Reports / Industry Reports
Fresh Insights on the Refrigeration Revolution
India’s commercial refrigeration sector is following a dynamic growth path, anticipated to reach $2,110 million (₹179,350 crores approx) by 2030, with a projected CAGR of 8.1% from 2024 to 2030. India is the fastest-growing regional market in Asia Pacific, driven by increased demand across sectors such as food service, pharmaceuticals, and retail. Additionally, the rising preference for frozen and processed foods and the expansion of the cold chain logistics sector contribute to this heightened demand. This expansion is further supported by technological innovations aimed at enhancing energy efficiency and environmental sustainability in refrigeration solutions.
Market Overview:
Key Market Drivers
- Rise in planned capital expenditures by beverage manufacturers: Increase in demand for certified commercial refrigeration products.
- Growing demand from the hotel and restaurant sectors: Rising demand for coolers/freezers and vertical freezers.
- Projected growth in the organized retail market: Increase in demand for vertical deep freezers.
- Planned aggressive expansion by e-tailers and online platforms, as well as quick service restaurants (QSRs): Rising demand for deep freezers and cold rooms.
- Proposed expansion by processed food manufacturers: Increase in demand for coolers/freezers.
Market Segmentation
Market Trends
- IoT Integration: Smart cooling solutions enabling remote monitoring and operational efficiency.
- Natural Refrigerants: A shift towards reducing the environmental footprint with advanced technologies.
- Customization Needs: Growing preference for tailor-made solutions by institutional buyers.
Research Methodology:
- Primary Research Driven Top-down Approach: A methodology starting with a comprehensive list of players across each product segment categorized by size (large, medium, and small), based on revenue, with detailed data collection from each category.
- Market Crosschecks: Cross-validation is performed using secondary data like annual reports, publications, and paid sources.
- Sample Coverage: Over 300 responses gathered from both supply and demand stakeholders are analyzed. Responses within each organization ensure data validation. Geographic coverage also enhances the accuracy of insights, with contributions from a range of stakeholders.
- Future Forecasting Approach: The end-user segment growth is analyzed based on published sources, major company performance, and visibility, applying a "segment level factor" that projects growth trends across specific products. Supplier estimates are obtained through primary research, allowing a weighted growth projection for each product segment over the next five years.
Key Deliverables:
- Current Market Data: Volume and value estimates for FY24
- Historical Trends: Comparative data for FY21-FY23
- Market Share Analysis: Segmentation by key player, buyer group, and region
- Market Trends and Innovation
- Market Key Drivers and Challenges
- Future Projections: Volume and value projections for the next 6 years
Contact us for tailored research services in the commercial refrigeration industry, with the flexibility to explore additional areas to meet your needs.
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