The global commercial refrigeration equipment market is evaluated to be US$ 51.8 Bn in 2022 and is projected to surpass US$ 68.3 Bn by 2028, at a CAGR of 4%, from 2022 to 2028.
The commercial refrigeration equipment market is anticipated to shift towards natural refrigerant-based systems because of the potential for large energy conservations, and the performance of stringent constraints worldwide for phasing out ozone-depleting importance, such as hydrofluorocarbons (HFCs) and hydrochlorofluorocarbons (HCFCs).
The demand for NH3/CO2 cascade systems is also slated to go up slowly due to the benefits they offer for food processing and low-temperature distribution facilities.
These advantages include low operating costs (as they use less energy per ton of refrigeration compared to other systems), lower capital and compliance costs, optimal food quality, and increased throughput.
With sales of commercial refrigeration equipment enjoying Y-o-Y growth of 3.9% in 2022, the market is expected to be worth US$ 51.8 Bn by the end of the year. The global commercial refrigeration equipment market is anticipated to reach a valuation of US$ 68.3 Bn by 2028 while progressing at a CAGR of 4% (2022-2028).
Request a sample @ https://www.futuremarketinsights.com/request-discount/rep-gb-291
Sustainable and energy-efficient refrigeration systems are set to become a norm across the end-use industries, which should compel manufacturers to increase their investments in R&D and product innovations.
Leveraging energy-efficient technologies to offer low global warming potential (GWP) products with rich functionalities will be the ticket to capturing significant market share in the long run.Witnessing an uptick of 3.4% over 2021, the worldwide sales of commercial refrigeration equipment will exceed revenues worth US$ 51 Bn by 2022 end.
As indicated by a recent research study by Future Market Insights (FMI), the market for commercial refrigeration equipment will progress at a moderate CAGR from 2022 – to 2029. The demand would be prominently driven by greater production of F&B goods and a preferential shift of consumers towards quick-service restaurants (QSRs), at a global level.
Request a Complete TOC @ https://www.futuremarketinsights.com/toc/rep-gb-291
COMMERCIAL REFRIGERATION EQUIPMENT MARKET KEY TAKEAWAYS
- Growing demand for ready-to-eat products and expanding retail outlets are driving the sales of commercial refrigeration equipment.
- North America and Europe would collectively account for over half of the market value share by the 2029 end.
- The food services sector will remain a prominent application area to invest in, for commercial refrigeration equipment market players.
- The enforcement of new refrigerant regulations such as the EPA 680 Upgrade, and the Kigali Amendment for the phase-down of HFC refrigerants will largely impact the market growth.
- The higher average unit cost of freezers & refrigerators allude lower volume sales vis-à-vis value gains, with just about 2.6 million unit sales in 2021.
- Glassdoor merchandizers that account for around a third of total volume sales continue to see relatively low revenue generation as compared to freezers & refrigerators.
- Sales of beverage dispensers and display cases across end-use industries will show a moderate increase year-over-year in 2022, which will collectively represent nearly 16% of total commercial refrigeration equipment sales in that year.
Manufacturers who are keeping the innovation quotient high and providing turn-key solutions to meet regulatory requirements, with safety to end users at the core, will be rewarded in the long run.
Request to ask an expert here @ https://www.futuremarketinsights.com/ask-question/rep-gb-291
Chinese Players Striving to Win Home Market
In developed markets, rapid acceptance of alternative refrigerants to benefit from regulatory standards along with the expansion of F&B processing industries continue to contribute to the development of the commercial refrigeration equipment market.
The growth of Asia Pacific’s commercial refrigeration equipment market was influenced by a shift in Asian eating habits toward western-style convenience food. With the ability to manufacture their compressors, Chinese companies are gaining a competitive edge to reign supreme in their home market with indigenous brands.
Competition Trends
In 2021, the top four stakeholders including Carrier Corporation, Daikin Industries, Ltd., Danfoss A/S, and Hussman Corporation collectively accounted for 20-25% revenue share.
The emergence of a large number of small players in developing countries has resulted in price competition, with leading market players losing their profit margins. Market fragmentation will continue through 2029, driven by regional regulatory norms and enhanced capabilities of the local players.
Request Discount @ https://www.futuremarketinsights.com/request-discount/rep-gb-291
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
Contact:
Unit No: 1602-006
Jumeirah Bay 2
Plot No: JLT-PH2-X2A
Jumeirah Lakes Towers
Dubai
United Arab Emirates
LinkedIn| Twitter| Blogs
For Sales Enquiries: sales@futuremarketinsights.com
For Media Enquiries: press@futuremarketinsights.com
Website: https://www.futuremarketinsights.com