The commercial refrigerators market is estimated to be valued at USD 31,766.3 million in 2021 and is poised to grow at a significant CAGR of 4.5% over 2022-2028. Commercial refrigerator is the equipment which eliminating excess heat from a source or material to keep the temperature below that of its surroundings. Commercial refrigeration equipment is used to preserve food such as vegetables, fruits, meat, and other similar goods by maintaining a set temperature to improve a product’s shelf life. The refrigerators & freezers segment anticipated to grow at significant CAGR over the forecast years owing to a significant increase in increased demand for frozen goods, processed foods and seafood products. Moreover, continuous innovation and quick advances in technology, such as liquid-vapor compression and ammonia absorption systems, are driving refrigerator products in the future. Moreover, players in the market are focusing on innovation and new technologies to enhance their market share in the commercial refrigerators market. For instance, in May 2021, Mormon Food Service technologies Inc. introduces new IDC Pro Installation Genie, self-guided tool to help technicians easily expedite field installations to customers up and running. Increasing demand for ready-to-eat food products due to rapid growth in population and increase in the number of supermarkets/hypermarkets further boost the overall sales of commercial refrigerators Market.
Recent Market Developments:
In July 2021, BITZER has launched gas coolers for carbon dioxide (CO2) applications in commercial and light industry refrigeration. These coolers provide resistance to pressure and thermal efficiency. They offer advantage for systems with medium or large capacity of more than 250 kW
In May 2021, Danfoss launches multi-refrigerant, A2L-ready condensing units for ultra-low GWP installations. It comes with high energy efficiency and reduces consumption of energy and indirect emissions.