Global Commercial Refrigeration Equipment Market Size By Product Type (Refrigerator & Freezer, Transportation Refrigeration), By System Type (Self-contained, Remotely Operated), By Refrigerant Type (Synthetic Refrigerants, Natural Refrigerants), By Distribution Channel (OEMs, Distributors and Wholesalers), By Application (Food & Beverage Retail, Food Service), By Geographic Scope And Forecast
Report ID: 11278|No. of Pages: 202
Global Commercial Refrigeration Equipment Market Size By Product Type (Refrigerator & Freezer, Transportation Refrigeration), By System Type (Self-contained, Remotely Operated), By Refrigerant Type (Synthetic Refrigerants, Natural Refrigerants), By Distribution Channel (OEMs, Distributors and Wholesalers), By Application (Food & Beverage Retail, Food Service), By Geographic Scope And Forecast
Commercial Refrigeration Equipment Market Size and Forecast
Commercial Refrigeration Equipment Market size was valued at USD 47.04 Billion in 2023 and is projected to reach USD 77.01 Billion by 2031, growing at a CAGR of 7.01% from 2024 to 2031.
- Commercial refrigeration equipment encompasses various chilling systems designed for application in commercial settings, including supermarkets, restaurants, food processing facilities, and pharmaceutical storage locations.
- The primary function of these systems is to safeguard perishable goods while ensuring optimal temperature control for a range of products, including food, beverages, pharmaceuticals, and other items sensitive to temperature fluctuations.
- Additionally, the category of commercial refrigeration equipment encompasses walk-in coolers and freezers, display cases, reach-in refrigerators and freezers, ice machines, and chilled transport trucks.
- The implementation of these technologies is essential for ensuring product safety and quality, mitigating spoilage, and minimizing waste throughout the supply chain.
- They assist organizations in reducing costs through efficient temperature management and lower energy consumption.
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Global Commercial Refrigeration Equipment Market Dynamics
The key market dynamics that are shaping the global commercial refrigeration equipment market include:
Key Market Drivers
- Rising Awareness Regarding the Energy Efficiency: The increasing costs of energy and heightened sustainability concerns are driving a significant demand for refrigeration systems that prioritize energy efficiency. Organizations are progressively integrating technologies aimed at minimizing power usage to decrease operational costs and environmental impact.
- Rapid Urbanization: The expansion of cities is driving significant growth in the food retail and hospitality sectors, which in turn is increasing the demand for refrigeration equipment necessary for the storage and display of perishable goods. The ongoing urban development is significantly increasing the need for commercial refrigeration solutions.
- Regulatory Compliance: Governments globally are enacting stringent environmental regulations aimed at decreasing greenhouse gas emissions, resulting in the increased utilization of refrigeration systems that incorporate eco-friendly refrigerants and adhere to energy efficiency standards.
- Developing Technological Advancements: The incorporation of advanced technologies such as IoT in commercial refrigeration systems facilitates real-time monitoring, predictive maintenance, and improved control, thereby enhancing operational efficiency and minimizing downtime. This development is drawing the attention of enterprises seeking enhanced and automated solutions.
Key Challenges
- Significant Initial Investment: Commercial refrigeration systems equipped with advanced functionalities, including energy-efficient compressors or smart IoT-enabled technologies, typically require a substantial initial financial commitment. The potential for deterrence exists for smaller enterprises or those with constrained financial resources when it comes to system upgrades, which may impede the market’s adoption of newer and more efficient products.
- Stringent Environmental Regulations: Governments across the globe are implementing stricter regulations on refrigerants, driven by concerns over their contributions to global warming and ozone layer depletion. Adhering to the continuously changing refrigerant and emissions regulations necessitates that manufacturers consistently innovate and implement environmentally friendly alternatives, resulting in increased research and development expenses and operational intricacies.
- Supply Chain Disruptions: The global supply chains for refrigeration equipment and components have experienced significant disruptions attributed to various factors, including the COVID-19 pandemic, geopolitical tensions, and shortages of materials. The impact on the timely delivery of components and completed equipment results in manufacturing and installation delays.
Key Trends
- Optimization of Energy Use and Environmental Responsibility: A significant trend influencing the uptake of commercial refrigeration equipment in the United States is the increased emphasis on energy efficiency and sustainability. Organizations are progressively pursuing refrigeration options that comply with rigorous environmental standards and aid in minimizing energy usage. The incorporation of sustainable refrigerants, innovative insulation technologies, and high-efficiency compressors exemplifies this trend.
