Internet of Things (IoT) is fastest growing segment fueling the growth of Commercial Refrigeration Equipment Market

 

Commercial Refrigeration Equipment Market

The global Commercial Refrigeration Equipment Market is estimated to be valued at US$ 55.89 Bn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

 

Market Overview:

Commercial refrigeration equipment includes products such as refrigerators, freezers, and ice machines used in various commercial sectors such as restaurants, convenience stores, and warehouses. Commercial refrigeration equipment provides efficient and safe preservation of food & beverages and medicines.

 

Market key trends:

One of the major trends in the commercial refrigeration equipment market is integration of IoT. IoT helps commercial refrigerators and freezers to send alerts and notifications about temperature fluctuations. IoT enables remote monitoring of commercial refrigeration equipment which helps in predictive maintenance and reducing downtime. Integration of sensors helps maintain optimum temperature for food safety and quality. IoT-enabled commercial refrigerators send automated alerts to maintenance staff when issues like low battery, door ajar, or temperature deviations occur. This improves efficiency of operations and monitoring.

Segment Analysis

The commercial refrigeration equipment market is segmented by product type, refrigerant type, application, and geography. By product type, walk-in coolers dominate the market and accounted for more than 30% of the total share in 2022. Walk-in coolers provide large storage capacity and are ideal for supermarkets, hypermarkets, and convenience stores to store perishable food items like meat, seafood, vegetables, and dairy products in bulk at desired temperatures. This large capacity and ability to store a variety of items has made walk-in coolers the dominating segment.

 

Key Takeaways

The global commercial refrigeration equipment market size is expected to reach US$ 55.89 Billion by 2023, registering a CAGR of 4.7% over the forecast period. Rapid growth of food retail chains such as supermarkets and hypermarkets across developed as well as developing countries is driving the demand for commercial refrigeration equipment for storage of various perishable food items.

 

Regionally, North America dominated the market with more than 30% share in 2022 owing to early adoption of advanced refrigeration technologies and presence of leading commercial refrigeration equipment manufacturers in the US and Canada. Asia Pacific is expected to witness the fastest growth during the forecast period supported by growing food retail industry and rising disposable income in countries such as China and India.

 

Key players operating in the commercial refrigeration equipment market include United Technologies Corporation, Ingersoll-Rand plc, Johnson Controls Incorporated, Daikin Industries Limited, Dover Corporation, Hussmann Corporation, AHT Cooling Systems GmbH, Ali SpA, Illinois Tool Works Incorporated, Emerson Electric Company, Leer Incorporated, True Manufacturing Company Incorporated, and Whirlpool Corporation. These players are focusing on new product development and launches to consolidate their market position.

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https://www.dailyprbulletin.com/commercial-refrigeration-equipment-market-size-share-growth-outlook-2023/

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