for successfully storing and transporting the vaccines at a global scale.
Commercial Refrigeration Equipment Market Report Highlights • The refrigerators and freezers segment accounted for a revenue share of nearly 25.0% in 2020. The rising consumption of vaccine storage units during the COVID-19 pandemic in an attempt to conduct a successful immunization process is anticipated to contribute to the growth
• The U.S. has been the major contributor in the North America region with a revenue share of close to 80.0% in 2020
• By system type, the self-contained refrigeration equipment segment is expected to register a CAGR of nearly 5.0% from 2021 to 2028
• The 51 cu. Ft. - 100 cu. Ft. capacity segment accounted for the largest revenue share in 2020
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