Refrigeration Equipment Market To Witness Robust Growth In 2024

The global refrigeration equipment market is projected to grow by 6.5% in 2024, reaching a value of US$ 68.7 billion, according to a new report by Future Market Insights. The market growth is driven by the increasing demand for energy efficiency and sustainability in various industries, such as food and beverage, pharmaceutical, and retail.

Refrigeration equipment is essential for preserving and displaying perishable goods, such as dairy products, meat, seafood, fruits, and vegetables. The rising consumption of fresh and chilled food products, especially in emerging economies, is boosting the demand for refrigeration equipment in the food and beverage sector. Moreover, the growing popularity of online food delivery services and the expansion of the hospitality industry are creating new opportunities for refrigeration equipment manufacturers.

The pharmaceutical industry is another key end-user of refrigeration equipment, as it requires precise temperature control and storage of temperature-sensitive drugs and vaccines. The increasing investment in research and development of new drugs and the rising prevalence of chronic diseases are fueling the demand for refrigeration equipment in the pharmaceutical sector. Additionally, the COVID-19 pandemic has highlighted the need for effective cold chain management and distribution of vaccines, which is expected to further propel the market growth.

The refrigeration equipment market is also influenced by the growing awareness and regulations regarding environmental issues, such as greenhouse gas emissions and ozone depletion. Refrigeration equipment consumes a significant amount of energy and uses refrigerants that have a high global warming potential. Therefore, manufacturers are focusing on developing refrigeration systems that are more energy-efficient and use natural or low-GWP refrigerants, such as ammonia, carbon dioxide, and hydrocarbons. These technologies not only reduce the environmental impact of refrigeration equipment, but also lower the operational and maintenance costs for end-users.

Some of the key players operating in the global refrigeration equipment market are Panasonic Corporation, Daikin Industries Ltd., Carrier Global Corporation, Johnson Controls International plc, Emerson Electric Co., Danfoss A/S, Bitzer SE, GEA Group AG, Vertiv Group Corp., and CoolTera Inc. These players are adopting various strategies, such as product innovation, mergers and acquisitions, partnerships, and expansion, to gain a competitive edge and increase their market share.

The report provides a comprehensive analysis of the global refrigeration equipment market, covering the market size, segmentation, drivers, restraints, opportunities, trends, and competitive landscape. The report also offers insights into the regional markets, such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The report is based on primary and secondary research, along with expert opinions and industry best practices. The report is intended to help stakeholders, such as manufacturers, distributors, suppliers, investors, policymakers, and end-users, to understand the current and future scenario of the refrigeration equipment market and make informed decisions.