Commercial Refrigeration Equipment Industry In U.S - Market Analysis, Size, Share, Growth, Trends and Forecast 2022 - 2032
With a 3.9% year-on-year increase in sales of commercial refrigeration equipment in 2022, the market is expected to be worth US$ 51.8 billion by the end of the year. The global commercial refrigeration equipment market is expected to be worth US$ 68.3 billion by 2028, growing at a CAGR of 4%. (2022-2028).
In 2020, commercial refrigeration systems will account for 40% of the global refrigeration equipment market. Commercial refrigerators and freezers will see increased sales as investments in the food and beverage industry increase in the coming years.
The commercial refrigeration equipment market is expected to shift towards natural refrigerant-based systems because of the potential for large energy savings, and the implementation of stringent regulations worldwide for phasing out ozone-depleting substances, such as hydrofluorocarbons (HFCs) and hydrochlorofluorocarbons (HCFCs).
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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 of Future Market Insights (FMI), the market for commercial refrigeration equipment will progress at a moderate CAGR over 2022 – 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.
The demand for NH3/CO2 cascade systems is also slated to go up gradually due to the advantages they offer for food processing and low-temperature distribution facilities. These benefits 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.
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.
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