- Increasing Need in Online Retail and Temperature-Controlled Supply Chain Management: The expansion of online retail and the rising need for effective cold chain logistics significantly influence the uptake of commercial refrigeration systems. The increasing dependence of consumers on online grocery shopping has led to a greater demand for sophisticated refrigeration solutions. The requirement for temperature-controlled transportation of perishable goods highlights the increasing demand in this sector.
- Services for Retrofitting and Upgradation: Businesses are increasingly choosing to retrofit and upgrade existing refrigeration systems instead of investing in entirely new installations. The current trend reflects an intention to improve the efficiency of current equipment, lower energy usage, and comply with changing regulatory standards.
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Global Commercial Refrigeration Equipment Market Regional Analysis
Here is a more detailed regional analysis of the global commercial refrigeration equipment market:
North America
- In 2023, North America held a significant revenue share in the global commercial refrigeration equipment market.
- The notable expansion can be linked to the established retail sector and the presence of prominent supermarket chains, including Walmart, Costco, Kroger, and Publix, within the area.
- The significant presence of various leading manufacturers of commercial refrigeration equipment, along with the early adoption of smart technology in commercial kitchens, is contributing to the continued growth of the regional market.
Europe
- The commercial refrigeration equipment market in Europe is projected to experience a compound annual growth rate during the forecast period.
- The increased demand for commercial refrigeration equipment is primarily driven by the food, beverage, pharmaceutical, and chemical sectors.
- The significant increase in the consumption of convenience foods within the European region is driving the expansion of the market.
Global Commercial Refrigeration Equipment Market: Segmentation Analysis
The Global Commercial Refrigeration Equipment Market is segmented based on By Product, By System Type, By Refrigerant, By Application, By Distribution Channel, and Geography.
Commercial Refrigeration Equipment Market, By Product Type
- Refrigerator & Freezer
- Trailers
- Trucks
- Shipping Containers
- Transportation Refrigeration
- Trailers
- Trucks
- Shipping Containers
- Refrigerated Display Cases
- Ice Cream Cabinets
- Bakery/Deli Display
- Others
- Beverage Refrigeration
- Ice Cream Merchandiser
- Refrigerated Vending Machine
- Others
Based on Product Type, the Global Commercial Refrigeration Equipment Market is bifurcated into Refrigerator & Freezer, Transportation Refrigeration, Refrigerated Display Cases, Others. The refrigerators and freezers segment represented the most significant revenue share in 2023. The global growth of the travel and tourism sector has resulted in the emergence of numerous food establishments and restaurants. The segment additionally addresses blast chillers, which are primarily utilized for the rapid freezing or cooling of products at reduced temperatures, effectively inhibiting bacterial growth in the stored items. The extensive utilization of chillers by healthcare professionals for the storage of vaccine tissue samples, controlled tests, and essential medications is significantly driving the growth of this segment.
Commercial Refrigeration Equipment Market, By System Type
- Self-contained
- Remotely Operated
Based on System Type, the Global Commercial Refrigeration Equipment Market is bifurcated into Self-contained, Remotely Operated. The self-contained segment captured a significant revenue share of the global commercial refrigeration equipment market in 2023, attributed to increasing product demand fueled by straightforward and economical installation, as well as minimal maintenance and relocation expenses associated with the appliances. According to data from the Environmental Protection Agency (EPA), self-contained commercial refrigeration equipment accounted for approximately 26% of total global HFC emissions in 2020. The rigorous HFC emission regulations are driving manufacturers to transition from R-404A refrigerant to R-448A, effectively reducing the global warming potential of refrigeration systems by approximately 70%.
Commercial Refrigeration Equipment Market, By Refrigerant Type
- Synthetic Refrigerants (HFCs, HCFCs)
- Natural Refrigerants
- Carbon Dioxide (CO2)
- Ammonia (NH3)
- Others
Based on Refrigerant Type, the Global Commercial Refrigeration Equipment Market is bifurcated into Synthetic Refrigerants, Natural Refrigerants. The synthetic refrigerants segment is a key driver of growth in the commercial refrigeration equipment market, attributed to its extensive application in refrigeration systems. The selection of these refrigerants is driven by their superior cooling capabilities, consistent performance, and adaptability to a range of refrigeration systems. Considering increasing apprehensions regarding their ecological consequences, particularly their contribution to ozone depletion and global warming, they persist in maintaining a dominant position in the market.
