Commercial Refrigeration Equipment Market Size to Grow by USD 17886.21 Million From 2022 to 2027, Assessment on Parent Market, Five Forces Analysis, Market Dynamics & Segmentation

NEW YORK, Nov. 2, 2022 /PRNewswire/ — The Commercial Refrigeration Equipment Market share is set to increase by USD 17886.21 million from 2022 to 2027. Moreover, the market’s growth momentum will accelerate at a CAGR of 7.4% as per the latest market forecast report by Technavio. The market will also record a 6.5% Y-O-Y growth rate during the forecast period.

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Global Commercial Refrigeration Equipment Market – Parent Market Analysis

Technavio has categorized the global commercial refrigeration equipment market as a part of the global electrical components and equipment market within the global electrical equipment market. The parent market, the global electrical components and equipment market, covers companies engaged in the manufacturing of electric cables and wires, electrical components, and electrical equipment.

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Global Commercial Refrigeration Equipment Market Characteristics with Five Forces–

The Commercial Refrigeration Equipment Market is fragmented, and the five forces analysis by Technavio gives an accurate vision –

• Bargaining Power of Buyers

• The threat of New Entrants

• Threat of Rivalry

• Bargaining Power of Suppliers

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Global Commercial Refrigeration Equipment Market – Customer Landscape

• The disruption threats are strategic in nature, and operational risks for suppliers have been mapped based on their negative business impact and probability of occurrence.

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Global Commercial Refrigeration Equipment Market – Segmentation Assessment

Geography Segment Overview

Technavio’s market research report entails detailed information on regional opportunities in store for vendors, which will assist in generating sales revenues. The Commercial Refrigeration Equipment Market as per geography is categorized into North America, Europe, APAC, South America, and the Middle East and Africa. The report provides an accurate prediction of the contribution of all regions to the growth of the Commercial Refrigeration Equipment Market size and actionable market understandings.

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Regional Highlights:

• APAC is the fastest-growing region in the global commercial refrigeration equipment market compared to other regions. 44% growth will originate from APAC. Many vendors are trying to increase their sales and geographic presence in the region. They have launched competitively priced commercial refrigeration equipment, owing to the increasing awareness about food safety in South Korea and to meet the rising demand for commercial refrigeration equipment with higher cooling capacity. Such product launches are expected to increase the sales of commercial refrigeration equipment.

Product Segment Overview

• The Global Commercial Refrigeration Equipment Market as per type segmentation is categorized into walk-in coolers, display cases, refrigerator for drinks, ice-making machines, and others.

• Revenue Generating Segment – The commercial refrigeration equipment market share growth by the walk-in coolers segment will be significant during the forecast period. Walk-in coolers or walk-in freezers are enclosed storage spaces refrigerated to temperatures above or below 32°F. These coolers have individual temperature controls.

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Global Commercial Refrigeration Equipment Market – Market Dynamics

Major Driver Boosting the Market

• The need to increase the storage life of food products is driving the global commercial refrigeration equipment market growth.

• The shelf life of food products is dependent on factors such as storage conditions. Commercial refrigerators are used by food service establishments. Refrigeration helps in maintaining freshness without degrading quality through excessive processing.

• Hence, proper refrigeration minimizes moisture transport and maintains the flavor, color, and texture of food products, which will drive the growth of the global commercial refrigeration equipment market.

Major trends influencing the growth of glamping

• The growing demand for energy-efficient models of commercial refrigeration equipment is a trend in the market.

• End-users prefer commercial refrigeration equipment, which provides cost-saving benefits. Commercial refrigeration equipment with ENERGY STAR certification is 20% more energy efficient than standard commercial refrigeration equipment. The energy efficiency of ENERGY STAR-certified models varies based on the door type. This, in turn, is expected to drive the growth of the market during the forecast period.

Major Challenges interrupting the market growth

• The rising preference for pre-used and rented commercial refrigeration equipment is challenging market growth.

• Many end-users cannot afford advanced models of commercial refrigeration equipment. They prefer low-cost commercial refrigeration equipment or pre-used models.

• Pre-used commercial refrigeration equipment can be purchased from various online portals.

• Therefore, the rising preference for pre-used models of commercial refrigeration equipment is expected to negatively impact the sales of new units, which will impede the growth of the global commercial refrigeration equipment market during the forecast period.

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Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19-impacted market research reports.

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Commercial Refrigeration Equipment Market 2023-2027: Key Highlights

• CAGR of the market during the forecast period 2023-2027

• Detailed information on factors that will assist commercial refrigeration equipment market growth during the next five years

• Estimation of the commercial refrigeration equipment market size and its contribution to the parent market

• Predictions on upcoming trends and changes in consumer behavior

• The growth of the commercial refrigeration equipment market

• Analysis of the market’s competitive landscape and detailed information on vendors

• Comprehensive details of factors that will challenge the growth of commercial refrigeration equipment market vendors

Related Reports:

• The commercial HVAC market share is estimated to surge by USD 22.09 billion from 2021 to 2026 at an accelerating CAGR of 4.2%. This report extensively covers segmentation by application (equipment and services) and geography (APAC, North America, Europe, South America, and Middle East and Africa).

• The commercial combi ovens market share is expected to increase by USD 1.05 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 9.65%. This report extensively covers segmentation by end-user (foodservice sector, industrial sector, retail sector, and others), product (commercial combi ovens with boiler and commercial boiler-less combi ovens), and geography (Europe, North America, APAC, South America, and Middle East and Africa).

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Table of Contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Five Forces Analysis

5 Market Segmentation by Product

6 Market Segmentation by End-user

7 Customer Landscape

8 Geographic Landscape

9 Drivers, Challenges, and Trends

10 Vendor Landscape

11 Vendor Analysis

12 Appendix

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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