Commercial Bar Refrigeration Equipment Market Expected to Grow with a Noteworthy CAGR of 4.9% by 2030
According to a new report published by MarkWide Research, titled, “Commercial Bar Refrigeration Equipment Market,” the global commercial bar refrigeration equipment market is set to witness significant growth, driven by the expansion of the hospitality and foodservice industry, the increasing demand for energy-efficient refrigeration solutions, and the rising trend of craft cocktails and specialty beverages.
The report reveals that the global commercial bar refrigeration equipment market is projected to grow at a commendable Compound Annual Growth Rate (CAGR) of 4.9% during the forecast period from 2023 to 2030. This growth is expected to be propelled by the need for efficient and reliable refrigeration solutions in commercial bar settings.
Key Findings from the Report:
- Hospitality Industry Expansion: The growth of the hospitality and foodservice industry, including bars and restaurants, is driving the demand for commercial bar refrigeration equipment.
- Energy Efficiency: The increasing emphasis on energy-efficient refrigeration solutions is boosting the market for sustainable and eco-friendly equipment.
- Craft Cocktails and Specialty Beverages: The rising trend of craft cocktails and specialty beverages is increasing the need for specialized refrigeration equipment in bars.
- Market Growth: North America and Europe are expected to lead the market growth, with a strong presence of bars and a focus on premium beverage offerings.
Market Forecast:
The global commercial bar refrigeration equipment market is expected to reach a valuation of USD XX billion by 2030, growing at a CAGR of 4.9% during the forecast period. The market’s growth will be underpinned by the increasing demand for reliable and innovative refrigeration solutions in commercial bar setups.
Market Segmentation:
The report segments the global commercial bar refrigeration equipment market by type, capacity, end-user, and region.
- By Type:
- Bottle Coolers
- Glass Frosters
- Back Bar Refrigerators
- Undercounter Refrigerators
- Others
- By Capacity:
- Less than 100 Liters
- 100-200 Liters
- More than 200 Liters
- By End-User:
- Bars & Pubs
- Restaurants
- Hotels
- Others
- By Region:
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
Regional Insights:
- North America: The North American market is expected to witness substantial growth, driven by the presence of a vibrant hospitality sector and the craft cocktail trend.
- Europe: Europe is likely to experience notable growth, with a focus on energy-efficient refrigeration solutions in bars and restaurants.
- Asia-Pacific: The Asia-Pacific region is poised for significant expansion, driven by the growth of urbanization and the rising number of bars and restaurants.
- Latin America: The market in Latin America is projected to grow steadily, with a focus on premium beverage offerings and specialized refrigeration equipment.
- Middle East & Africa: The adoption of commercial bar refrigeration equipment is expected to rise in this region, particularly in upscale hotels and bars.
Competitive Landscape:
The global commercial bar refrigeration equipment market is competitive, with key players focusing on product innovation and energy efficiency. Some of the prominent companies profiled in the report include:
- Company A
- Company B
- Company C
- Company D
- Company E
These companies are actively involved in developing advanced and energy-efficient refrigeration equipment to cater to the evolving needs of the hospitality and foodservice industry.
Conclusion:
The global commercial bar refrigeration equipment market is set to grow significantly as the hospitality and foodservice industry continues to expand, and bars emphasize energy-efficient and specialized refrigeration solutions. With the rising trend of craft cocktails and specialty beverages, commercial bar refrigeration equipment is expected to play a crucial role in meeting the demands of modern bar setups.