Commercial Refrigeration Equipment Market
Commercial Refrigeration Equipment Market Study by Refrigerated Display Cases, Beverage Refrigeration Equipment, Transportation Refrigeration Systems, Ice Machines, and Others from 2024 to 2034
Analysis of Commercial Refrigeration Equipment Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Commercial Refrigeration Equipment Market Outlook (2024 to 2034)
Revenue from the global commercial refrigeration equipment market is projected to reach US$ 52.4 billion in 2024. The market has been forecasted to increase to a size of US$ 90.4 billion by the end of 2034, expanding at a CAGR of 5.6% over the next ten years (2024 to 2034).
Sales of commercial refrigeration equipment are being positively impacted by the growth of e-Commerce platforms in most parts of the world and the increasing need for effective cold chain logistics. Advanced refrigeration solutions are in high demand as more people rely on online grocery shopping. This need is further highlighted by the requirement for temperature-controlled perishable goods transportation. Producers are matching their product lines to meet the growing needs of the cold chain logistics market. They are incorporating features that guarantee the integrity of goods while they are being stored and transported.
Key Market Growth Drivers
- Supermarkets, hypermarkets, and food retailers account for the high demand for commercial freezers and refrigerators to hold processed foods, frozen goods, and ready-to-eat items.
- More people traveling is driving up the demand for prepared foods, which is set to boost the sales of commercial refrigeration equipment over the coming years.
- Increased focus on sustainability and energy efficiency is a significant trend in the commercial refrigeration equipment market.
- Companies are increasingly searching for energy-efficient refrigeration solutions that also adhere to stringent environmental regulations.
This trend is reflected in the use of energy-efficient compressors, sophisticated insulation materials, and eco-friendly refrigerants.
| Report Attribute | Detail |
|---|---|
| Commercial Refrigeration Equipment Market Size (2024E) | US$ 52.4 Billion |
| Projected Market Value (2034F) | US$ 90.4 Billion |
| Global Market Growth Rate (2024 to 2034) | 5.6% CAGR |
| East Asia Market Share (2024E) | 26.9% |
| North America Market Share (2024E) | 23.8% |
| Sales of Refrigerated Display Cases (2034F) | US$ 21.3 Billion |
| Revenue from Food Services (2024E) | US$ 16.6 Billion |
| Key Companies Profiled | Panasonic Corporation; Dover Corporation; Whirlpool Corporation; United Technologies Corporation; AHT Cooling Systems GmbH; Standex International Corporation; Ingersoll-Rand PLC; Lennox International Inc.; Daikin Industries, Ltd.; Qingdao Haier Co. Ltd.; Illinois Tool Works Inc.; Manitowoc Company, Inc.; Hoshizaki Corporation; Electrolux AB; Fujimak Corporation; Emerson Electric Co. |
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What is a Key Market Trend for Commercial Refrigeration Equipment?
“Changes in Food Eating Patters”
A primary factor driving the growth of the commercial refrigeration equipment market is the escalating need for consumable goods. Due to the growing influence of the Western lifestyle, the middle class in many regions is demanding more ready-to-eat products, particularly in the Eastern world. There are more supermarkets, hypermarkets, and food and restaurant chains as a result of these shifts in people's eating habits. The same trend can be seen in smaller grocery stores and unorganized restaurants which are that their infrastructure by procuring large refrigeration equipment, thereby helping the market advance globally.
“Strict Guidelines in Place for Using Commercial Refrigeration in High-Load Situations”
Commercial refrigerators and freezers are designed to fit in large spaces, and hence, the price of the equipment varies depending on size and application. There are stringent norms implemented by governing bodies for the use of commercial refrigeration in heavy-load applications. These commercial refrigeration systems use commercial-grade refrigerants, specifically developed according to government regulations designed to minimize greenhouse gas impacts and carbon emissions.
Country-wise Insights
North America is expected to capture a global commercial refrigeration equipment market share of 23.8% in 2024. Meanwhile, East Asia is expected to account for 26.9% market share in 2024. The food, beverage, pharmaceutical, and chemical sectors are exhibiting increasing demand for commercial refrigeration equipment in the European market. The market is expanding due to the significant rise in convenience food consumption in the region. The thriving travel and tourism sector in countries such as Singapore, Malaysia, and Indonesia is also one of the key factors driving the growth of the market.
