Commercial Refrigeration Equipment Market Size - By Product (Transportation Refrigeration Equipment, Refrigerators & Freezers, Beverage Refrigeration), By Application (Food Service, Food & Beverage Retail, Food & Beverage Production) & Forecast, 2023-2032

Commercial Refrigeration Equipment Market Size

Commercial Refrigeration Equipment Market size is projected to register a CAGR of over 3.5% from 2023 to 2032, driven by the increasing demand for packaged food and beverages across the globe.
 

The surging consumer preference for convenience and on-the-go consumption along with the incessant need for reliable and efficient refrigeration solutions for preserving perishable products will drive the market growth. The rising trend of development of energy-efficient systems has led to the higher adoption of advanced cooling technologies and smart monitoring solutions. Moreover, the burgeoning focus of market players on R&D investments to meet sustainability goals and adhere to stringent regulations will influence the market growth.

Commercial Refrigeration Equipment Market Growth Drivers and Restraints

The growing demand for eco-friendly refrigeration solutions coupled with the rising need for precise temperature control in the pharmaceutical industry will positively impact the market share. In addition, the sluggish obligation for upgrading and replacing outdated systems may lead to declining product demand. Despite advancements in technology and the need for energy-efficient solutions, many businesses are hesitating to invest in new equipment due to the high initial costs and rising concerns about operational disruptions. The growing focus on addressing these challenges through incentives, education, and innovative financing options may help with the market growth.

COVID-19 Impact

The COVID-19 pandemic had significant impact on the commercial refrigeration equipment market as food service and hospitality industries faced widespread disruptions on account of lockdowns, travel restrictions, and social distancing measures. This led to reduced consumer footfall in restaurants, hotels, and other establishments, causing declining product demand. However, the increasing importance of cold storage solutions for vaccines and medical supplies in the healthcare and pharmaceutical sectors during the pandemic led to significant industry growth. The surging efforts by businesses on hygiene and sanitation practices also prompted the increasing interest in refrigeration solutions with advanced anti-bacterial coatings, touchless controls, and improved air circulation to ensure food safety.
 

Commercial Refrigeration Equipment Market Trends

The escalating demand for transportation refrigeration is the major factor contributing to the market expansion. With the continuous evolution of global trade and supply chains, the need for reliable cold storage solutions to support the safe and efficient transport of perishable goods has steered the adoption of transport refrigeration equipment. Furthermore, the ongoing innovations for enhancing sustainable development in the cold chain market has compelled industry participants to accelerate their efforts towards supply electrified refrigeration solutions.

Commercial Refrigeration Equipment Market Analysis

Commercial refrigeration equipment market from the refrigerator & freezers segment is set to expand at around 4% CAGR through 2032. The growth can be attributed to the rising preference for supermarkets, convenience stores, and hypermarkets due to their higher cold storage capacities to accommodate diverse range of perishable products. Additionally, the growing investments in walk-in units as they offer versatile solutions for multiple applications, including pharmaceutical, food service, medical, catering, and educational institutions will fuel the segment growth.

Commercial refrigeration equipment market size from the food and beverage production application segment is poised to record more than 2.5% CAGR between 2023 and 2032, particularly attributed to the high production of milk & dairy products. The increasing production of milk and dairy products, such as cheese & butter is also fostering the demand for refrigeration solutions across the food and beverage sector, further adding to the market expansion.

India commercial refrigeration equipment market is expected to witness about 5% growth rate during 2023 to 2032. The rapid urbanization, expanding middle class, and changing consumer preferences have led to the high demand for packaged and ready-to-eat foods. The growing preference for organized retail spaces has boosted the requirement for advanced refrigeration solutions to ensure the quality and longevity of perishable products in the country. The continued efforts by industry participants on providing end-to-end refrigeration solutions will also contribute to the regional market growth.

Commercial Refrigeration Equipment Market Share

The competitive landscape of the commercial refrigeration equipment market includes leading players, such as

• Parker Hannifin Corp.
• Johnson Controls
• Emerson Electric
• GEA Group AG
• AB Electrolux
• Ingersoll-Rand, Plc.
• Danfoss A/S
• Hussman Corporation
• Daikin Industries Ltd.
• Lennox International
   

Commercial Refrigeration Equipment Industry News

• In February 2023, Emerson's Climate Technologies division showcased an entire range of integrated retail solutions for commercial refrigeration, cooling, and heating, as well as compressors, valves, and electronics in an attempt to reduce the environmental footprint, meet regulatory requirements, and ensure food safety.
   

This market research report on commercial refrigeration equipment includes in-depth coverage of the industry with estimates & forecast in terms of volume in square foot and revenue in USD million from 2023 to 2032, for the following segments:

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Market, By Product

• Transportation Refrigeration Equipment
• Refrigerators & Freezers
• Beverage Refrigeration
• Other Equipment
• Parts

Market, Application

• Food Service
• Food & Beverage Retail
• Food & Beverage Production
• Food & Beverage Distribution

The above information is provided on a regional and country basis for the following:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • Russia
  • France
  • UK
  • Spain
  • Italy
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Singapore
  • Malaysia
  • Australia
• Latin America
  • Brazil
  • Mexico
  • Colombia
  • Argentina
• MEA
  • South Africa
  • Saudi Arabia
  • UAE
  • Nigeria
  • Kenya