07 October 2022
Douglas Insights’ promising comparison engine has expanded with the addition of commercial refrigeration equipment market research reports in its vast library of public and private documents. The advanced comparison engine allows market researchers, business owners, and industry experts to dive into their favoured market’s growth drivers, promising opportunities, significant restraints, and overall market trends. Douglas Insights’ Comparison Engine uses vital information such as table of contents, publisher ratings, report prices and the number of pages to make necessary comparisons.
Commercial refrigeration equipment includes freezers and refrigerators used in supermarkets and other commercial facilities where refrigeration of products is required. The commercial refrigeration equipment market is expected to grow at a CAGR of 5.1% during the forecast period of 2022-2030. The change in dietary practices of individuals around the globe has contributed to the demand for commercial refrigerators in supermarkets, whereas pharmaceuticals are also using the equipment to preserve chemicals. The hospitality sector also uses large refrigerators to preserve food items to avoid wastage.
The COVID-19 pandemic severely affected the hospitality industry as major hotels and restaurants had to shut down their operation due to stringent government restrictions. The pandemic had a significant effect on the demand for commercial refrigeration equipment. However, the post-pandemic wave of new tourists is a positive change that the hospitality industry is looking forward to, contributing to the increased demand for commercial refrigeration units as tourists make their way to hotels and restaurants more often.
The changing food consumption habits are a significant factor propelling the demand for commercial refrigeration equipment. With increasing trends in healthy food, frozen fruits and vegetables are in demand. People around the globe are also moving towards urban areas for a better quality of life, naturally raising food consumption, which leads to a need for various food preservation services and solutions. Moreover, busy schedules and a shift back to the hustle culture have given rise to packaged food in the past few years, which needs refrigeration units for proper preservation.
Despite the growth factors, stringent environmental regulations enforced by governments across the globe may hinder the rise of the commercial refrigeration equipment market. The usage of fluorocarbons in refrigerators is associated with the cause of ozone layer depletion. As a result, refrigeration units with toxic gases are widely banned or restricted in various parts of the world.
Though the ban on fluorocarbons and derived gases may impede commercial refrigeration equipment market growth, there’s a beneficial opportunity for companies to manufacture green refrigeration units. Major work and capital by several big names in the industry are already put into speed to allow effective research and development on the subject and bring innovative solutions to the commercial refrigeration market.
The commercial refrigeration equipment market is segmented by application type, product type, refrigerant type and geographical region. Commercial refrigerators for hypermarkets are constantly in demand, with other factors such as beverages, frozen food products, dairy packages, preserved meat, etc., at play. Furthermore, the Asia Pacific region is expected to dominate the market, with China leading the trends due to the growing population and expanding food supply demands. Closely following are India, Japan and South Korea, which also need increased food reserves for feeding the growing population.
US-based companies such as Carrier Corporation, The Middleby Corporation, Emerson Electric Co., and Welbilt are promising commercial refrigeration equipment market players. Additionally, European businesses such as GEA Group Aktiengesellschaft, Germany; Danfoss, Denmark; Daikin Europe Group, Belgium; and AB Electrolux, Sweden, are also rising as tough contenders within the market.
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