Global Market for Commercial Refrigeration to Grow to $29 Billion By 2031
Market drivers include decarbonization and advancements in technology
A new report from Guidehouse Insights analyzes the sustainable refrigeration market globally.
Considering that refrigeration consumes more than 50% of supermarket energy, sustainable solutions in the commercial refrigeration industry, such as those promoting high efficiency and reducing greenhouse gas emissions, offer substantial potential for market growth. According to a new report from Guidehouse Insights, the global market revenue for high-efficiency commercial refrigeration equipment is expected to grow from $10.9 billion in 2022 to $28.7 billion in 2031, at a compound annual growth rate (CAGR) of 11.4%.
“Global warming is not just a one-industry issue, so collaborating to build teams across industry, government, and finance is essential for achieving decarbonization,” says Young Hoon Kim, senior research analyst with Guidehouse Insights. “Revenue for equipment used in sustainable solutions is growing and there are many options for retailers and manufacturers to grasp this expanding market opportunity and continuously develop innovative and sustainable solutions.”
Decarbonization is driving the sustainable refrigeration market; policies support the adoption of low global warming potential (GWP) refrigerants and programs encourage high efficiency systems. Additionally, major retailers are investing in sustainable solutions to demonstrate environment, social, and governance responsibility. As the technology continues to advance, financing options have made sustainable refrigeration in the commercial sector more affordable, according to the report.
The report, Commercial Refrigeration, analyzes the commercial refrigeration market in North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa through 2031. Outlooks are segmented into the equipment used for commercial refrigeration and service and digital, which includes the associated service, maintenance, and controlling digital solutions. Projected estimates include the market supporting food retail (e.g., supermarkets, convenience stores, and small grocery stores) and food services (e.g., caterers and cafeterias). The equipment outlook also estimates the sustainable refrigeration market for high efficiency and natural refrigerant adoption. An executive summary of the report is available for free download on the Guidehouse Insights website.
*The information contained in this press release concerning the report, Commercial Refrigeration, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.