According to the latest market research study published by P&S Intelligence, the U.S. commercial refrigeration equipment market is poised for robust growth, with projected revenues reaching USD 9,181.5 million in 2024 and anticipated to expand at a CAGR of 6.4% to USD 13,342.7 million by 2030. This growth is driven by the increasing demand for fresh and organic products, the expansion of the food service industry, and the rising popularity of convenience foods such as ready-to-eat meals and beverages.
Technological advancements are also playing a crucial role
in market expansion. The integration of Internet of Things (IoT) technologies
allows for real-time monitoring of temperature, energy consumption, and
equipment health, leading to improved energy optimization and predictive
maintenance. These innovations are enhancing the efficiency and reliability of
commercial refrigeration equipment, making them more appealing to various
sectors including food processing, pharmaceuticals, and logistics.
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Key Insights
Product Segmentation
The market encompasses various product types such as walk-in
coolers, beverage refrigeration equipment, display showcases, and ice
merchandisers & ice vending equipment.
Distribution Channels
Hypermarkets and supermarkets are expected to hold the
largest market share in 2024 due to their wide variety of products. The online
category is projected to grow at the highest CAGR of 6.8% during the forecast
period, driven by the convenience of e-commerce platforms offering a variety of
products with home delivery options.
Applications
The food service category is anticipated to hold the largest
market share of 40% in 2024, attributed to the increasingly busy lifestyle of
the U.S. population demanding on-the-go food services. The food and beverage
retail industry is expected to grow at the highest CAGR during the forecast
period, fueled by the rise in the middle-class population seeking a wider
variety of food and beverage products.
End Users
Convenience stores are projected to hold the largest market
share in 2024, offering customers a quick and easy shopping experience for
everyday needs. Hypermarkets and supermarkets are expected to grow at a CAGR of
7.0% during the forecast period, catering to the diverse preferences of U.S.
consumers.
Regional Insights
The Northeast region is expected to hold the largest market
share of 55% in 2024 and grow at the highest CAGR of 7.2% over the forecast
period. This growth is attributed to the region's dense population and the
presence of numerous bars, pubs, restaurants, and cafes.
Technological Advancements
The adoption of IoT technologies in commercial refrigeration
equipment enables real-time monitoring and data analysis, leading to enhanced
energy efficiency and predictive maintenance. These advancements are crucial
for sectors that depend on the preservation of perishable goods.
Market Dynamics
The market is influenced by factors such as the growing
preference for fresh and organic products, the expansion of the food service
industry, and the increasing focus on convenience foods. These trends are
driving the demand for advanced refrigeration solutions.
Competitive Landscape
The market is consolidated, with key players focusing on
innovation and strategic partnerships to strengthen their market position. Companies
are investing in research and development to introduce energy-efficient and
technologically advanced products.
Regulatory Environment
The market is subject to regulations aimed at improving
energy efficiency and reducing environmental impact. Compliance with these
regulations is essential for manufacturers and end users.
Future Outlook
