World Refrigeration Equipment Market – 2023 Update –1 OVERVIEW

The pandemic has been contained globally. However, it has caused disruptions to global trade, travel, and supply chains. In 2022, the Ukrainian crisis triggered a global energy and food crisis, and raw material prices skyrocketed. The global economic recession has become a significant obstacle to the development of the cold chain industry.
In 2022, global commercial refrigeration equipment market suffered an ongoing slump due to the impact of inflation. However, there were some bright spots: several sectors that performed well in 2022 have boosted the demand for industrial refrigeration equipment. This includes healthcare, information technology (IT), e-commerce, renewable energy, and electric vehicles (EVs). These sectors relied on digital services, online shopping, clean energy, and low-emission transportation during the pandemic, enabling the industrial refrigeration equipment market to achieve double-digit growth. The transportation refrigeration equipment market also performed well.