Commercial Refrigeration Equipment Market By Product Type (Display Refrigerators & Freezers, Industrial Refrigerators, Refrigerated Vending Machines, Ice Cream Machines, Walk-In Coolers, Blast Chillers & Freezers, Others), By Application (Food Service, Food Retailing, Industrial Refrigeration, Food & Beverage Processing, Transportation, Others), By End-User Industry (Food & Beverage, Supermarkets & Hypermarkets, Hotels & Restaurants, Retail, Healthcare, Logistics & Cold Chain, Others), By Refrigerant Type (HFC, CO2, Ammonia, Hydrocarbons, Others), and By Region; Global Insights & Forecast (2024 – 2030)

As per Intent Market Research, the Commercial Refrigeration Equipment Market was valued at USD 27.8 billion in 2023 and will surpass USD 47.3 billion by 2030; growing at a CAGR of 7.9% during 2024 - 2030.

The commercial refrigeration equipment market is experiencing significant growth due to the increasing demand for food storage, advancements in refrigeration technology, and rising consumer preferences for fresh and frozen foods. As businesses continue to focus on sustainability, energy efficiency, and regulatory compliance, the demand for more efficient, eco-friendly, and high-performance refrigeration solutions is on the rise. Innovations in refrigerants, such as low-GWP (Global Warming Potential) alternatives, and the growing expansion of retail and hospitality industries are also contributing to this growth. The market is driven by several factors, including food safety regulations, evolving consumer needs, and the rise of cold chain logistics.

Display Refrigerators & Freezers Segment Is Largest Owing to Growing Retail Demand

Among various product types, display refrigerators and freezers dominate the commercial refrigeration market. These systems are essential for supermarkets, hypermarkets, and convenience stores to showcase a variety of products such as beverages, dairy, frozen foods, and meat products. Display refrigerators and freezers are preferred for their aesthetic appeal, functionality, and ability to maintain the product’s quality. Retailers are increasingly opting for these units to enhance consumer experience, improve product visibility, and meet regulatory standards. This product category is expected to continue expanding, driven by the increasing demand from the food retail sector, particularly in developing regions where consumer preferences are shifting towards fresh and frozen foods.

Food Service Application Is Fastest Growing Owing to Expanding Hospitality Industry

The food service application is the fastest-growing segment in the commercial refrigeration market. This sector includes establishments such as hotels, restaurants, catering services, and quick-service restaurants (QSRs) that require refrigeration solutions for food storage, preservation, and display. The growth of this segment is closely linked to the increasing demand for high-quality, fresh, and safe food products in the hospitality industry. With the rise in consumer spending on dining out and the expanding number of food establishments globally, the demand for advanced refrigeration equipment, including refrigerators, freezers, and chilled storage units, is surging. Additionally, the growing trend toward food delivery services and cloud kitchens is further fueling the demand for refrigeration in the food service industry.

Food & Beverage Industry Is Largest End-User Sector Driving Market Expansion

The food & beverage industry is the largest end-user sector in the commercial refrigeration market. With an increasing focus on food safety and product shelf life, food & beverage producers, processors, and retailers rely heavily on refrigeration solutions to maintain the freshness and safety of their products. The food and beverage sector spans a wide range of applications, including storage, transportation, and processing, all of which require reliable refrigeration equipment. The industry’s growth is being driven by the rising global population, changing dietary habits, and the increasing demand for frozen, perishable, and processed food products. As consumer preferences for fresh, organic, and processed foods continue to grow, the demand for refrigeration equipment in this sector will remain robust.

CO2 Refrigerants Segment Is Fastest Growing Owing to Sustainability Trends

The CO2 refrigerant segment is the fastest-growing in the commercial refrigeration market, driven by increasing environmental concerns and regulations related to the use of high-GWP refrigerants like HFCs. CO2 (R744) is gaining popularity as a natural refrigerant due to its low environmental impact and efficiency in refrigeration systems. It is non-toxic, non-flammable, and has a minimal impact on global warming. With stricter regulations such as the European Union’s F-Gas Regulation and the Kigali Amendment to the Montreal Protocol pushing for the adoption of sustainable refrigerants, CO2-based refrigeration systems are being increasingly adopted in commercial refrigeration applications, particularly in retail, food service, and industrial settings.

North America Is Largest Region Owing to High Demand from Food Retail and Logistics Sectors

North America is the largest region in the commercial refrigeration equipment market. The region's dominance is attributed to a high demand for refrigeration solutions in various sectors, including food retail, food service, and logistics. The U.S. is one of the largest consumers of commercial refrigeration equipment, driven by its large retail sector, which includes supermarkets, hypermarkets, and convenience stores. Additionally, the growth of the food service sector in North America, with its extensive restaurant and hospitality network, contributes significantly to market expansion. North America is also leading the way in adopting advanced refrigeration technologies, such as energy-efficient units and natural refrigerants like CO2, owing to regulatory initiatives promoting sustainability and energy efficiency.

Competitive Landscape and Leading Companies

The commercial refrigeration equipment market is highly competitive, with several global players dominating the industry. Leading companies such as Carrier Global Corporation, Daikin Industries, Emerson Electric Co., Trane Technologies, and Lennox International are investing in new technologies and product innovations to stay ahead in the market. These companies focus on offering energy-efficient and eco-friendly refrigeration solutions to meet the growing demand for sustainable systems. Strategic acquisitions and partnerships are common in the market as companies seek to expand their product portfolios and market reach. For instance, Trane Technologies' acquisition of Refrigeration Technologies and Emerson’s expansion into natural refrigerant-based systems reflect the industry's trend toward sustainability and energy efficiency. As the market continues to grow, competition is expected to intensify, with key players focusing on research and development to address the evolving demands of end-users across various industries.

Recent Developments:

• Carrier Global Corporation launched a new line of energy-efficient refrigeration systems designed to help commercial enterprises meet sustainability goals while cutting operational costs. (May 2024)
• Daikin Industries expanded its presence in the European market with a new range of natural refrigerant-based refrigeration solutions to comply with European Union regulations on reducing greenhouse gas emissions. (April 2024)
• Trane Technologies announced a strategic partnership with global logistics providers to develop refrigeration systems for cold chain logistics, focusing on reducing carbon footprints. (March 2024)
• Lennox International introduced a new range of commercial refrigeration systems aimed at improving the operational efficiency of supermarkets and restaurants, with enhanced temperature control and IoT integration. (February 2024)
• Emerson Electric Co. acquired a leading refrigeration technology company that specializes in environmentally friendly and low-GWP refrigerants, enhancing its sustainability offerings in the commercial refrigeration space. (January 2024)

List of Leading Companies:

• Carrier Global Corporation
• Daikin Industries, Ltd.
• Emerson Electric Co.
• Lennox International Inc.
• Hillphoenix, Inc.
• Trane Technologies
• Arneg S.p.A.
• True Manufacturing Co., Inc.
• Samsung Electronics Co., Ltd.
• Hoshizaki Corporation
• Panasonic Corporation
• Electrolux Professional
• Miele & Cie. KG
• Frigoglass
• Norlake, Inc

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