COMMERCIAL REFRIGERATION EQUIPMENT MARKET ANALYSIS

Commercial Refrigeration Equipment MarketSize and Trends

Global Commercial Refrigeration Equipment Market size was valued at US$ 53.38 Billion in 2022, exhibiting a compound annual growth rate (CAGR) of 4.7% from 2023 to 2030.  Refrigeration equipment are an integral part of supermarket storage facilities with aspects such as racking, storing, cooling, temperature control and preserving food items. An increase in urbanization is indirectly increasing the need for refrigeration equipment. According to the World Bank Group, 56% of the world lives in urban areas and this statistic is expected to double by 2050, at which point, 7 out of 10 people will live in cities. This will result in an increase in supermarkets and hypermarkets due to a surge in demand by the increased population. This will result in an increased demand for refrigeration equipment between the years 2023 to 2030 due to a steady growth of around 4.7% Year on Year.

Figure 2. Global Commercial Refrigeration Equipment Market Value (US$ Bn) Analysis and Forecast, by Product Type, 2022

Global Commercial Refrigeration Equipment Market was valued at US$ 53.38 Billion in 2022 and is expected to reach US$ 76.86 Billion by 2030, exhibiting a CAGR of 4.7% between 2023 and 2030.

This will result in an increased demand for refrigeration equipment between the years 2023 to 2030 due to a steady growth of around 4.7% Year on Year.