Home > Reports > Commercial Refrigeration Equipment Market Size, Demand, Forecast to 2030

Commercial Refrigeration Equipment Market

Commercial Refrigeration Equipment Market: Information by Product (Refrigerators and Freezers, Beverage Refrigeration), System Type (Self-Contained), and Region — Forecast till 2030

Published At : 08 Aug, 2022
Updated At : 06 Sep, 2022
Table of Content Download Sample

Market Snapshot
Base Year:
2021
Study Period:
2020-2030
CAGR:
6.2 %
Fastest Growing Market:
Asia Pacific
Largest Market:
North America

The global commercial refrigeration equipment market size 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). Commercial refrigeration is the process of removing excess heat from a source of material to keep it at a lower temperature than its surroundings. The equipment keeps fresh food like fruits, vegetables, and meat by maintaining a specific temperature. Commercial refrigeration equipment is used in various end-use industries where temperature control of materials is required, such as food and beverage processing, cold storage applications, and chemical processing. Food processing, beverage production, process cooling, and HVAC applications highly demand such products.

Hypermarkets, supermarkets, convenience stores, specialty food stores, e-commerce, and other end users use commercial refrigeration equipment. Fluorocarbons, inorganics, hydrocarbons/naturals, and other refrigerants are used in commercial refrigeration equipment. Others refer to refrigerants that combine inorganics, naturals, and fluorocarbons.

Get more information on this report Download Sample Report

Market Dynamics

Market Driving Factors

Growing Demand for Frozen and Processed Food Worldwide to Support Market Growth

The food processing industry requires equipment and solutions to produce, process, and distribute food to billions of households worldwide. It services a complex value chain ranging from agriculture to logistics. The significance of this industry has grown as the global population grows and dietary preferences alter in response to rising incomes and a shift toward value-added products. The rise in discretionary incomes in emerging economies has increased the demand for fresh and processed fruits and vegetables.

Globally, frozen foods are increasingly becoming integral to the daily diet. Additionally, the demand for processed and packaged foods is fueled by rapid urbanization in developing nations and rising living standards. This has led to an increase in the sales of commercial refrigeration equipment, which is anticipated to drive the commercial refrigeration equipment market during the forecast period.

Adoption of Advanced Magnetic Refrigeration Technology to Propel Growth

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.

Market Restraining Factors

High Purchasing and Maintenance Cost to Hinder Market Growth

The market's growth is anticipated to be restrained due to the machines' expensive purchase prices. Due to the fact that commercial refrigerators, freezers, and other appliances are made to fit into large spaces, the price of this equipment varies depending on its size. As a result, the cost of purchasing and maintaining such massive machinery becomes a constraint. Another major factor impeding the commercial refrigeration equipment market's growth is a lack of awareness among customers about how to use such refrigeration machines efficiently.

Key Market Opportunities

Improvements in the Efficiency of Refrigeration Systems to Spur Market 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.

 

Segmental Analysis

The global commercial refrigeration equipment market is segmented into product, system type, capacity, and application.

On the Basis of Product

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. The travel and tourism industry has expanded globally, and as a result, many new food joints and restaurants have been opened. The segment also includes blast chillers, primarily used to quickly freeze or cool items at lower temperatures while preventing bacteria growth. In addition, the widespread use of chillers by healthcare professionals to store tissue samples from vaccines, controlled tests, and critical medicines is boosting the market.

On the Basis of Product

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. The segment's growth is aided by ongoing cold channel logistics developments for transporting temperature-sensitive items. Furthermore, the demand for high-end temperature-controlled refrigerators for various transport vehicles for the reliable distribution of beverages, liquor, fish, biopharmaceuticals, and other perishable products is boosting the business.

On the Basis of System Type

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 and its advantages, such as simple and cost-effective installation and low appliance maintenance and relocation costs.

On the Basis of Capacity

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 the rapid adoption of reach-in refrigerators with a storage capacity between 50 and 75 cu. Ft. in commercial spaces is contributing to the segment's growth.

 

Regional Analysis

The global commercial refrigeration equipment market is categorized into different regions, namely North America, Europe, Asia Pacific, Latin America and the Middle East and Africa.

Commercial Refrigeration Equipment Market Regional Analysis

Regional Growth Insights Request Sample Pages

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.

 

Competitive Players

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

  • 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.

 

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
Free Sample Report