Commercial Refrigeration Equipment Market Growth & Trends
The global commercial refrigeration equipment market size is estimated to reach USD 58.31 billion by 2030, registering an estimated CAGR of nearly 5.1% from 2022 to 2030, according to a new report by Grand View Research, Inc. The major aspects driving the market growth are the increasing consumption of frozen foods and the significant expansion of the tourism and hospitality industries.
The rising environmental concerns about harmful emissions produced by refrigerators such as Hydro-chlorofluorocarbons (HCFC) and Chlorofluorocarbons (CFC) have led to the establishment of norms promoting the adoption of energy-efficient equipment for commercial refrigeration. The Clean Air Act launched by the U.S. Environment Protection Agency mandates the regularized application of low Global Warming Potential (GWP) refrigerants in the commercial segment.
Such regulatory measures are urging commercial refrigerator manufacturers to develop energy-efficient refrigerants to reduce the impact of Greenhouse emissions. For instance, in September 2020, Daikin Industries, Ltd. launched the upgraded version of its Conveni-Pack cooling system suitable for petrol station and food retail applications to develop an eco-friendly natural refrigerant CO2. This is an all-in-one and highly efficient solution that combines food refrigeration, air conditioning, heat recovery, and a heat pump in one unit to meet the requirements for commercial refrigeration set by the European food retail sector.
The global outbreak of the COVID-19 pandemic had severely affected the commercial foodservice industry and retail industries, thereby impacting the expansion of the commercial refrigeration equipment market. However, the industry witnessed strong demand from the pharmaceutical and biotechnology industries with the increasing need to produce and store vaccines. Several pharmaceutical firms and research institutes demanded vaccine storage refrigerators as a part of their R&D activities to deliver life-saving vaccines against the coronavirus.
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Commercial Refrigeration Equipment Market Report Highlights
The refrigerators and freezers segment held a revenue share of around 25.0% in 2021 owing to the increased demand for vaccine storage units during the pandemic for conducting the immunization process.
The self-contained refrigeration equipment segment is anticipated to witness a CAGR of around 5.0% from 2022 to 2030.
The U.S. has emerged as a major contributor across North America by accounting for a market share of more than 80.0% in 2021.
The 51 cu. Ft. — 100 cu. Ft. capacity segment captured a substantial revenue share of around 49.0% in 2021.
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