The North America Centralized Refrigeration Systems Market would witness market growth of 5.0% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged to 8,18,134 Units showcasing a growth of 4.8% (2019-2022).
Centralized refrigeration systems have applications in various sectors, including food retail (supermarkets and hypermarkets), cold storage and logistics, pharmaceuticals, and industrial processes. Each sector has specific requirements, driving the adoption of customized centralized systems. The adoption of these systems has been influenced by the increasing adoption of green building standards and certifications (e.g., LEED) that emphasize energy-efficient and sustainable HVAC&R (Heating, Ventilation, Air Conditioning, and Refrigeration) systems.
The growth of the e-commerce sector and the need to transport and store perishable goods have driven the demand in cold chain logistics, including refrigerated warehouses and transportation. The expansion of food retail chains, including supermarkets and hypermarkets, has led to the adoption of the systems to ensure food safety, reduce food wastage, and comply with regulations related to refrigeration and environmental standards.
Food & beverage industries employ refrigeration systems extensively. FMCG product consumption has surged recently due to the development in demand for packaged and processed foods and beverages in developing countries. Industrial refrigerators help to prevent the degradation of semi-processed foods and beverages.
The perishable agricultural products like fruits, vegetables, meat, and temperature-sensitive chemicals are frequently stored in cold storage facilities. Farmers, fisheries companies, and others typically utilize commercial cold storage facilities to store and sell off-season produce. In addition, the cold-chain industry has experienced increased development in recent years due to the increased demand for fruits and vegetables and global e-commerce.
The growth of e-commerce and online grocery purchasing has increased demand for cold storage facilities. Consumers expect a wider range of perishable products to be delivered to their doorsteps, necessitating the expansion of cold storage infrastructure to meet this demand. Consumers are increasingly seeking fresh and healthy food options. This trend has boosted the demand for refrigerated and frozen foods and organic and locally sourced products, all of which require cold storage. Additionally, the growth of the retail food sector is further aiding in the increasing demand for CRS. As per United States Department of Agriculture, retail sales of food and alcoholic beverages in Canada were $110 billion in 2021.
The US market dominated the North America Centralized Refrigeration Systems Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $8,498.9 million by 2030. The Canada market is experiencing a CAGR of 7.3% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 6.4% during (2023 - 2030).
Based on End-user, the market is segmented into Industrial (Refrigerated Warehouse, Food Processing, Healthcare, and Others), and Commercial (Hotel, Restaurant, & Catering, and Retail). Based on Refrigerant, the market is segmented into Ammonia, Carbon dioxide, F-Gas, and Others. Based on Component, the market is segmented into Condensers, Compressors, Controls, Evaporators, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Centralized Refrigeration Systems Market is Predict to reach $43.6 Billion by 2030, at a CAGR of 5.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include The Danfoss Group, Daikin Industries Ltd., Evapco, Inc., Carrier Global Corporation, GEA Group AG, Emerson Electric Co., Bitzer SE, Johnson Controls International PLC, Frigo Group and LU-VE S.p.A. (Finami S.R.L.)
By End-user (Volume, Units, USD Million, 2019-2030)
By Refrigerant (Volume, Units, USD Million, 2019-2030)
By Component
By Country (Volume, Units, USD Million, 2019-2030)
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