Global Commercial Refrigeration Equipment Market Size USD 63.41 Billion By 2030 | CAGR of 6.2%

Introduction

In commercial refrigeration, heat is removed from a material source to maintain it at a temperature lower than its surroundings. The equipment keeps fresh fruits, vegetables, and meat by maintaining a specific temperature. Cold storage applications, chemical processing, food and beverage processing, and other end-use industries where temperature control of materials is necessary all use commercial refrigeration equipment. Such products are in high demand for HVAC, process cooling, food processing, and beverage production. Commercial refrigeration equipment is used by supermarkets, convenience stores, specialty food stores, e-commerce, and other end users. It also uses various refrigerants, including hydrocarbons and natural gases, inorganics, and fluorocarbons.

Market Dynamics

Escalating Global Demand for Frozen and Processed Foods and Advanced Magnetic Refrigeration Technology Adoption Drives the Global Market

Producing, processing, and distributing food to billions of homes worldwide requires various tools and technologies. It supports a complicated value chain that spans everything from agriculture to logistics. The importance of this sector has increased as the world's population has increased, and dietary preferences have changed due to rising incomes and a shift toward value-added goods.

Fresh and processed fruits and vegetables are more in demand as discretionary incomes rise in emerging economies. The newly introduced magnetic refrigeration technology is based on the magnetocaloric effect, which induces a temperature change when a reversible magnetic field is applied. The refrigerant is placed in a strong magnetic field, aligning various magnetic dipoles and reducing the equipment's temperature. This magnetic refrigeration technology's incorporation is cost-effective, environmentally friendly, long-lasting, safe, and reduces the overall power consumption, enabling its global application in commercial refrigeration equipment.

Refrigeration System Efficiency Improvements Creates Tremendous Opportunities

The lifespan, total ownership cost, and lifetime coefficient of performance of commercial refrigeration systems are being enhanced by several government organizations and R&D businesses. Manufacturers are attempting to develop natural refrigerant technologies that can improve the energy efficiency of commercial refrigeration systems, considering the Kyoto Protocol and recent EU F-Gas regulations.

Until recently, CO2 and ammonia-based cascade refrigeration systems were only suitable for a limited range of refrigeration tasks. However, due to a growing interest in environmentally friendly refrigerants, Cascade refrigeration systems are preferred for various refrigeration applications. Article 12 of the Kyoto Protocol's Clean Development Mechanism (CDM) encourages using natural refrigerants. The CDM enables a country with a Kyoto Protocol emission-reduction commitment to implement an emission-reduction project. These projects can earn saleable Certified Emission Reduction (CER) credits, which are one tonne of CO2 equivalent and can be used to meet Kyoto targets.

Regional Analysis

North America dominated the global market for commercial refrigeration equipment and is anticipated to account for the largest share of the revenue. The significant growth is mainly attributable to the maturing retail sector in the United States. Numerous leading manufacturers of commercial refrigeration equipment are in this region. In addition, the early adoption of intelligent equipment in commercial kitchens also encourages business growth in the region.

Key Highlights

• The global commercial refrigeration equipment market was valued at USD 36.90 billion in 2021. It is projected to reach USD 63.41 billion by 2030, growing at a CAGR of 6.2% during the forecast period (2022–2030).
• Based on product, the market is divided into transportation refrigeration equipment, refrigerators and freezers, beverage refrigeration, display showcases, ice merchandisers and ice vending equipment, and other equipment.The refrigerators and freezers segment has the highest revenue share in the global commercial refrigeration equipment market.
• Based on application type, the market is segmented into food service, food and beverage retail, distribution, and production.The food and beverage distribution segment is expected to grow significantly.
• Based on system type, the market is categorized into self-contained and remotely operated. The self-contained segment held the largest market share due to rising product demand
• Based on capacity, the market is bifurcated into less than 50 cu. Ft, 50 to 100 cu. Ft and more than 100 cu. Ft. Due to the increasing number of specialty food stores, hypermarkets, and supermarkets worldwide, the 51-to-100 cu. Ft. segment held a significant revenue share.
• North America dominated the global market for commercial refrigeration equipment and is anticipated to account for the largest revenue share.

Competitive Players

Competitive Analysis

The major players in the global commercial refrigeration equipment market are:

• AB Electrolux

• AHT Cooling Systems GmbH
• True Manufacturing Co., Inc.

• Ali Group S.r.l. a Socio Unico
• Victory Refrigeration
• Whirlpool Corporation
• Carrier
• Daikin Industries, Ltd.
• Dover Corporation
• Hussmann Corporation
• Excellence Industries
• Hillphoenix, A Dover Company
• Illinois Tool Works Inc.
• Imbera
• Lennox International Inc.
• Metalfrio Solutions S.A.
• Minus Forty Technologies Corp.
• Ojeda Usa Inc.
• Panasonic Corporation
• Qingdao Hiron Commercial Cold Channel Co., Ltd.
• Zero Zone, Inc.

Recent Developments

Market News

• June 2022- Carrier Extended QuietCO2OL MC Range with Natural Refrigerant Solutions to Serve Convenience Store Market. Carrier Commercial Refrigeration expanded its range of QuietCO2OL™ MC compact indoor refrigeration units, which use the natural refrigerant carbon dioxide (CO2), to strengthen its sustainable product offerings in the convenience store sector.
• May 2022- Carrier Transicold Crossed Milestone, with Over 1.5 million Refrigeration Units Sold. Carrier Transicold has achieved another industry milestone by surpassing 1.5 million container refrigeration units sold. Carrier Transicold is a part of Carrier Global Corporation (NYSE: CARR), the leading global provider of healthy, safe, sustainable, intelligent building and cold chain solutions.

Segmentation

Global Commercial Refrigeration Equipment Market: Segmentation

By Product

• Transportation Refrigeration Equipment
• Refrigerators and Freezers
• Beverage Refrigeration
• Display Showcases
• Ice Merchandisers and Ice Vending Equipment

By System Type

• Self-contained
• Remotely Operated

By Capacity

• Less than 50 cu. Ft
• 50 to 100 cu. Ft
• More than 100 cu. Ft

By Application

• Food Service
• Food and Beverage Retail
• Food and Beverage Distribution
• Food and Beverage Production

By Regions

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa