Industry Background:
Refrigeration is the procedure of removing additional heat from space and transferring the same to the environment. This is mainly used for spoilage of food, beverages and many other substances is reduced at a lower temperature. So, to preserve many types of perishable products from spoilage and keep them fresh for a longer duration, commercial refrigeration system is used where the temperature is maintained at a level much below than that of its surroundings.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | Asia- Pacific |
Unit | Value (USD Million) |
Key Companies Profiled | Hussmann (United States), Dover Corporation (United States), Ingersoll Rand PLC (Ireland), Daikin (Japan), AHT Cooling System GmbH (Austria), Traulsen (Hobart Corporation) (United States), Berkshire Hathaway Inc. (United States), Johnson Controls Inc. (United States), Panasonic Corporation (Japan) and Ingersoll Rand plc (Ireland) |
According to AMA, the market for Refrigeration is expected to register a CAGR of 5.6% during the forecast period to 2030. This growth is primarily driven by The growing demand for Frozen Food and Vegetables and High Demand Grocery and Others Stores.
Globally, a noticeable market trend is evident The High demand for Utilization of advanced refrigerants and energy-efficient systems
The Heavy Electrical Equipment sector in the North America region has been increasing at a sustainable rate, and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Manufacturers, such as Hussmann (United States), Dover Corporation (United States), Ingersoll Rand PLC (Ireland), Daikin (Japan), AHT Cooling System GmbH (Austria), Traulsen (Hobart Corporation) (United States), Berkshire Hathaway Inc. (United States), Johnson Controls Inc. (United States), Panasonic Corporation (Japan) and Ingersoll Rand plc (Ireland), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. Leading global players are focusing on strategic partnerships to improve their products and services. In addition, companies are focusing on increasing their client base to strengthen market position and to enhance product & service offerings.
Key Developments in the Market:
In January 2023, Samsung, India’s largest consumer electronics brand, announced the launch of its top-of-the-line, premium Side-by-Side Refrigerator range for 2023. This new range is 100% manufactured in India and comes with several India-specific features based on consumer insights that will make the lives of consumers convenient and better.
In September 2023, LG Electronics, India's One of the leading consumer durables & air conditioner brands, launched its revolutionary Wi-Fi Convertible Side by Side Refrigerator which allows users to convert the freezer section to a fridge from anywhere using the LG ThinQ App.
Influencing Trend:
The High demand for Utilization of advanced refrigerants and energy-efficient systems and Increasing Sea Food export Worldwide
Market Growth Drivers:
The growing demand for Frozen Food and Vegetables and High Demand Grocery and Others Stores
Challenges:
High Initial Cost of Industrial Refrigeration
Restraints:
High Competition
Opportunities:
Rising Demand in Various End User Industries and Huge Demand of in Commercial Refrigeration
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Manufacturers landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Refrigeration Market
- Analysis about New Entrants in Refrigeration Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Refrigeration Study Sheds Light on
The Refrigeration Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Refrigeration industry Manufacturers. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Refrigeration industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Manufacturers can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.