The Commercial Refrigeration Market is projected to expand from US$ 28.8 billion in 2022 to US$ 49.0 billion by 2030, reflecting a compound annual growth rate (CAGR) of 6.9% during this period.
Operators in the food and beverage sector encounter significant challenges regarding space, energy efficiency, productivity, and the convenience of refrigeration systems within the food service industry. To tackle these issues, numerous manufacturers in the commercial refrigeration market are introducing innovative product lines tailored for the food and beverage sector. For instance, in March 2023, Elanpro (Elan Professional Appliances Pvt. Ltd.), a technology-focused commercial refrigeration manufacturer based in India, unveiled a new range of energy-efficient refrigerators, coolers, and ice-making machines designed specifically for the food service industry.
Additionally, several players in the commercial refrigeration market are enhancing their presence in the UK. In May 2023, Hoshizaki America, Inc., a manufacturer of commercial refrigeration and ice-making equipment, launched a cutting-edge virtual showroom in the UK. This platform offers customers a fully immersive and interactive experience to explore Hoshizaki's extensive product offerings, accessible to users worldwide. Such business expansion initiatives by market participants are driving the growth of the commercial refrigeration market.
North America Commercial Refrigeration Market
North America, which includes technologically advanced nations like the US, Canada, and Mexico, has seen significant technological advancements that have fostered a highly competitive landscape across various industries. The commercial refrigeration market in North America is witnessing widespread adoption, driven by the increasing complexity of energy efficiency requirements, which is spurring innovation in the sector. The market is growing due to the rising demand for frozen food and beverages, alongside substantial investments in the food and beverage industry within the region. Companies are heavily investing in research and development, as well as forming strategic alliances, acquisitions, collaborations, and joint ventures, all of which are vital for enhancing the industry's growth potential. Furthermore, consumer spending on ready-to-eat and frozen foods is propelling the demand for commercial refrigeration solutions, thereby contributing to market expansion in North America.
Leading companies are also pursuing various strategic initiatives, including capacity expansion, partnerships, mergers, and acquisitions, to solidify their market presence. For example, in November 2021, Whirlpool Corporation announced plans to invest over US$ 65 million in its Ottawa, Ohio facility over the coming years, aiming to transform the plant into a premier refrigeration manufacturing site in North America. This initiative includes expanding the Ottawa plant to produce high-end refrigeration products, such as built-in refrigerators.
In Canada, commercial refrigerators are essential for a variety of establishments, including restaurants, convenience stores, supermarkets, and hospitals. The food and beverage processing sector ranks as the second largest manufacturing industry in Canada. Notably, seafood product packaging and preparation is a significant segment within the food industry in provinces like Newfoundland, Nova Scotia, and New Brunswick. The robust food processing industry in Canada drives the demand for commercial refrigeration, as proper food storage requires controlled temperatures. Companies such as iFoodEquipment.ca and Atlantic Restaurant & Supermarket Equipment supply commercial refrigeration solutions across Canada. Consequently, the growing number of restaurants, supermarkets, and healthcare facilities is further propelling the growth of the commercial refrigeration market in the country.
Key players in the commercial refrigeration market include 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.