Overview and Scope
Commercial refrigeration equipment refers to tools used for cold storage in industrial settings.
Sizing and Forecast
The commercial refrigeration equipment market size has grown strongly in recent years. It will grow from $56.26 billion in 2023 to $59.09 billion in 2024 at a compound annual growth rate (CAGR) of 5.0%. The growth in the historic period can be attributed to introduction of mechanical refrigeration, rise of food retail chains, advent of commercial ice machines, expansion of cold storage facilities, innovation in display cases.
The commercial refrigeration equipment market size is expected to see steady growth in the next few years. It will grow to $70.67 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%. The growth in the forecast period can be attributed to demand from emerging markets, market digitization, rising demand for energy-efficient solutions, adoption of low-gwp refrigerants, smart cooling solutions. Major trends in the forecast period include focus on sustainable practices, rise in cold chain logistics, remote and off-grid solutions, urbanization and small format stores, modularity and flexibility.
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Segmentation & Regional Insights
The commercial refrigeration equipment market covered in this report is segmented –
1) By Product Type: Refrigerator & Freezer, Transportation Refrigeration, Refrigerated Display Cases, Beverage Refrigeration, Ice Cream Merchandiser, Refrigerated Vending Machine
2) By Refrigerant Type: Fluorocarbons, Hydrocarbons, Inorganics
3) By Application: Hotels & Restaurants, Supermarkets & Hypermarkets, Convenience Stores, Bakery
The Asia-Pacific was the largest region in the commercial refrigeration equipment market in 2023. North America was the second largest region in the global commercial refrigeration equipment market share. The regions covered in the commercial refrigeration equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing demand for frozen & chilled products from consumers is anticipated to drive the commercial refrigeration market. Preference for frozen & chilled products have increased due to changing lifestyle, accelerated urbanization, and benefits offered by frozen products such as longer shelf life, convenience, reduced food preparation & clean-up time. In 2022, According to the American Frozen Food Institute (AFFI), frozen food sales in the U.S. reached more than $72 billion. This is an 8.6% increase compared to the previous year. Frozen and chilled products are stored in commercial refrigerators in supermarkets, hypermarkets, and refrigerated trucks from where they are bought and transported. This is likely to generate a higher requirement for commercial refrigeration equipment for storing, which propels the growth of the commercial refrigeration equipment market.
Key Industry Players
Major companies operating in the commercial refrigeration equipment market report are United Technologies Corporation, Haier Group Corporation, Daikin Industries Ltd., Johnson Controls International plc, Carrier Commercial Refrigeration Inc., Danfoss A/S, Whirlpool Corporation, Illinois Tool Works Inc., Liebherr Group, Emerson Electric Co., AB Electrolux, Dover Corporation, Blue Star Limited, Ingersoll Rand Inc., GEA Group AG, Lennox International Inc., Manitowoc Company Inc., Hussmann Corporation, Traulsen & Company LLC, Ali Group S.r.l., Beverage-Air Corporation, True Manufacturing Co. Inc., Metalfrio Solutions S.A., Frigoglass SAIC, AHT Cooling Systems GmbH, Scotsman Industries Inc., Williams Refrigeration, Master-Bilt Products, Foster Refrigerator, Hoshizaki Corporation, Gram Commercial A/S, Skope Industries Limited, Precision Refrigeration Ltd., Arneg S.p.A.
The commercial refrigeration equipment market report table of contents includes:
1. Executive Summary
2. Commercial Refrigeration Equipment Market Characteristics
3. Commercial Refrigeration Equipment Market Trends And Strategies
4. Commercial Refrigeration Equipment Market – Macro Economic Scenario
5. Global Commercial Refrigeration Equipment Market Size and Growth
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32. Global Commercial Refrigeration Equipment Market Competitive Benchmarking
33. Global Commercial Refrigeration Equipment Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Commercial Refrigeration Equipment Market
35. Commercial Refrigeration Equipment Market Future Outlook and Potential Analysis
36. Appendix
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