The global commercial undercounter and worktop refrigeration market to reach a valuation of US$ 11.4 billion in 2023. Future Market Insights reports say that the market is expected to grow at a 3.3% CAGR from 2023 to 2033, anticipated to be valued at US$ 15.8 billion by the end of 2033.
Market products for automated or smart refrigeration control are gaining a lot of traction. Commercial refrigerators with Energy Star certifications consume 1.89 kWh of energy per day, according to the Federal Energy Management Program. Less energy-efficient refrigerators consume approximately 4.44 kWh per hour. Growth in demand for commercial refrigerators conserve energy and help the market participants in developing inventive designs.
Concerns about the climate, such as ozone depletion and global warming caused by high GWP refrigerants, have presented challenges to manufacturers. Rising demand for technologies that can combat hazardous gas emissions, market participants are now urging their customers to invest in cutting-edge magnetic refrigeration systems. Operational costs and energy efficiency are improved by these systems. United States Department of Energy’s statistics shows that these systems are energy efficient and can save up to 30% on energy costs.
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Market for commercial refrigeration equipment in the recent years has seen steady growth as businesses strive to maximize efficiency and cut costs. Trend creates a demand for suppliers of these products and services, enabling businesses to utilize refrigerated trucks, warehouses, and other facilities to keep food fresh while getting value out of their money. End-users in this global commercial refrigeration equipment market can satisfy legal obligations like meeting food safety standards by using these items and services.
Factors that can affect the growth of the Commercial Refrigeration Equipment industry where some of these factors include:
- Shifting Consumer Preferences: Commercial refrigeration equipment market continues to evolve due to shifting consumer tastes and demands.
- Growing Food Production: Increase in food production, increases the need for better storage and refrigeration solutions – ultimately driving growth in this market.
- Technological Advancements: Refrigeration sector has seen an improvement in performance due to the implementation of automated systems, leading to reduced operational costs and greater productivity.
- Rise in Establishments: Commercial refrigeration equipment industry is experiencing rapid growth due to an increasing need for refrigeration systems in an increasing number of establishments, as food storage and preservation become more critical than ever before.
- Significant Investments in Research and Development: Businesses are investing heavily in R&D to develop cutting-edge refrigeration systems, which is helping the commercial refrigeration equipment industry expand its market share.
Key Takeaways from the Market Study
- Commercial Undercounter and Worktop Refrigeration Market grew at a CAGR of 2.9% from 2018 to 2022
- North American market for commercial under-counter and worktop refrigeration holds 2.8% CAGR of the market share.
- Undercounter type of installation is said to dominate the market share of the commercial under-counter and worktop refrigeration market.
- Online Retail Store is said to Drive the distribution channel of the Commercial Undercounter and Worktop Refrigeration Market
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Competitive Landscape
Some of the prominent players in the global market are
- Coldline
- Blue Air
- Atosa
- Dover Corporation
- Hoshizaki
- Migali
- Continental refrigerator
- Avantco Refrigeration
- Whynter
- Delfield
Some of the important developments of the key players in the market are:
- In February 2023, Toshiba Carrier Corporation, a partnership between Carrier and Toshiba that specializes in variable refrigerant flow and light commercial HVAC, and Carrier Corporation signed a contract that will allow Carrier to acquire Toshiba Corporation’s ownership stake.