The expansion of the food retail and cold logistics industries has resulted in a substantial increase in the demand for refrigerators. The proliferation of supermarkets, convenience stores, and grocery chains led to a diverse range of perishable food items being offered to consumers. To maintain the quality and extend the shelf life of these products, retailers require refrigeration systems for proper storage. As globalization continues to facilitate the international trade of perishable goods, the colf logistics industry plays a vital role in transporting temperature-sensitive products over long distances. Refrigerated trucks, containers, and warehouses are essential for maintaining the required temperature condition throughout the supply chain ensuring the goods reach their destinations in optimal condition.
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Data Bridge Market Research analyzes the North America, Europe and China Commercial Refrigeration Equipment Market is expected to reach USD 28,994.30 million by 2030 from USD 21,167.09 million in 2022, growing with a substantial CAGR of 4.2% in the forecast period of 2023 to 2030. Strict regulations and consumer demand for reduced energy consumption will drive market growth.
Key Findings of the Study
Rise in Consumption of Convenience Food Items May Drive the Market Growth
Convenience has become a key factor influencing consumer behavior in the food industry. With changing lifestyles, urbanization, and busier schedules, people are increasingly turning to ready-to-eat and easy-to-prepare convenience food items. This trend has given rise to significant demand for commercial refrigeration equipment in markets such as North America, Europe, and China. This commercial refrigeration equipment plays a crucial role in preserving the freshness and quality of convenience food, ultimately contributing to the growth of the commercial refrigeration equipment market in these regions. Modern consumers, particularly North America, Europe, and China, are leading fast-paced lives, often juggling work, family, and social commitments. As a result, there is a growing preference for quick and easily accessible food options. In addition, urbanization has led to smaller living spaces and an increase in single-person households.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015- 2020)
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Quantitative Units
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Revenue in USD Million
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Segments Covered
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Product Type (Blast Chillers, Refrigerator & Freezer, Transportation Refrigeration, Refrigerated Display Case, Self-Contained, Remotely Operated, Beverage Refrigeration, Ice Cream Merchandiser and Refrigerated Vending Machine), Refrigerant Type (Hydrocarbons, Fluorocarbons, and Inorganics), End-User (Supermarkets & Hypermarkets, Convenience Stores, Hotels & Restaurants, Bakeries and Catering Services)
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Countries Covered
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U.S., Canada, and Mexico, Germany, U.K., Italy, France, Spain, Switzerland, Russia, Turkey, Belgium, Netherlands and Rest of Europe, and China
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Market Players Covered
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Whirlpool Corporation (U.S.), DAIKIN INDUSTRIES (Japan), Electrolux Group (Sweden), Carrier (U.S.), Metalfrio Solutions (Brazil), True Manufacturing Co., Inc (U.S.), Hussmann Corporation (A subsidiary of Panasonic Holdings Corporation) (U.S.), Heatcraft Worldwide Refrigeration (Canada), Zero Zone, Inc. (U.S.), Saba Corp (U.S.), Minus Forty (Canada), COOLPLUS COMMERCIAL REFRIGERATION & KITCHEN EQUIPMENT COMPANY LIMITED (China), Excellence Industries (U.S.), VICTORY REFRIGERATION (U.S.), Dukers Appliance Co., USA Ltd. (US) among others
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Data Points Covered in the Report
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In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and consumer behavior.
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Segment Analysis:
The North America, Europe and China commercial refrigeration equipment market is segmented into three notable segments product type, refrigerant type, and end-user.
- On the basis of product type, the market is segmented into blast chillers, refrigerator & freezer, transportation refrigeration, refrigerated display case, self-contained, remotely operated, beverage refrigeration, ice cream merchandiser, and refrigerated vending machine.
In 2023, the blast chillers segment is expected to dominate the North America, Europe and China commercial refrigeration equipment market
In 2023, blast chillers segment is expected to dominate the market with market share of 26.57% due to their ability to rapidly and safely lowering the temperature of food, preserving its quality and freshness.
- On the basis of refrigerant type, the market is segmented into Hydrocarbons, fluorocarbons, and inorganics.
