According to a new report published by Allied Market Research, titled, “Europe Commercial Refrigeration Market by Product and End User: Opportunity Analysis and Industry Forecast, 2021–2028,” the Europe commercial refrigeration market was valued at $7.7 billion in 2019, and is projected reach $9.9 billion by 2028, registering a CAGR of 4.3% from 2021 to 2028
The growth of the Europe commercial refrigeration industry is driven by increase in demand for frozen & chilled products among consumers due to changes in lifestyle and emergence of modern trades. Moreover, development of the organized retail sector coupled with increase in number of hypermarkets and supermarkets boosts the Europe commercial refrigeration market growth.
However, Europe commercial refrigeration market analysis found problems such as the need for frequent maintenance and potential technical issues arising due to lack of proper maintenance hamper the market growth. Europe commercial refrigeration market trends such as advancements in commercial refrigerators, integration of artificial intelligence (AI) coupled with rise in automation of equipment are anticipated to provide potential Europe commercial refrigeration market opportunities. Thus, Europe commercial refrigeration market size is expected to expand over the forecast period owing to the new offerings and development in existing product line by the key manufacturers.
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The market is segmented into product, end user, and country. Depending on type, the chest refrigeration segment was the highest contributor to the Europe commercial refrigeration market share. By end user, the supermarket/hypermarket segment accounted for a maximum share in the regional market in 2019, and is expected to remain dominant during the Europe commercial refrigeration forecast period. However, the retail pharmacies segment is expected to experience rapid growth with a CAGR of 5.8% from 2021 to 2028.
Some of the key players profiled in the Europe commercial refrigeration market analysis include Bitzer GmbH, De Rigo Refrigeration S.r.l., Freor Lt Uab, FRIGOBLOCK GmbH, INTARCON, Kelvion Phe GmbH, Pfannenberg GmbH, SCM FRIGO S.P.A., TEXA Industries, and Walter Roller GmbH & Co.
Key Findings Of The Study:
Depending on type, the chest refrigeration segment in the market is expected to grow at a CAGR of 4.4% from 2021 to 2028.
Country wise, UK is projected to maintain its leading position throughout the forecast period, growing at a CAGR of 3.3%.
On the basis of end user, the supermarket/hypermarket segment accounted for 23.5% of the share in 2019; however, the retail pharmacies segment is expected to grow at a CAGR of 5.8% from 2021 to 2028.
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