The Commercial Refrigeration market is expected to have a compound annual growth rate (CAGR) of 4.4% during the forecast period of 2021 - 2027, values at 28.19 billion U.S. dollars in the year 2021, which is expected to increase the growth by 35.25 billion U.S. dollars by the end of 2027. The Commercial Refrigeration market value is expected to increase more during the forecast period of 2021 and 2027.
The increase in demand for frozen & chilled products among the consumers associated with the changes in lifestyle is one of the driving factors for the growth of the Commercial Refrigeration market.
Factors such as rapid urbanization and an increasing number of hypermarkets and supermarkets are some of the major driving factors of Commercial Refrigeration market growth.
Increasing demand for packaged food is also one of the driving factors which helps the growth of the market of Commercial Refrigeration across the globe.
The rise in food safety regulations is also a major driving factor that helps the growth of the market of Commercial Refrigeration across all the regions.
In addition, creating the popularity of the products through online portals is enhancing the growth rate of the market to the extent. Rising disposable income in both developed and developing countries is likely to propel the growth rate of the commercial refrigeration market.
The need for frequent maintenance of the refrigerators is one of the major restraints affecting the growth of the market of Commercial Refrigeration revenue rate.
Potential technical issues arising due to lack of proper maintenance are also impeding the growth of the market of Commercial Refrigeration.
The Commercial Refrigeration market is segmented on the basis of type, on the basis of end-user, and on the basis of geography.
Among these segments, the chest refrigeration segment holds the major share of the market owing to the rising prevalence of commercial refrigeration from hospitals. The medical refrigeration segment is also expected to increase the market rate attributed to their usage in medical facilities, especially in emerging countries, which propels the growth of the market.
On the basis of end-users
Among these segments, the supermarkets and hypermarkets segment holds the major share of the market with increasing demand. The retail pharmacies segment is also expected to increase more during the forecast period.
The Commercial Refrigeration market is elaborated in various regions all around the world such as North America (U.S., Mexico, Canada and rest of North America), Europe region (Germany, Spain, UK, France, Italy and Rest of Europe), Asia Pacific region (India, Japan, China, Australia and rest of Asia Pacific).
North America region holds the major share of the market of Commercial Refrigeration owing to the increasing demand for commercial refrigeration equipment, rise in the number of food outlets coupled with an increase in the number of retail pharmacies across the region, especially in the United States and Canada are some of the major factors propels the growth of the market of Commercial Refrigeration in North America region.
Asia Pacific region holds the second-largest share of the market of Commercial Refrigeration owing to the factors such as rise in the number of full-service restaurants and quick-service restaurants as well as a rapid increase in the adoption of frozen food and confections promotes the growth of the market of Commercial Refrigeration in North America region.
Europe region is expected to increase the market of Commercial Refrigeration during the forecast period, followed by the North America region and the Asia Pacific region.
Key market players
Some of the key market players of the Commercial Refrigeration market are Illinois Tool Works Inc. (I.T.W.), Johnson Controls International Plc, United Technologies Corporation, Daikin Industries Ltd., Dover Corporation, Ali Group Srl, Frigoglass S.A.I.C., AB Electrolux, Panasonic Corporation, and Haier Electronics Group Co., Ltd.
The spread of novel coronavirus disease is a pandemic declared by the World Health Organization in March 2020. Since then, the government in respective countries took necessary measures to control the spread of the COVID 19. Lockdown and ban on flights disrupted the supply chain and production rate. Due to restrictions in traveling, the production rate decreased in the first half of 2020. The number of coronavirus cases crossed 11,102,016 (as of February 22, 2021) around the globe, where the count is increasing drastically. This is quietly disrupting the market shares. In the first half of 2020, the supply chain was disrupted hugely due to restrictions in the trade and declined manufacturing units. As the machinery manufacturers depend on the raw materials and other components, the disruption in the supply chain has affected the market shares negatively. The companies had to halt the manufacturing process as there were movement restrictions. Governments strictly opposed the traveling of goods from other countries, which declined the growth opportunities of the market in this period. However, with the unlock guidelines by governments in the last months of 2020, all the activities were resumed. This condition has boosted the growth of the commercial refrigeration market.
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Commercial Refrigeration Market, By Type
6.1.1 Deep freezers
6.1.2 Bottle coolers
6.1.3 Storage water coolers
6.1.4 Commercial kitchen refrigeration
6.1.5 Medical refrigeration
6.1.6 Chest refrigeration
6.1.7 Other types
6.1.8 Market Size Estimations & Forecasts (2021-2026)
6.1.9 Y-o-Y Growth Rate Analysis
6.1.10 Market Attractiveness Index
6.2 Commercial Refrigeration Market, By End-user
6.2.1 Full-service restaurants & hotels
6.2.2 Food processing industry
6.2.4 Retail pharmacies
6.2.5 Supermarkets and hypermarkets
6.2.6 Convenience stores
6.2.7 Quick service restaurants
6.2.8 Other types of end-users
6.2.9 Market Size Estimations & Forecasts (2021-2026)
6.2.10 Y-o-Y Growth Rate Analysis
6.2.11 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.2 By Type
7.2.3 By End-user
7.3.1 By Country
184.108.40.206 Rest of Europe
7.3.2 By Type
7.3.3 By End-user
7.4 Asia Pacific
7.4.1 By Country
220.127.116.11 South Korea
18.104.22.168 South East Asia
22.214.171.124 Australia & NZ
126.96.36.199 Rest of Asia-Pacific
7.4.2 By Type
7.4.3 By End-user
7.5 Latin America
7.5.1 By Country
188.8.131.52 Rest of Latin America
7.5.2 By Type
7.5.3 By End-user
7.6 Middle East and Africa
7.6.1 By Country
184.108.40.206 Middle East
7.6.2 By Type
7.6.3 By End-user
8. Key Player Analysis
8.1 Illinois Tool Works Inc. (I.T.W.)
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Johnson Controls International Plc
8.3 United Technologies Corporation
8.4 Daikin Industries Ltd
8.5 Dover Corporation
8.6 Ali Group Srl, Frigoglass S.A.I.C.
8.7 AB Electrolux
8.8 Panasonic Corporation
8.9 Haier Electronics Group Co., Ltd
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures