Commercial Refrigeration Equipment Market Size

Global Commercial Refrigeration Equipment Market Overview

Commercial Refrigeration Equipment Market Size was valued at USD 33,947.3 Billion in 2023. The Commercial Refrigeration Equipment market industry is projected to grow from USD 35,484.1 Billion in 2024 to USD 55,433.1 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.73% during the forecast period (2024 - 2032).

The commercial refrigeration equipment market is gaining popularity due to the increased demand for the refrigeration of food and beverage products and the growing applications in chemicals and pharmaceuticals, the hospitality sector, and several others are the key market drivers enhancing market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

The growing applications in chemicals & pharmaceuticals and the increased demand for the refrigeration of food & beverage products are considered vital parameters enhancing the performance of the global market. Furthermore, the growing demand for packaged food is also projected to positively impact the growth of the market over the coming years.

• June 2023- A portfolio company of Wind Point Partners, Smart Care, is happy to disclose the acquisition of Richard Meek Air Conditioning, Inc., a commercial refrigeration and HVAC equipment repair and installation company. The addition of Richard Meek empowers Smart Care's presence in Texas and signifies Smart Care's fourth acquisition in the state and ninth overall since partnering with Wind Point.

Commercial Refrigeration Equipment Market Trends

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  Growing the Food and Beverage Processing Industry to boost the market growth

  
  

The developing food and beverage processing industry in developing countries is likely to bolster the commercial refrigeration equipment market share over the forecast period. Food & beverage processing ly is regarded as a huge industry. About 90% of the food that is produced is processed in developed countries. Burgeoning demand for convenience and processed meat products have been witnessed owing to consumers’ busy lifestyles and changing habits.

Additional factors adding to the commercial refrigeration equipment industry growth include the expansion of the hospitality sector, rising preference of consumers to dine out, ongoing expansions of consumer good retail chains worldwide, innovations and advancements in magnetic refrigeration systems, evolving technologies, increasing international food trade that is increasing the need for refrigeration of processed foods, seafood, and frozen foods, changing food habits, and growing number of supermarkets, specialty food stores, and hypermarkets.

The trend to adopt eco-friendly refrigerants is growing within the Refrigeration And Freezing Equipment Market which is likely to offer robust opportunities to market players in the upcoming days. A key contribution to environmental concerns like  warming and ozone layer depletion are contributed by refrigerants because they absorb infrared radiation as well as retain the same in the atmosphere. The specialty of eco-friendly refrigerants is that there is no depletion of the ozone layer in the atmosphere, possesses low  warming potential, and do not contribute to  warming. Therefore, such factors related to hair products have enhanced the Industrial refrigeration units market CAGR across the globe in recent years.

Commercial Refrigeration Equipment Market Segment Insights

Commercial Refrigeration Equipment Type Insights

The Commercial Refrigeration Equipment market segmentation, based on type, includes Display Cases, Walk-in Coolers/Reach-in Coolers and Beverage Refrigeration. The Walk-in Coolers/Reach-in Coolers segment held the majority share in 2021 of the  Cold storage equipment market revenue. Walk-in coolers and reach-in coolers are widely used in supermarkets, convenience stores, and restaurants for storing and displaying perishable goods, such as meat, dairy, and fruits and vegetables. These coolers are also used in commercial kitchens for storing ingredients and preparing food. The increasing popularity of frozen food and the growing demand for convenience and ready-to-eat food products are also driving the growth of the walk-in coolers and reach-in coolers segment.

Commercial Refrigeration Equipment Application Insights

Based on application, the Commercial Refrigeration Equipment market segmentation includes Supermarkets, hypermarkets, and others. The rise in urbanization, increase in disposable income, and changing consumer preferences for convenience and ready-to-eat food products are also driving the growth of the supermarket segment. These all factors for Commercial Refrigeration Equipment positively impact the market growth.

Figure 2:  Commercial Refrigeration Equipment Market, by Application, 2021 & 2030 (USD Billion)Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Commercial Refrigeration Equipment Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia-Pacific Commercial Refrigeration Equipment market is expected to hold the second-largest market share. It is predicted to touch USD 3,534.1 million at an 8.24% CAGR by 2025. Increasing adoption in local retail chains in India, Japan, and China, massive urbanization coupled with recent developments in the food & beverage industry. 

