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Commercial Refrigeration Equipment Market: By Product Type (Refrigerator & Freezer, Transportation Refrigeration, Refrigerated Display Cases, Beverage Refrigeration, Ice Cream Merchandiser, Refrigerated Vending Machine), By Refrigerant Type (Fluorocarbons, Hydrocarbons, Inorganics), By Application (Hotels & Restaurants, Supermarkets & Hypermarkets, Convenience Stores, Bakeries), And Region - Global Analysis of Market Size, Share & Trends For 2021-2022 And Forecasts To 2032
[170+ Pages Research Reports] Commercial Refrigeration Equipment Market to surpass USD 71.5 billion by 2032 from USD 39.25 billion in 2021 at a CAGR of 5.6% in the coming years, i.e., 2022-32.
Commercial refrigerator equipment offer cold storage for commercial enterprises. These equipment are simply the freezers and refrigerators found in convenience stores, grocery stores, commercial kitchens, and restaurants. Commercial refrigeration equipment can belong to any of the categories from remote condensing or self-contained. When the entire refrigeration system and the refrigerated case are integrated into a single physical unit, it is said to be self-contained. When the compressor and condenser are separated from the refrigerated case, this is referred to as remote condensing. Moreover, reach-ins are self-contained appliances with either solid or glass doors that are often used in restaurants. Supermarkets more often install remote condensing refrigerator display cases, which can either have doors or could be open cases.
A shift in lifestyle and rising urbanization have raised customer demand for frozen and chilled goods. Moreover, the Commercial Refrigeration Equipment Market is expanding due to the organized retail sector's quick progress, which includes a surge in the number of supermarkets and hypermarkets.
Figure - Market Analysis of Commercial Refrigeration Equipment Market
Commercial Refrigeration Equipment Market is categorized on the basis of Product Type into Refrigerator & Freezer, Transportation Refrigeration, Refrigerated Display Cases, Beverage Refrigeration, Ice Cream Merchandiser, and Refrigerated Vending Machine. The Transportation Refrigeration segment is projected to dominate the market over the forecast period. Most of the developing economies of APAC have a sizable consumer base and present a profitable potential for chilled and frozen food goods, including dairy, ice creams, drinks, processed meat, frozen dairy, and fish & seafood among others. If maintained at room temperature, such items have an extremely short shelf life. Thus, the need for commercial refrigeration equipment arises from the need for transportation refrigeration for the transportation of food products.
Commercial Refrigeration Equipment Market is categorized on the basis of application into Hotels & Restaurants, Supermarkets & Hypermarkets, Convenience Stores, and Bakeries. The supermarkets & hypermarkets category is projected to hold a major share of the Commercial Refrigeration Equipment Market. The cutting-edge commercial refrigerators offer functional designs that draw clients' attention at any point of purchase. Also, the market is growing as a result of shifting food consumption patterns and an increase in global food trade.
Figure - Market Analysis of Global Commercial Refrigeration Equipment Market
Rising Demand for Refrigerated Food Products and Increasing Applications in Other Industries
The demand for chilled food and beverage items is rising, and the Commercial Refrigeration Equipment Market is expanding owing to its expanding applications in the pharmaceutical and chemical industries, the hotel industry, and others. Due to the need for a balanced diet and changes in consumer preferences around the world, the consumption of healthy food items like ready-to-eat and frozen fruits is rising. Over the forecast period, there will be several market opportunities to apply green technology and magnetic refrigeration due to increasing government regulations and worries about dangerous refrigerants that contribute to ozone depletion, this impacting the growth of the Commercial Refrigeration Equipment Market.
Introduction of Modernized Technology and its Attractive Benefits
Temperature change happens due to the application of a reversible magnetic field in the lately launched magnetic refrigeration technique, which depends on the magnetocaloric effect. A strong magnetic field is used in the refrigerant that aligns multiple magnetic dipoles, and decreases the refrigerator’s temperature inside. Utilizing this magnetic refrigeration technology is economical, environmentally beneficial, long-lasting, secure, and uses less power overall. This is increasing its use in commercial refrigeration equipment around the world, which is fueling the Commercial Refrigeration Equipment Market.
Significant Purchasing Cost and Maintenance of Commercial Refrigeration Equipment Market
The high cost of purchasing the machines is anticipated to impede the growth of the Commercial Refrigeration Equipment Market. Since the commercial refrigerators, freezers, and other appliances are made to fit in big spaces and are used in commercial applications, the price of the equipment varies depending on size. Hence, the purchase cost and maintaining such huge equipment turns an obstacle. Another significant factor hampering the growth of the Commercial Refrigeration Equipment Market is consumers' lack of knowledge regarding the effective use of such refrigeration equipment.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Commercial Refrigeration Equipment Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. In 2020, Asia Pacific region held the maximum share of the Commercial Refrigeration Equipment Market, and this dominance is anticipated to hold dominance throughout the forecast period. Commercial refrigeration equipment sales have increased in the area as a result of the rising population, improving economic conditions (such as rising GDP and disposable incomes), and a booming consumer goods industry. Speedy urbanization, growth of the manufacturing sector, and increased investment in both private and governmental infrastructure are other drivers of growth.
The COVID-19 spread of disease propelled the implementation of strict containment measures, which temporarily halted the production and distribution of commercial refrigeration equipment. To assist the mass vaccination campaign against the coronavirus, the pandemic increased demand for vaccine manufacture and storage, which in turn sparked a need for cold storage solutions. The need for transportation refrigeration equipment is expected to increase over the coming years due to the increasing use of vaccine storage units.
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
Commercial Refrigeration Equipment Market Segments:
By Product Type
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Report Attribute |
Details |
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Market Size Value in 2021 |
USD 39.25 billion |
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Revenue Forecast in 2032 |
USD 71.5 billion |
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Growth Rat |
CAGR of 5.6% from 2022 to 2032 |
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Base Year for Estimation |
2021 |
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Quantitative Units |
Revenue in USD billion and CAGR from 2022 to 2032 |
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Report Coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Segments Covered |
Product Type, Refrigerant Type, Application, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
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Key Companies Profiled |
Panasonic Corporation, United Technologies Corporation, Daikin Industries Ltd., Whirlpool Corporation, Emerson Electric Co., AB Electrolux, Illinois Tool Works Inc., Johnson Controls International PLC, Dover Corporation, GEA Group AG, Lennox International Inc., Hussmann Corporation, Frigoglass, Fujimak Corporation, Victory Refrigeration, and Other Prominent Players. |
The Commercial Refrigeration Equipment Market size was estimated at USD 39.25 billion in 2021 and is expected to reach USD 71.5 billion in 2032.
Commercial refrigerator equipment offer cold storage for commercial enterprises. These equipment are simply the freezers and refrigerators found in convenience stores, grocery stores, commercial kitchens, and restaurants.
The Transportation Refrigeration and Supermarkets & Hypermarkets segments accounted for the larger share of the Commercial Refrigeration Equipment Market.
Key players in the Commercial Refrigeration Equipment Market are Panasonic Corporation, United Technologies Corporation, Daikin Industries Ltd., Whirlpool Corporation, Emerson Electric Co., AB Electrolux, Illinois Tool Works Inc., Johnson Controls International PLC, Dover Corporation, GEA Group AG, Lennox International Inc., Hussmann Corporation, Frigoglass, Fujimak Corporation, Victory Refrigeration, and Other Prominent Players.
The key driving factors of the Commercial Refrigeration Equipment Market include the shift in consumers’ lifestyles and rising urbanization, and the organized retail sector's quick progress, which includes a surge in the number of supermarkets and hypermarkets.
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