The global commercial undercounter and worktop refrigeration market is expected to be worth USD 11.4 billion in the year 2023. In accordance with Future Market Insights, the market will expand at a 3.3% CAGR from 2023 to 2033, reaching a value of USD 15.8 billion by 2033.
Advancements in technology are one of the major factors that are playing a crucial role in driving the growth of the commercial under-counter and worktop refrigeration market. Many manufacturers have been designing under-counter ranges that feature that help in improving cooking efficiency and consistency. Some models now come equipped with features such as WiFi connectivity, allowing chefs to monitor and control their cooking equipment remotely.
Changing preferences of consumers are also driving the growth of the commercial under-counter ranges market. Consumers opt for healthy and locally sourced food, there is a growing demand for equipment that can accommodate these trends.
High cost of under-counter is one of the significant factors limiting the growth of the market. Commercial Undercounter ranges are designed for professional use and are built to withstand the rigors of a busy commercial kitchen. Commercial undercounter are made from high-quality materials and are designed to be durable and long-lasting.
Commercial refrigerators replacement rates are declining, and life expectancy is expected to be seven or more years, which is good news for customers and end-users, however, the manufacturing or supply side, including equipment and component manufacturers, may encounter difficulties due to a decline in production rate on an annual basis. Strict government regulations regarding the use of natural refrigerants over fluorocarbons may also pose problems.
North American region dominated the commercial under-counter and worktop refrigeration market with maximum revenue share followed by Asia Pacific. The significant penetration of ice in the food business, coffee shops, bars, and lounges are major factors in the expansion of the ice maker market. Regional market expansion is anticipated to be driven by a rise in the adoption of modular kitchens with high-tech appliances in the commercial and residential sectors.
| Attributes | Details |
|---|---|
| Projected Forecast Value (2023) | USD 11.4 billion |
| Projected Forecast Value (2033) | USD 15.8 billion |
| Growth rate | 3.3% CAGR |
| Forecast period | 2023 to 2033 |
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Commercial Undercounter and Worktop Refrigeration Market grew at a CAGR of 2.9% from 2018 to 2022, as per Future Market Insights, a provider of market research and competitive intelligence.
Initial covid-19 related recessionary downturns, including lower commercial refrigeration system sales, store closings, and brief pauses in the industrial cycle, briefly hampered the growth expectations.
Industrial production activity resumed in various countries when infection curves started to flatten beginning in 2022. Growth rate is projected to be 3.3% during the forecast period in this market.
Regulations on greenhouse gas emissions are a major factor that is projected to escalate the market growth in the forthcoming years. Governments have implemented regulations aimed at reducing greenhouse gas emissions in the commercial kitchen equipment market. Governments offer financial incentives such as tax credits or grants, for businesses that purchase energy-efficient commercial kitchen equipment, including under-counter ranges.
Increase in Consumption of Frozen Food and Beverage Products
Frozen food and beverage items include pre-washed, cooked, mostly packaged, ready-to-eat foods. Western culture strongly influences consumers due to tight schedules where everything is quick and easy. People have been looking for faster, easier-to-prepare, and healthier options than other foods and quick snacks on the market.
Frozen foods are among the fastest-growing categories in grocery, with clear indications that consumers' affinity for frozen food will continue to grow. Consumers across the globe want convenient, accessible, easily online options. Increase in the demand for small compatible refrigerators are found for storing and preserving food items.
Growing Trend of Living as a Nuclear Family
Nuclear families have changed the way refrigerators are used. This has given the concept of mini refrigerators capable of storing drinks, water, milk, and other food snacks. A small fridge can store the stuff properly with an excellent cooling effect, and also it is capable of freezing with freezer compartments.
Positive Outlook toward the Smart Home Concept
Smart home integrates technology and services through home networking for a better quality of living to facilitate the user's life in many different ways and make it more comfortable by using technology.
The main objective of the smart home functions is to improve the quality of life and provide convenience in the home, along with ensuring greater security and efficiency with the use of remote-controllable devices. Smart kitchen appliances, such as mini-compatible refrigerators, are among those kitchen appliances which can be self-controlled and easily handed.
Government Initiatives toward Energy-Efficient Home Appliances
Smart home appliances include advanced home and kitchen automation technology that improves the way governments monitor and control machinery, heating, cooling, and lighting systems in residential places across the countries, increasing the efficiency of these systems. In recent years, the U.S. government has made various research activities and investments to develop innovative and advanced home and kitchen appliances such as smart undercounter refrigerators, which would be more energy efficient in the long run.
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High Maintenance and Service Cost of Undercounter Refrigerators
The cost of running an undercounter fridge depends on how much power it consumes daily. Factors such as size and refrigerator feature influence the power used, but a great portion of the cost also depends on the maintenance and service expenses that must be spent on the mini-refrigerators. The mini-refrigerators require cleaning once a week to take care of any odors or potential bacteria growth inside the fridge.
