Report : Europe Commercial Refrigeration Market Forecast to 2030 - Regional Analysis - by Type (Refrigerator, Freezer, Heated Cabinets, Milk Coolers, Chef Bases, Full Size Undercounters, Full Size Prep Tables Refrigerator and Freezers, Back Bar, Blast Chillers, and Others), Application (Hospitality and Institutional), Door Type (Single, Dual, and Multi), and Section Type (Single, Dual, and Multi)
At 7.7% CAGR, the Europe Commercial Refrigeration Market is speculated to be worth US$ 12,449.89 million by 2030, says Business Market Insights
According to Business Market Insights research, the Europe commercial refrigeration market was valued at US$ 6,856.30 in 2022 and is expected to reach US$ 12,449.89 million by 2030, registering a CAGR of 7.7% from 2022 to 2030. Rising number of supermarkets and hypermarkets and growing demand for frozen and processed food are among the critical factors attributed to the Europe commercial refrigeration market expansion.
The increasing population globally is also raising the need for different food products and other groceries. As supermarkets and hypermarkets provide all these items under one roof, their demand among the population is increasing. In addition, as people have a hectic work life, supermarkets and hypermarkets help them purchase all the required items in one place, thus, saving them time. Because of all these benefits, the demand for supermarkets and hypermarkets is increasing. Hence, various supermarket giants are working on the construction of their new stores.
In September 2023, giant retail company LuLu Group, headquartered in the UAE, announced the establishment of a logistics hub in Poland to increase its market share in Europe. Further, in May 2023, with an expected total expenditure of ~US$ 3.4 million, Spanish retailer Caprabo has announced its plans to build five new supermarkets in Barcelona in June. Also, in March 2023, German grocery giant REWE Group and an Israel-based computer vision company, Trigo, launched Germany's largest hybrid-automated supermarket. Further, in September 2022, Sainsbury, a supermarket giant, announced the launch of a supermarket containing only frozen food in the UK. Also, in June 2023, Aldi announced the launch of five new supermarkets across the UK in the next few weeks.
The growing number of supermarkets and hypermarkets will raise the need for refrigeration systems to store different food products such as meat, seafood, drinks, vegetables, and fruits. Thus, the rising number of supermarkets and hypermarkets is expected to create a lucrative opportunity for the growth of the commercial refrigeration system for food service market.
In supermarket and hypermarket stores, refrigerator systems store frozen foods, vegetables, milk, and other grocery items, which requires a low-temperature environment. The increasing supermarket and hypermarkets are propelling the adoption of commercial refrigeration systems. Such types of supermarket and hypermarket launches propel the adoption of the commercial refrigerator system.
On the contrary, high capital cost and maintenance challenges hampers the growth Europe commercial refrigeration market.
Based on type, the Europe commercial refrigeration market is segmented into refrigerators, freezer, heated cabinets, milk coolers, chef bases, full size undercounters, full size prep tables refrigerator and freezers, back bar, blast chillers, and others. The refrigerators segment held 31.5% market share in 2022, amassing US$ 2,158.56 million. It is projected to garner US$ 3,574.36 million by 2030 to expand at 6.5% CAGR during 2022-2030.
Based on application, the Europe commercial refrigeration market is bifurcated into hospitality, and institutional. The hospitality segment held 58.1% share of the Europe commercial refrigeration market in 2022, amassing US$ 3,984.34 million. It is projected to garner US$ 7,517.88 million by 2030 to expand at 8.3% CAGR during 2022-2030.
Based on door type, the Europe commercial refrigeration market is segmented into single, dual, and multi. The dual segment held 53.0% share of Europe commercial refrigeration market in 2022, amassing US$ 3,632.87 million. It is projected to garner US$ 7,488.65 million by 2030 to expand at 9.5% CAGR during 2022-2030.
Based on section type, the Europe commercial refrigeration market is segmented into single, dual, and multi. The dual held 45.3% share of Europe commercial refrigeration market in 2022, amassing US$ 3,104.66 million. It is projected to garner US$ 5,371.61 million by 2030 to expand at 7.1% CAGR during 2022-2030.
Based on country, the Europe commercial refrigeration market is segmented into France, Germany, UK, Italy, Russia, and Rest of Europe. Germany held 24.5% share of Europe commercial refrigeration market in 2022, amassing US$ 1,679.60 million. It is projected to garner US$ 3,287.62 million by 2030 to expand at 8.8% CAGR during 2022-2030.
Key players operating in the Europe commercial refrigeration market are Hoshizaki Corp, True Manufacturing Co Inc, Libherr USA Co, Marmon Holding Inc, Turbo Air Inc, Haier Smart Home Co Ltd, and Daikin Industries, among others.
- In May 2023, HOSHIZAKI CORPORATION commenced sales of 68 models of commercial refrigerators and freezers that use natural refrigerants1 in late May 2023. The 44 refrigerator models and 24 freezer models were all in the value price range and will be sold through Hoshizaki's sales companies.
- In Oct 2022, Daikin revealed two new natural refrigerant products, the Monoblock of the future and CO2 ZEAS range, part of its vision as represented by its 'future sustainable city' stand (Hall 7, booth 240) at Chillventa, Nuremberg, Germany.
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