Commercial Refrigeration Equipment Market, By Application:
- Food & Beverage Retail
- Hypermarkets
- Supermarkets
- Convenience Store
- Specialty Food Store
- Others
- Food Service
- Hotels and Hospitality
- Pharmaceuticals
- Healthcare
- Biotechnology
- Chemicals
- Others
Based on Application, the Global Commercial Refrigeration Equipment Market is bifurcated into Food & Beverage Retail, Food Service, Others. The food and beverage retail sector are projected to experience a significant compound annual growth rate during the forecast period. The current advancements in cold channel logistics for the transportation of temperature-sensitive goods are contributing favourably to the growth of this segment. Additionally, the increasing need for premium temperature-controlled refrigeration solutions in diverse transport vehicles is significantly contributing to the growth of the industry. This is particularly relevant for the dependable distribution of beverages, liquor, fish, biopharmaceuticals, and other perishable goods.
Commercial Refrigeration Equipment Market, By Distribution Channel
- OEMs (Original Equipment Manufacturers)
- Distributors and Wholesalers
- Retailers
Based on Application, the Global Commercial Refrigeration Equipment Market is bifurcated into The OEMs segment plays a crucial role in the commercial refrigeration equipment market, primarily because it provides tailored and sophisticated refrigeration solutions across diverse sectors, including food and beverage, retail, and healthcare. Original Equipment Manufacturers are essential to driving innovation by incorporating energy-efficient technologies and advanced features such as IoT connectivity. These advancements contribute to lowering operational costs and ensuring adherence to strict environmental regulations. The partnerships with international brands enable them to address specific requirements, guaranteeing superior production quality and prompt delivery, which contributes to the overall market expansion.
Commercial Refrigeration Equipment Market, By Geography
- North America
- Europe
- Asia Pacific
- Rest of the world
Based on Geography, the Global Commercial Refrigeration Equipment Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. In 2023, North America held a significant revenue share in the global commercial refrigeration equipment market. The notable expansion can be linked to the established retail sector and the presence of prominent supermarket chains, including Walmart, Costco, Kroger, and Publix, within the area. The significant presence of various leading manufacturers of commercial refrigeration equipment, along with the early adoption of smart technology in commercial kitchens, is contributing to the continued growth of the regional market.
Key Players
The “Global Commercial Refrigeration Equipment Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are AHT Cooling Systems GmbH, Ali Group S.r.l. a Socio Unico, Carrier, Dover Corporation, DAIKIN Industries, Ltd, Carrier, Electrolux AB, Hussmann Corporation, Illinois Tool Works Inc., Johnson Control Lennox International Inc., Panasonic Corporation, and Whirlpool Corporation.
Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.
Global Commercial Refrigeration Equipment Market Key Developments
- In November 2023, Whirlpool Corporation launched SlimTech insulation, utilizing vacuum-insulated structure (VIS) technology in a refrigerator. The company asserts that this technology represents a significant shift in refrigeration technologies.
- In September 2023, Carrier formed a partnership with Relayr, Inc., a company specializing in industrial Internet of Things (IIoT) technology, to introduce an innovative Refrigeration-as-a-Service (RaaS) solution for its customers. This partnership enables food retailers to circumvent the initial capital expenditure associated with refrigeration equipment and infrastructure.
- In March 2023, Carrier introduced the Transicold EverFRESH active controlled atmosphere system designed for refrigerated containers. This software development enabled transporters to efficiently handle a diverse array of perishable goods, encompassing high-value products.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2020-2031 |
| BASE YEAR | 2023 |
| FORECAST PERIOD | 2024-2031 |
| HISTORICAL PERIOD | 2020-2022 |
| UNIT | Value (USD Billion) |
| KEY COMPANIES PROFILED | AHT Cooling Systems GmbH, Ali Group S.r.l. a Socio Unico, Carrier, Dover Corporation, DAIKIN Industries, Ltd, Carrier, Electrolux AB, Hussmann Corporation, Illinois Tool Works Inc., Johnson Control Lennox International Inc., Panasonic Corporation, and Whirlpool Corporation. |
| SEGMENTS COVERED | By Product, By System Type, By Refrigerant, By Application, By Distribution Channel, and Geography. |
| CUSTOMIZATION SCOPE | Free report customization (equivalent to up to 4 analyst working days) with purchase. Addition or alteration to country, regional & segment scope. |