Difficulties in the Recycling of Waste Materials and Gas
Waste generated during the manufacturing of electronic goods and from the used electronic products of metal harms the environment to a larger extent. Large amounts of metals are used in industrial processes every day, widely used in producing different appliances ranging from undercounter refrigerators to various electronic materials. Metal has become an indispensable and versatile product with a wide range of properties, chemical composition, and applications, which as a result, creates a problem at the time of disposal.
Focus on Research and Developmental Efforts on Product Design and Temperature Control
Maintaining a competitive edge, numerous leading manufacturers are now focusing on their Research and Development efforts on product design and temperature control. Growth is needed to control and monitor commercial kitchen environments, as industry players are anticipated to take advantage of numerous growth opportunities in the future.
Market is gaining a lot of traction with products that have refrigeration controls that are automated or smart as they are less expensive and better for the environment, there is an increasing demand for commercial refrigerators use less energy which results in encouraging the market participants to develop new designs.
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Rise in Consumption of Frozen Foods
Increase in consumption of frozen foods and beverage products, a rise in consumer disposable income, and the growing trend of living as a nuclear family are some of the drivers boosting the residential under-counter refrigerators demand in the market where high maintenance and service cost of under-counter refrigerators is restraining their growth in the market.
Undercounter refrigerator market is expected to grow at a CAGR of 2.8% during the forecast period. Undercounter Beverage Refrigerator accounts for the most prominent product segment in the respective market owing to the rise in the trend of home bar.
Sudden Growth in Hypermarkets, Supermarkets in the Future
Commercial refrigerators in the Asia Pacific will continue to rise with China’s leading the market from the front. Mushrooming of convenience stores, hypermarkets, supermarkets, grocery markets, and restaurants, the installation of commercial refrigerators is expected to rise considerably in the forthcoming years. Conspicuous demand for energy-efficient solutions will pave the way for research and development activities in the market.
Undercounter is said to Dominate the Commercial Undercounter and Worktop Refrigeration Market
Demand for undercounter refrigerator is increasing in residential market due to change in lifestyle of consumers. Pandemic and lockdown forced people to stay indoors that’s when the need for residential undercounter refrigerator was felt by people as they were stocking beverages to avoid stepping out. People are now likely to make a home bar which is fulfilled by using residential undercounter refrigerators.
Online Retail Store is said to Drive the Commercial Undercounter and Worktop Refrigeration Market
Online store segment has been witnessing rapid growth in recent years, primarily due to the increase in the trend of online shopping and the convenience it provides o its consumers.
Online retail stores offer customers a wide range of products and brands to choose from, which is driving the growth of online stores.
Online stores offer competitive pricing, which is driving the growth of online websites. Online websites allow customers to easily compare products and prices, which is escalating segmental growth.
Some of the prominent players in the global market are
Some of the important developments of the key players in the market are:
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 3.3% from 2023 to 2033 |
| Market value in 2023 | USD 11.4 billion |
| Market value in 2033 | USD 15.8 billion |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | USD billion for Value and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | By Type of Compressor, By Installation Type, By Defrost Type, By Distributional Channel, By Region |
| Regions Covered | North America; Latin America; Europe; Asia Pacific; Middle East & Africa |
| Key Countries Profiled | United States, Canada, Brazil, Mexico, Rest of Latin America, Germany, United Kingdom, France, Spain, Italy, Rest of Europe, India, Malaysia, Singapore, Thailand, Rest of South Asia, China, Japan, South Korea, Australia, New Zealand, GCC countries, South Africa, Israel, Rest of MEA |
| Key Companies Profiled | Coldline; Blue Air; Atosa; Dover Corporation; Hoshizaki; Migali; Continental refrigerator; Avantco Refrigeration; Whynter; Delfield |
| Customisation Scope | Available on Request |
North America
The growth potential of the market is 3.3% through 2033.
The market secured a 2.9% CAGR from 2018 to 2022.
The market is valued at USD 11.4 billion in 2023.
Coldline, Blue Air, and Atosa are the top market players.
The global market size is predicted to reach USD 15.8 billion by 2033.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type of Compressor 5.1. Front breathing 5.2. Rear breathing 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Installation Type 6.1. Built In 6.2. Drop in 6.3. Freestanding 6.4. Undercounter 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Defrost Type 7.1. Auto-Defrost 7.2. Frost-free 7.3. Manual Defrost 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Distribution Channel 8.1. Offline stores 8.1.1. Hypermarkets 8.1.2. Multi brand store 8.1.3. Discount store 8.1.4. Specialty store 8.2. Online retail store 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 9.1. North America 9.2. Latin America 9.3. Europe 9.4. Asia Pacific 9.5. MEA 10. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Coldline 17.2. Blue Air 17.3. Atosa 17.4. Dover Corporation 17.5. Hoshizaki 17.6. Migali 17.7. Continental refrigerator 17.8. Avantco Refrigeration 17.9. Whynter 17.10. Delfield 18. Assumptions & Acronyms Used 19. Research Methodology
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Commercial Undercounter and Worktop Refrigeration Market
