At 5.9% CAGR, the North America commercial refrigeration market is projected to be worth US$ 16,812.25 million by 2030, says Business Market Insights

According to Business Market Insights research, the North America commercial refrigeration market was valued at US$ 10,607.11 in 2022 and is expected to reach US$ 16,812.25 million by 2030, registering a CAGR of 5.9% from 2022 to 2030. Growing technological advancements in refrigeration systems and inclination of consumers towards restaurants and fast food are among the critical factors attributed to the North America commercial refrigeration market expansion.

Food products need to be stored at the right temperature to keep them fresh, increase their lifespan, and reduce wastage. For this, various advancements are made in the refrigeration system by incorporating technologies such as the Internet of Things (IoT), artificial intelligence (AI), and machine learning (ML). The integration of IoT in commercial refrigeration helps in real-time monitoring of the conditions of refrigerators, such as internal and external temperature, humidity, and power usage, and provides detailed data regarding the usage pattern of the system. It also helps in the maintenance and diagnosis of the problem, thus, resulting in reduced repair costs and less downtime. Similarly, the integration of AI and ML can help save on energy and get access to predictive service and maintenance.

It also helps optimize equipment parameters, performance, and on-site visual diagnostics. Owing to all these benefits, the demand for integration of IoT, AI, and ML in the food service industry is increasing, which is forcing market players to develop technologically advanced commercial refrigerators. Various market players are working on technological advancements in commercial refrigeration systems. For instance, in January 2023, Axiom Cloud announced that it had raised US$ 7.4 million in series A financing led by Blue Bear Capital to transform commercial refrigeration using AI. Axiom will be using these funds to scale its software, operations, and sales teams to meet the rising market demand for its refrigeration software. Axiom's refrigeration AI technology helps substantially lower power usage and refrigerant leakage, improve margins, and help turn every-day cooling infrastructure into virtual batteries. Thus, the growing technological advancement in refrigeration systems is expected to propel the growth of the commercial refrigeration system market during the forecast period.

On the contrary, high capital cost and maintenance challenges hampers the growth North America commercial refrigeration market.

Based on type, the North America 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 29.5% market share in 2022, amassing US$ 3,126.68 million. It is projected to garner US$ 4,649.26 million by 2030 to expand at 5.1% CAGR during 2022-2030.

Based on application, the North America commercial refrigeration market is bifurcated into hospitality, and institutional. the hospitality segment held 56.3% share of the North America commercial refrigeration market in 2022, amassing US$ 5,970.08 million. It is projected to garner US$ 9,978.35 million by 2030 to expand at 6.6% CAGR during 2022-2030.

Based on door type, the North America commercial refrigeration market is segmented into single, dual, and multi. The dual segment held 47.4% share of North America commercial refrigeration market in 2022, amassing US$ 5,025.30 million. It is projected to garner US$ 8,968.98 million by 2030 to expand at 7.5% CAGR during 2022-2030.

Based on section type, the North America commercial refrigeration market is segmented into single, dual, and multi. The dual segment held 43.4% share of North America commercial refrigeration market in 2022, amassing US$ 4,602.25 million. It is projected to garner US$ 7,175.39 million by 2030 to expand at 5.7% CAGR during 2022-2030.

Based on country, the North America commercial refrigeration market is segmented into US, Canada, and Mexico. The US held 75.9% share of North America commercial refrigeration market in 2022, amassing US$ 8,046.55 million. It is projected to garner US$ 13,063.12 million by 2030 to expand at 6.2% CAGR during 2022-2030.

Key players operating in the North America commercial refrigeration market are Beverage-Air Corp, Hoshizaki Corp, Victory Refrigeration, True Manufacturing Co Inc, Libherr USA Co, Marmon Holding Inc, Traulsen & Co Inc, Turbo Air Inc, Haier Smart Home Co Ltd, and Daikin Industries Inc, 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 Mar 2021, Hoshizaki America, a Peachtree City, Georgia (US)-based manufacturer, collaborated with refrigerant provider Diversified CPC International (DCPC) in transitioning its Steelheart Commercial Kitchen Refrigeration Series to propane (R290). The R290 refrigerant supplied by DCPC enabled to production of an efficient, low GWP product and provided a smaller carbon footprint.
  
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