Our in-depth analysis has segmented commercial refrigeration system market into the following segments:
By Refrigerant Type
By Product Type
Global commercial refrigeration system market is further classified on the basis of region as follows:
Global commercial refrigeration system market is anticipated to flourish at a CAGR of 6.8% during the forecast period i.e. 2017-2024. Further, the market of commercial refrigeration system was valued at USD 6.1 Billion in 2016 and is projected to garner USD 9.68 Billion by the end of 2024.
In the regional market, North America is the leading commercial refrigeration system market in terms of revenue share. In North America region the U.S is the dominating market for commercial refrigeration system. Factor such as, increasing use of solar powered systems is expected to drive the growth of the commercial refrigeration system during the forecast period.
Apart from this, U.S. commercial refrigeration system market is likely to be driven by development in the food and service industry and changing consumer preferences for food over the forecast period.
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Based on product type, commercial refrigeration market is segmented into beverage refrigeration, freezers & refrigerators and transportation refrigeration, out of which, freezers and refrigerators segments is expected to dominate the market of commercial refrigeration system over the forecast period.
Factor such as, rising demand for frozen and chilled products is anticipated to drive the growth of the commercial refrigeration system over the forecast period. Further, technological improvements in commercial refrigeration systems and development of cold chain facility are expected to increase the overall market of commercial refrigeration system over the forecast period.
Apart from this, government allowances for energy-efficient products are anticipated to be the dynamic factor behind the growth of the commercial refrigeration system market during the forecast period.
However, intensifying fuel prices and Montreal and Kyoto protocol (substances that deplete the ozone layer) and some existing energy inefficient products are some of the key factors which are expected to limit the growth of commercial refrigeration system market in upcoming years.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Rushikesh, Richa Gupta