Research Methodology of Verified Market Research:
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Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
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Frequently Asked Questions
1. INTRODUCTION OF GLOBAL COMMERCIAL REFRIGERATION EQUIPMENT MARKET
1.1. Overview of the Market
1.2. Scope of Report
1.3. Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH
3.1. Data Mining
3.2. Validation
3.3. Primary Interviews
3.4. List of Data Sources
4. GLOBAL COMMERCIAL REFRIGERATION EQUIPMENT MARKET OUTLOOK
4.1. Overview
4.2. Market Dynamics
4.2.1. Drivers
4.2.2. Restraints
4.2.3. Opportunities
4.3. Porters Five Force Model
4.4. Value Chain Analysis
5. GLOBAL COMMERCIAL REFRIGERATION EQUIPMENT MARKET, BY PRODUCT TYPE
5.1. Overview
5.2. Refrigerator & Freezer
5.3. Transportation Refrigeration
5.4. Refrigerated Display Case
5.5. Beverage Refrigeration
5.6. Ice Cream Merchandiser
5.7. Refrigerated Vending Machine
6. GLOBAL COMMERCIAL REFRIGERATION EQUIPMENT MARKET, BY REFRIGERANT TYPE
6.1. Overview
6.2. Fluorocarbons
6.3. Hydrocarbons
6.4. Inorganics
7. GLOBAL COMMERCIAL REFRIGERATION EQUIPMENT MARKET, BY APPLICATION
7.1. Overview
7.2. Hotels & Restaurants
7.3. Supermarkets & Hypermarkets
7.4. Pharmaceutical
7.5. Convenience Stores
7.6. Bakeries
8. GLOBAL COMMERCIAL REFRIGERATION EQUIPMENT MARKET, BY SYSTEM TYPE
8.1. Overview
8.2 Self-contained
8.2 Remotely Operated
9. GLOBAL COMMERCIAL REFRIGERATION EQUIPMENT MARKET, BY GEOGRAPHY
9.1. Overview
9.2. North America
9.2.1. U.S.
9.2.2. Canada
9.2.3. Mexico
9.3. Europe
9.3.1. Germany
9.3.2. U.K.
9.3.3. France
9.3.4. Rest of Europe
9.4. Asia Pacific
9.4.1. China
9.4.2. Japan
9.4.3. India
9.4.4. Rest of Asia Pacific
9.5. Rest of the World
9.5.1. Middle East & Africa
9.5.2. Latin America
10. GLOBAL COMMERCIAL REFRIGERATION EQUIPMENT MARKET COMPETITIVE LANDSCAPE
10.1. Overview
10.2. Company Market Ranking
10.3. Key Development Strategies
11. COMPANY PROFILES
11.1. Emerson Electric Company
11.1.1. Overview
11.1.2. Financial Performance
11.1.3. Product Outlook
11.1.4. Key Developments
11.2. Carrier
11.2.1. Overview
11.2.2. Financial Performance
11.2.3. Product Outlook
11.2.4. Key Developments
11.3. Danfoss
11.3.1. Overview
11.3.2. Financial Performance
11.3.3. Product Outlook
11.3.4. Key Developments
11.4. GEA Group
11.4.1. Overview
11.4.2. Financial Performance
11.4.3. Product Outlook
11.4.4. Key Developments
11.5. A Dover Company
11.5.1. Overview
11.5.2. Financial Performance
11.5.3. Product Outlook
11.5.4. Key Developments
11.6. Daikin
11.6.1. Overview
11.6.2. Financial Performance
11.6.3. Product Outlook
11.6.4. Key Developments
11.7. Johnson Controls
11.7.1. Overview
11.7.2. Financial Performance
11.7.3. Product Outlook
11.7.4. Key Developments
11.8. Excellence Industries
11.8.1. Overview
11.8.2. Financial Performance
11.8.3. Product Outlook
11.8.4. Key Developments
11.9. Ali Group S.r.l.
11.9.1. Overview
11.9.2. Financial Performance
11.9.3. Product Outlook
11.9.4. Key Developments
11. 10. Welbilt
11.10.1. Overview
11.10.2. Financial Performance
11.10.3. Product Outlook
11.10.4. Key Developments
11. Appendix
12.1 Related Research
Report Research Methodology
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Exploratory data mining
Market is filled with data. All the data is collected in raw format that undergoes a strict filtering system to ensure that only the required data is left behind. The leftover data is properly validated and its authenticity (of source) is checked before using it further. We also collect and mix the data from our previous market research reports.
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Data Collection Matrix
| Perspective | Primary Research | Secondary Research |
|---|---|---|
| Supplier side |
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Econometrics and data visualization model
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We assign different weights to the above parameters. This way, we are empowered to quantify their impact on the market’s momentum. Further, it helps us in delivering the evidence related to market growth rates.
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The assumptions that are made to obtain the statistics and data elements are cross-checked by interviewing managers over F2F discussions as well as over phone calls.
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- Established market players
- Raw data suppliers
- Network participants such as distributors
- End consumers
The aims of doing primary research are:
- Verifying the collected data in terms of accuracy and reliability.
- To understand the ongoing market trends and to foresee the future market growth patterns.
Industry Analysis Matrix
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