Commercial Refrigeration Equipment Market, by Material Type (Copper, Low Carbon), End-Use (Residential, Commercial, Industrial), Implementation (New Construction, Retrofit) and Geography (North America, Europe, Asia-Pacific, Middle East and Africa and South America)
Commercial Refrigeration Equipment Market Overview
The global commercial refrigeration equipment market size was valued at USD 33.53 billion in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 4.2% from 2021 to 2028.
Refrigeration system consists of several equipment’s like compressor, condenser, evaporator, expansion devices etc. A refrigerant compressor is a machine used to compress the refrigerant from the evaporator and to raise its pressure so that the corresponding temperature is higher than that of the cooling medium.
The rapid expansion of the tourism and hospitality sector and the growing preference of end-customers to takeaway meals are some of the factors that have supported long-term expansion for Commercial Refrigeration Equipment Market.
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COVID-19 had a significant economic impact on various financial as well as industrial sectors, such as travel & tourism, manufacturing, construction, and aviation. The end-use sectors of commercial refrigeration equipment, such as hotels & restaurants, supermarkets & hypermarkets, convenience store, and bakeries have been impacted. Hotels & restaurants and bakeries was one of the severely impacted sectors due to strict lockdowns and curfew in most countries to prevent the spread of coronavirus.
Commercial Refrigeration Equipment Market Regional Analysis
The Asia Pacific is expected to be the largest market of commercial refrigeration equipment during the forecast period. The increasing population in the region, improving economic conditions, such as rising GDP & disposable incomes, and a booming consumer appliances sector have led to growth in the commercial refrigeration equipment in the region.
Commercial Refrigeration Equipment Market Competitive Landscape
Key Players
• Dover Corporation
• DAIKIN Industries, Ltd.
• Carrier; AB Electrolux
• Ali S.p.A
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Commercial Refrigeration Equipment Market Recent Developments
• In July 2021, BITZER has launched gas coolers for carbon dioxide (CO2) applications in commercial and light industry refrigeration. These coolers provide resistance to pressure and thermal efficiency. They offer advantage for systems with medium or large capacity of more than 250 kW
• In May 2021, Danfoss launches multi-refrigerant, A2L-ready condensing units for ultra-low GWP installations. It comes with high energy efficiency and reduces consumption of energy and indirect emissions.
Reasons to Acquire in the Commercial Refrigeration Equipment Market
• Increase your understanding of the market for identifying the best and suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends and factors
• Gain authentic and granular data access for Commercial Refrigeration Equipment Market so as to understand the trends and the factors involved behind changing market situations
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns
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Frequently Asked Questions
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