Did you know that refrigeration equipment is an essential component of a food business? Equipment quality can hugely impact your operation's success and profitability, as in any industry. Your refrigeration equipment will ensure that your product is maintained safely to eat and has the best shelf life possible. The commercial refrigeration equipment industry refers to designing, manufacturing, installing, and servicing commercial refrigeration systems and parts within the retail food service equipment industry. It can be used in commercial fridges and freezers for different purposes, such as storing and cooling food, keeping chemicals, storing beer and drinks, etc.
Diving Deep into the Market
Over 2022-2030, the global commercial refrigeration equipment market is expected to grow at a CAGR of 7.2% to reach USD 17.2 billion by 2030. The analysis of the sales volume, revenue, and market share of major vendors in this market, helped the industry to expand. With continuous development, most countries are relying on commercial refrigeration equipment to be their answer to food preservation. The refrigeration equipment industry is thriving with new technology and innovative designs. It is a dynamic branch that presents several challenges to its customers.
The commercial refrigeration equipment industry is an essential and growing part of the worldwide refrigeration market. It holds its significance by being the world's third-largest service sector industry, with notable dominance over North America and one of the largest industrial sectors. In 2015, it was responsible for $1.5 trillion in economic output and 8 million jobs worldwide, representing about 5% of the global GDP2.
The commercial refrigeration industry is witnessing steady growth in numbers and gross domestic product, with a high demand for such equipment from all business sectors. These industries have similar requirements for their products, from beverages to pharmaceuticals, grocery products, etc.
The commercial refrigeration industry's main factors, such as political and external reasons, are growing. The reason is mainly because of the increase in population. Another factor that can be considered is the growing demand for cold storage facilities in various functions such as supermarkets and other industries where there is a steady growth in the overall market. Unquestionably, the commercial refrigeration industry is proliferating in the UK. A political power system is the major political factor that influences the commercial refrigeration industry. Most importantly, the political factor in this scenario is a state's economic development, closely related to its ability to attract foreign investments and penetrate international markets. The trend of the commercial refrigeration industry has declined over the past years due to decreasing electricity rates and the increasing cost of energy usage; however, the governmental policy helps reduce those expenses on top of reducing pollution and waste. This industry is highly competitive, coupled with rising energy prices and governmental efforts to promote renewable energy sources such as solar power and wind. The demand for innovative technologies in industrial refrigeration equipment will continue to increase rapidly.