Market Overview:
The global Commercial Refrigeration Equipment Market was valued at USD 32.23 billion in 2021 and is expected to reach USD 40.45 billion by the year 2028, at a CAGR of 3.3%.
Commercial Refrigeration involves removing excess heat from a material source to lower its temperature below the surrounding environment. It is used to preserve perishable food items like fruits, vegetables, and meat by maintaining specific temperatures to extend their shelf life. The market for refrigeration is expected to witness significant growth due to the adoption of energy-efficient and sustainable technology, leading to the replacement of existing equipment. Specialized refrigeration equipment can rapidly lower food temperature from 90°C to 30°C, preventing bacterial growth. The global demand for packaged food is predicted to increase moderately, driving the commercial refrigeration equipment market. Moreover, stricter food safety regulations will likely further boost the demand for such equipment in the forecast period.
Top Key Players in Commercial Refrigeration Equipment Market:
- Carrier (US)
- Emerson Electric Company (US)
- GEA Group (Germany)
- Beverage-Air Corporation (US)
- Daikin Industries Ltd. (Japan)
- Danfoss A/S (Denmark)
- Dover Corporation (US)
- Electrolux AB (Sweden)
- GE Appliances (A subsidiary of Haier Group) (US)
- Hussmann Corporation (A subsidiary of Panasonic) (US)
- Illinois Tool Works Inc. (US)
- Ingersoll-Rand PLC (Now known as Trane Technologies plc) (Ireland)
- Metalfrio Solutions SA (Brazil)
- United Technologies Corporation (Merged with Raytheon Technologies Corporation) (US)
- Whirlpool Corporation (US)
- Standex International Corporation (US)
- Lennox International Inc. (US)
- AHT Cooling Systems GmbH (Austria)
- Manitowoc Company Inc. (US)
- Panasonic Corporation (Japan)
- Hoshizaki Corporation (Japan) and Other Major Players
Market Dynamics and Factors:
The demand for commercial refrigeration equipment is driven by several factors. Firstly, the increasing need for preserved food items like fruits, vegetables, and dairy products, coupled with the desire to extend their shelf life, fuels the market's growth. Secondly, stringent food safety regulations imposed by governments and international bodies necessitate businesses to invest in advanced refrigeration systems to maintain proper storage temperatures and ensure food safety. Additionally, the expansion of the food retail sector, encompassing supermarkets, hypermarkets, and convenience stores, further boosts the demand for commercial refrigeration equipment to preserve and display products effectively.
The commercial refrigeration equipment market offers promising opportunities due to various factors. Firstly, the expanding cold chain logistics sector, driven by the rising demand for temperature-controlled transportation of perishable goods, provides significant growth prospects for manufacturers. Secondly, emerging markets, fueled by increasing urbanization and a growing middle class in regions like Asia-Pacific, Latin America, and Africa, open up new avenues for commercial refrigeration equipment sales. Thirdly, the surging demand for eco-friendly and sustainable refrigeration solutions, in response to mounting environmental concerns, presents opportunities for companies offering green technology offerings. Additionally, the integration of IoT and smart technologies into refrigeration equipment enables remote monitoring, improved energy efficiency, and enhanced maintenance practices.
The Report Will Include A Major Chapter
- Patent Analysis
- Regulatory Framework
- Technology Roadmap
- BCG Matrix
- Heat Map Analysis
- Price Trend Analysis
- Investment Analysis
Key Industry Development:
- In May 2021, Danfoss unveiled A2L-ready condensing units for ultra-low GWP installations. These units are designed to accommodate multiple refrigerants, offering high energy efficiency and reducing both energy usage and indirect emissions.
- In July 2021, BITZER introduced gas coolers designed for carbon dioxide (CO2) applications in commercial and light industry refrigeration. These coolers boast excellent resistance to pressure and exceptional thermal efficiency, making them ideal for systems with medium to large capacities exceeding 250 kW.
Commercial Refrigeration Equipment Market Report Highlight:
- By Product Type, Transport refrigeration holds a larger market share Due to the increasing demand for temperature-controlled transportation of perishable goods in various industries. The segment's growth is fueled by the need to maintain product freshness and quality during transportation, making it a significant player in the market.
- By Refrigerant Type, the fluorocarbons Segment is expected to register the highest growth during the projected period. Fluorocarbons, such as hydrofluorocarbons (HFCs), are commonly used in commercial refrigeration systems for their effective cooling properties. Despite their high global warming potential, their popularity is driven by their efficiency and compatibility with existing equipment, making them the leading choice in the market.
- By End Users, the Supermarket/Hypermarket segments are set to achieve the highest Growth Rate during the forecasted period due to the substantial growth of the food retail industry, with an increasing number of supermarkets and hypermarkets worldwide. These large-scale retail outlets require extensive refrigeration equipment to preserve and display a wide range of perishable products
- The Asia Pacific region is expected to have the highest share of the Commercial Refrigeration Equipment market over the projected period. due to the region's rapid urbanization, population growth, and expanding middle class, driving the demand for cold storage and refrigeration solutions.
Central to our report are the company profiles and competitive analysis, providing insights into market players' overview, market roles, and operating business segments. We evaluate their financial performance, production volume, sales volume, and sales margin while highlighting recent market developments. Our market research offers invaluable intelligence and strategic insights to drive informed decision-making. By capitalizing on emerging opportunities and understanding the competitive landscape, our report empowers businesses to thrive in the Global Commercial Refrigeration Equipment Market.
Commercial Refrigeration Equipment Market Segmentation:
By Product Type
- Refrigerator & Freezer
- Transportation Refrigeration
- Refrigerated Display Cases
- Beverage Refrigeration
- Ice Cream Merchandiser
- Refrigerated Vending Machine
By Refrigerant Type
- Fluorocarbons
- Hydrocarbons
- Inorganics
By End Users
- Full-Service Restaurants & Hotels
- Food Processing Industry
- Hospitals
- Retail Pharmacies
- Supermarket/Hypermarket
- Others
For this report, Introspective Market Research has segmented the Commercial Refrigeration Equipment Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)
North America
- US
- Canada
- Mexico
Eastern Europe
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
Western Europe
- Germany
- UK
- France
- Netherlands
- Italy
- Russia
- Spain
- Rest of Western Europe
Asia Pacific
- China
- India
- Japan
- South Korea
- Malaysia
- Thailand
- Vietnam
- The Philippines
- Australia
- New Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Bahrain
- Kuwait
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
- Brazil
- Argentina
- Rest of SA
