Commercial Refrigeration Equipment Market To Reach $58.31 Billion By 2030

Commercial Refrigeration Equipment Market Growth & Trends

The global commercial refrigeration equipment market size is estimated to reach USD 58.31 billion by 2030, registering an estimated CAGR of 5.2% from 2023 to 2030, according to a new report by Grand View Research, Inc. The major aspects driving the market growth are the increasing consumption of frozen foods and the significant expansion of tourism and hospitality industries.

The rising environmental concerns about harmful emissions produced by refrigerators such as Hydro-chlorofluorocarbons (HCFC) and Chlorofluorocarbons (CFC) have led to the establishment of norms promoting the adoption of energy-efficient equipment for commercial refrigeration. The Clean Air Act launched by the U.S. Environment Protection Agency mandates the regularized application of low Global Warming Potential (GWP) refrigerants in the commercial segment.

Such regulatory measures are urging the companies operating in market to develop energy-efficient offerings with lesser environmental impact. For instance, in September 2022, Carrier Transicold introduced its new range of cutting-edge sustainable and electric temperature-controlled transport units at IAA Transportation 2022 in Germany. The new product offerings include Carrier’s first hydrogen fuel cell-powered Vector trailer unit supporting the temperature-controlled transport solutions for decarbonizing the cold chain.

The global outbreak of the COVID-19 pandemic had severely affected the commercial foodservice industry and retail industries, thereby impacting the expansion of the commercial refrigeration equipment market. However, the industry witnessed a strong demand from the pharmaceutical and biotechnology industries with the increasing need to produce and store vaccines. Several pharmaceutical firms and research institutes demanded vaccine storage refrigerators as a part of their R&D activities to deliver life-saving vaccines against the coronavirus.

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Commercial Refrigeration Equipment Market Report Highlights

• In terms of product, refrigerators and freezers segment held a revenue share of about 22.0% in 2022 owing to the increased demand for vaccine storage units during the pandemic for conducting the immunization process

• In terms of application, food and beverage distribution segment is estimated to record a substantial CAGR from 2023 to 2030 with the ongoing developments in cold channel logistics for transporting temperature-sensitive items

• In terms of system type, the self-contained segment held around 86.0% revenue share in 2022 owing to increasing demand driven by the ease of installation and low maintenance and relocation cost of appliances

• In terms of capacity, the 51 cu. Ft. - 100 cu. Ft. segment held a notable revenue share of more than 45.0% in 2022, owing to the rising number of specialty food stores, hypermarkets, and supermarkets across the globe

• North America captured a sizeable revenue share in 2022 owing to greater consumer inclination toward the adoption of smart equipment across commercial kitchens
  

Commercial Refrigeration Equipment Market Segmentation

Grand View Research has segmented the global commercial refrigeration equipment market report based on the product, application, system type, refrigerant, capacity, distribution channel, and region

Commercial Refrigeration Equipment Product Outlook (Revenue, USD Million, 2018 - 2030)

• Transportation Refrigeration Equipment

  • Trailers

  • Trucks

  • Shipping Containers

• Refrigerators & Freezers

  • Walk-in-Refrigerators

  • Reach-in Refrigerators

  • Chest

• Beverage Refrigeration

• Display Showcases

  • Ice Cream Cabinets

  • Bakery/Deli Display

  • Others

• Ice Merchandisers & Ice Vending Equipment

• Other Equipment

Commercial Refrigeration Equipment System Type Outlook (Revenue, USD Million, 2018 - 2030)

• Self-contained

• Remotely Operated

Commercial Refrigeration Equipment Capacity Outlook (Revenue, USD Million, 2018 - 2030)

• Less than 50 cu. Ft

• 50 to 100 cu. Ft

• More than 100 cu. Ft

Commercial Refrigeration Equipment Application Outlook (Revenue, USD Million, 2018 - 2030)

• Food Service

• Food & Beverage Retail

  • Hypermarkets

  • Supermarkets

  • Convenience Store

  • Specialty Food Store

  • Others

• Hotels and Hospitality

• Pharmaceuticals

• Healthcare

• Biotechnology

• Chemicals

• Others

Commercial Refrigeration Equipment Refrigerant Outlook (Revenue, USD Million, 2018 - 2030)

• Synthetic Refrigerants (HFCs, HCFCs)

• Natural Refrigerants

  • Carbon Dioxide (CO2)

  • Ammonia (NH3)

  • Others

Commercial Refrigeration Equipment Distribution Channel Outlook (Revenue, USD Million, 2018 - 2030)

• OEMs (Original Equipment Manufacturers)

• Distributors and Wholesalers

• Retailers

Commercial Refrigeration Equipment Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • Germany

  • U.K.

  • France

  • Italy

  • Spain

• Asia Pacific

  • Japan

  • China

  • India

  • South Korea

  • Australia

• Latin America

  • Brazil

  • Mexico

• Middle East and Africa (MEA)

  • Saudi Arabia

  • South Africa

List of Key Players in the Commercial Refrigeration Equipment Market

• AHT Cooling Systems GmbH

• Ali Group S.r.l. a Socio Unico

• Carrier

• Daikin Industries Ltd.

• Dover Corporation

• Electrolux AB

• Hussmann Corporation

• Illinois Tool Works Inc.

• Johnson Control

• Lennox International Inc.

• Panasonic Corporation

• Whirlpool Corporation