Increasing use in food retail industries, the need to avoid bacterial disease owing to unhygienic food, increasing consumption of instant food products, growing need for frozen and processed foods in urban areas, growing population, rising economic conditions like growing disposable incomes and rising GDP are adding to the  Commercial refrigerators market growth in the region. Besides, growth in the manufacturing sector, increasing spending on public and private infrastructure development, rapid urbanization, and growing population are adding to the  commercial refrigeration equipment industry growth in the region.

Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil

Figure 3:  COMMERCIAL REFRIGERATION EQUIPMENT MARKET SHARE BY REGION 2021 (%)Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe’s Commercial Refrigeration Equipment industry is predicted to have notable growth. It is predicted to touch USD 2,143.3 million at a 5.57% CAGR by 2025. Organized food and grocery retail industry, growing hypermarkets and supermarkets and food retail chains, expansion of grocery retail chains, developing food and beverage industry owing to the presence of top food and beverage manufacturing companies, rapidly growing hospitality industry in Germany, UK, and France, and strict food safety regulations by the government to keep food products hazard-free are adding to the  Commercial Refrigeration System Market growth in the region. Further, the Germany Commercial Refrigeration Equipment market held the largest market share, and the UK Commercial Refrigeration Equipment market was the fastest-growing market in the European region.

North America, Commercial Refrigeration Equipment market, is expected to be the largest market. North America will lead the market over the forecast period. It is predicted to touch USD 3,426.0 million at a 6.02% CAGR by 2025. The presence of noteworthy distribution channels for all retailer categories, high adoption rates of commercial refrigeration equipment, eco-friendly and energy-efficiency refrigerant regulation in Canada, and consumers’ increased purchasing power are fueling the growth of this Commercial Refrigeration System Market in the region. Moreover, the U.S. Commercial Refrigeration Equipment industry held the largest market share, and the Canada Commercial Refrigeration Equipment market was the fastest-growing market in the north america region.

Commercial Refrigeration Equipment Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the Commercial Refrigeration Equipment market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Commercial Refrigeration Equipment industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth for Commercial Refrigeration Equipment. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their  presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Commercial Refrigeration Equipment industry must offer affordable products.

Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the  Commercial Refrigeration Equipment industry to benefit customers and expand the market sector. The Refrigeration And Freezing Equipment Market has recently given medicine some of the most important advantages. Major Commercial Refrigeration Equipment market players, including Williams Refrigeration, EPTA, Rockwell Industries Limited, Voltas, Inc., Kysor Warren, A Dover Company, Hillphoenix, Hussmann Corporation, The Kelvin Group, AHT Cooling Systems GmbH, Enex Technologies, United Technologies Corporation, and others, are attempting to increase market demand by funding R&D initiatives.

Voltas Limited is a multinational company based in India that specializes in air conditioning and engineering solutions. The company was founded in 1954 and is a part of the Tata Group, one of India's largest conglomerates. Voltas offers a wide range of products and services, including air conditioners, chillers, commercial refrigeration, and engineering solutions for various industries such as hospitality, healthcare, and retail. The company operates in over 50 countries and has a strong presence in India, the Middle East, Africa, and South Asia.

Rockwell Industries Limited is a publicly traded Indian company that specializes in the manufacturing and distribution of automotive and industrial components. The company was founded in the early 1990s and is based in Ludhiana, Punjab. Rockwell Industries is a leading manufacturer of transmission gears, differential gears, and synchronizer rings for the automotive industry. The company also manufactures and supplies industrial gears, gearboxes, and power transmission products for various industrial sectors such as cement, sugar, and steel. Rockwell Industries has a strong presence in the Indian market and exports its products to over 50 countries worldwide.

Key Companies in the Commercial Refrigeration Equipment market includes

• Williams Refrigeration


• EPTA


• Rockwell Industries Limited


• Voltas, Inc.


• Kysor Warren


• A Dover Company


• Hillphoenix


• The kelvin group


• Hussmann Corporation


• Enex Technologies


• AHT Cooling Systems GmbH


• United Technologies Corporation among others

Commercial Refrigeration Equipment Industry Developments