The Commercial Refrigeration Market size is expected to grow from US$ 28.8 billion in 2022 and is expected to reach US$ 49.0 billion by 2030; it is estimated to record a CAGR of 6.9% from 2022 to 2030.
Food and beverage outlet operators face key challenges related to space, utility, productivity, and convenience for refrigeration systems in the food service industry. Various manufacturers of commercial refrigeration market are addressing these challenges by launching a new product portfolio for the food & beverage industry. In March 2023, Elanpro (Elan Professional Appliances Pvt. Ltd.), the Indian tech-driven commercial refrigeration manufacturer, launched a new series of energy-efficient refrigerators, coolers, and ice-making machines for the food service industry.
Various manufacturers of commercial refrigeration market players are expanding their presence in the UK. In May 2023, Hoshizaki America, Inc, the commercial refrigeration and ice-making equipment manufacturer, launched a new virtual showroom in the UK. The virtual showroom is an innovative platform that allows customers to explore Hoshizaki America, Inc’s extensive range of products in a fully immersive and interactive environment. The showroom is easily accessible to anyone across the world. Business expansion strategies by market players are propelling the adoption of commercial refrigeration market.
North America commercial refrigeration market
North America comprises technologically advanced economies, such as the US, Canada, and Mexico. Technological developments in North America have contributed to a highly competitive market for all industries. In North America, commercial refrigeration market is experiencing widespread adoption. Moreover, the complexity of emerging requirements for a efficient use of energy is another aspect contributing to innovation in the commercial refrigeration market. The commercial refrigeration market size is witnessing growth owing to the growing adoption of advanced technologies and the increasing need for frozen food and beverages. The increased investment in the food & beverages industry in North America is anticipated to promote regional market growth. Players are making significant expenditures in R&D and investing in strategic alliances, acquisitions, collaborations, and joint ventures, all of which are critical aspects strengthening the industry's development potential. Furthermore, people spend on ready-to-eat and frozen foods, which in turn boosts demand for commercial refrigerators, which fuels commercial refrigeration market growth in North America.
Major companies are also focusing on implementing various strategic initiatives such as capacity expansion, collaborations, mergers, and acquisitions to strengthen their foothold in the market. For instance, in November 2021, Whirlpool Corporation announced to invest over US$ 65 million over the next few years into its factory based in Ottawa, Ohio, to position the plant as the premium refrigeration factory in North America. As a part of this strategic initiative, the company will expand the Ottawa plant to accommodate the manufacturing of premium refrigeration products, such as built-in refrigerators.
Restaurants, convenience stores, supermarkets, hospitals, and other food service establishments across Canada need commercial refrigerators for specific tasks. Food and beverage processing is the second largest manufacturing in Canada. Moreover, the most significant segment of the food industry in Canadian provinces is seafood product packaging and preparation in Newfoundland, Nova Scotia, and New Brunswick. With the presence of a large food processing industry, the demand for commercial refrigerators also increases as storing food without any damage requires cool weather. Moreover, players such as iFoodEquipment.ca and Atlantic Restaurant & Supermarket Equipment provide commercial refrigerants in Canada. Thus, the increasing number of restaurants, supermarkets, and hospitals is driving the commercial refrigeration market growth in Canada.
Beverage-Air Corp, National Refrigeration & A/C Products Inc, Hoshizaki Corp, Victory Refrigeration, True Manufacturing Co Inc, Liebherr USA Co, Marmon Holdings Inc, Traulsen & Co Inc, Turbo Air Inc, and BuSung America Corp. are a few key commercial refrigeration market players.