The global commercial refrigeration market size was estimated at $27 billion in 2019 and is anticipated to reach $45 billion by 2030. The market forecasts to grow at a compound annual growth rate (CAGR) of 4.8% during the forecast period from 2021-2030.
Factors Influencing
During the forecast period, the global commercial refrigeration market is expected to witness a huge demand for the products. This is attributed to the fact that the demand for packaged food is expected to rise at a moderate rate globally. Thus, it is expected to boost demand for commercial refrigeration in the near future. Furthermore, during the analysis period, an increase in food safety regulations is expected to surge the demand for commercial refrigeration.
The global commercial refrigeration market is being driven by an increase in consumer demand for frozen and chilled products. As a result of lifestyle changes and rapid urbanization, the market is anticipated to grow in the coming years.
Furthermore, the rapidly growing retail sector, such as the surging number of hypermarkets and supermarkets worldwide, would boost the overall sales of commercial refrigerators.
However, the requirement for constant maintenance and chances of technical issues due to improper maintenance are significant factors that are expected to slow down the market growth.
Technological advancements and an increase in the number of quick-service restaurants, particularly in developing economies, are expected to provide various opportunities to the key players during the forecast period.
COVID-19 Impact analysis
Global concerns related to the spread of the virus have had a notable negative impact on the global commercial refrigeration market. Furthermore, disruptions in the shipping supply chain have led to a temporary shortage of raw material. As a result, it slowed down the growth of the overall commercial refrigeration market.
Regional Analysis
In 2019, Asia-Pacific estimated for over two-fifths of the total commercial refrigeration market, and it is likely to continue its dominance over the analysis period, with significant growth foreseen in China, India, and other developing countries. The expansion of the commercial refrigeration market in these countries is being fueled by an escalation in the number of full-service restaurants, quick-service restaurants, and the acceptance of frozen food and confections. Apart from that, other key factors driving the region's highest share include increased disposable income, expanding infrastructure, and a rapidly growing population. Because of advancements in technology, the growing adoption of premium items, and modern retail industry infrastructure, North America is the second-largest market for commercial refrigeration equipment.
Market Segmentation
By End User
By Product Type
By Region
Key Market Players