In 2023, the hydrocarbons segment is expected to dominate the North America, Europe and China commercial refrigeration equipment market
In 2023, the hydrocarbons segment is expected to dominate the market with market share of 50.88% due to their eco-friendliness and energy efficiency, aligning with the increasing demand for sustainable and environmentally conscious solutions in the refrigeration industry.
- On the basis of end-user, the market is segmented into supermarkets & hypermarkets, convenience stores, hotels & restaurants, bakeries, and catering services. In 2023, the supermarkets & hypermarkets segment is expected to dominate the market with market share of 38.36%.
Major Players
Data Bridge Market Research recognizes the following companies as the major players in North America, Europe and China commercial refrigeration equipment market that include Whirlpool, DAIKIN INDUSTRIES, Electrolux Group, Carrier, Metalfrio Solutions, True Manufacturing Co., Inc, Hussmann Corporation (A subsidiary of Panasonic Holdings Corporation), Heatcraft Worldwide Refrigeration, Zero-zone, Saba Corp, Minus Forty, COOLPLUS COMMERCIAL REFRIGERATION & KITCHEN EQUIPMENT COMPANY LIMITED, Excellence Industries, VICTORY REFRIGERATION, DukersUSA among others.
Market Developments
- In June 2022, Whirlpool Corporation will showcase its latest appliance innovations at the Pacific Coast Builders' Conference in San Francisco, aligning with building and design trends. The company's diverse brands, including Whirlpool, Maytag, KitchenAid, and JennAir, will offer product options for industry professionals.
- In February 2020, Daikin present its Conveni-Pack, which has established itself in recent years as the total solution for the trade, with natural refrigerant CO2. It is particularly climate-friendly and has positive thermodynamic properties such as low viscosity, high thermal conductivity, and high vapor density classification in safety class A1 as a non-toxic and non-flammable refrigerant making CO2 the ideal refrigerant for food refrigeration.
- In September 2022, Electrolux Professional will acquire Unified Brands Inc. and related assets from Dover Corporation for approximately SEK 2,140m (USD 244m), strengthening its US presence and growth in food service chains.
- In July 2023, Carrier commercial refrigeration collaborated with METRO AG to deploy natural refrigerant equipment to its stores across Europe and has been named a Top Project of the Year in the environment energy leader awards 2023.
- In July 2023, Carrier Commercial Refrigeration continued its commitment to decarbonization through the launch of its innovative HeatCO2OL range of heat pumps. Featuring a compact, efficient design that uses renewable energy sources, Carrier’s portfolio of HeatCO2OL products can reduce carbon emissions and help customers to accelerate their sustainability efforts.
- In January 2019, Hussmann announced the acquisition of certain assets of Exxeno LLC, a cloud-based Software-as-a-Service (SaaS) provider. The acquisition of Exxeno's assets allows Hussmann to enhance its total solutions offering for commercial refrigeration systems. Through the integration of cloud-based SaaS solutions, Hussmann aims to deliver data-driven insights, predictive maintenance capabilities, and energy savings to food retailers, ultimately enhancing their overall operations and customer satisfaction.
- In September 2021, Ronin equity partners acquired two leading North American manufacturers of commercial refrigeration equipment, QBD and Minus Forty. The brands will continue to be marketed under their names. This acquisition will expand the reach of the company into new sectors, it widens the use of green cooling deck design which will leverage Minus Forty’s Internet of Things technology to reinforce the company’s position in the beverage sector.
Regional Analysis
On the basis of geography, the market is segmented into North America, Europe and China. North America is further segmented into U.S., Canada, and Mexico. Europe is further segmented into Germany, U.K., Italy, France, Spain, Switzerland, Russia, Turkey, Belgium, Netherlands, and the Rest of Europe.
As per Data Bridge Market Research analysis:
North America is the fastest growing and expected to be the dominating region in the market
North America is expected to dominate and be a highest growing region due to factors like robust economic growth, a well-established cold chain infrastructure, and high demand from the food and beverage industry in the region.
For more detailed information about the North America, Europe and China commercial refrigeration equipment market report, click here –https://www.databridgemarketresearch.com/reports/north-america-europe-and-china-commercial-refrigeration-equipment-market