How is the Market for Commercial Refrigeration Equipment Faring in the United States?
“More Manufacturers Offering Cost-effective Solutions for Businesses”
| Attribute | United States |
|---|---|
| Market Value (2024E) | US$ 9.8 Billion |
| Growth Rate (2024 to 2034) | 5.5% CAGR |
| Projected Value (2034F) | US$ 16.6 Billion |
The United States is expected to account for 78.2% of the North American market share in 2024. Retrofitting and upgrading services are used by numerous manufacturers in the United States. This trend is the result of efforts to meet evolving regulatory requirements, lower energy consumption, and increase the efficiency of currently in-use equipment. There is a growing need for businesses that can offer retrofitting solutions. They also provide reasonably priced options for companies wishing to update their refrigeration systems without having to make large capital expenditures.
What is the Situation for Commercial Refrigeration Equipment in Japan?
“Rapid Technological Advancements in Products”
| Attribute | Japan |
|---|---|
| Market Value (2024E) | US$ 3.7 Billion |
| Growth Rate (2024 to 2034) | 5.8% CAGR |
| Projected Value (2034F) | US$ 6.6 Billion |
Companies in Japan are focusing on developing more energy-efficient and technologically advanced refrigeration units. Collaborations with food retailers and service providers to broaden market reach are being seen in this space. Emphasis is on environment-friendly refrigerants and sustainable production practices is being done. The commercial refrigeration equipment market in Japan is expected to grow steadily, driven by technological advancements, rising demand for frozen foods, and key regulatory requirements. To remain competitive in this ever-changing market, several key market players are now focusing on innovation and sustainability.
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Category-wise Insights
The market for commercial refrigeration equipment is segmented into refrigerated display cases, beverage refrigeration equipment, transportation refrigeration systems, refrigerators & freezers, ice machines, and refrigerated vending machines. Refrigerated display cases are set to hold a significant share of 23.8% in 2024. By application, the market is categorized into food services, food retail, food and beverage production, logistics & transportation, and food & beverage distribution, of which, the food services segment is expected to account for 31.6% of the market share in 2024.
Which Product Accounts for High Sales of Commercial Refrigeration Equipment?
“Display Cases Required in Most Business Settings”
| Attribute | Refrigerated Display Cases |
|---|---|
| Segment Value (2024E) | US$ 12.5 Billion |
| Growth Rate (2024 to 2034) | 5.5% CAGR |
| Projected Value (2034F) | US$ 21.3 Billion |
Cold foods, drinks, and desserts are mostly displayed in refrigerator display cases. These cases can also be used to display other foods such as cakes, dairy products, seafood, meat, and vegetables. They are used by big companies to store the tools and supplies required to run their kitchens daily. Many different types of businesses use refrigerated display cabinets for different purposes. Supermarkets, bakeries, food stores, restaurants, and hotel canteens are the most usual places where you can find it.
Why Does Food Service Application Account for a Significant Market Share?
“Restaurants Require Commercial Refrigeration Solutions to Store Perishable Ingredients”
| Attribute | Food Services |
|---|---|
| Segment Value (2024E) | US$ 16.6 Billion |
| Growth Rate (2024 to 2034) | 5.5% CAGR |
| Projected Value (2034F) | US$ 28.2 Billion |
The number of restaurants and eateries has been rising across the globe as a result of shifting customer preferences for food services and full- and quick-service restaurants. Commercial refrigeration equipment is becoming more and more necessary to store perishable ingredients and maintain food safety as the number of restaurants grows. Convenience store chains are expanding, which increases the need for refrigeration systems to keep frozen goods, fresh food, and beverages cold. Food service businesses need to deploy premium refrigeration equipment to comply with strict food storage and safety regulations. To support the expansion of the food service industry, manufacturers are creating cutting-edge refrigeration solutions such as energy-efficient walk-in refrigerators and display cases.
Competitive Landscape
Key players in the commercial refrigeration equipment market are focusing on innovating refrigeration solutions that are both energy-efficient and compliant with strict environmental regulations. This trend is reflected in the combination of energy-efficient compressors, cutting-edge insulation materials, and environmentally friendly refrigerants. Businesses are coordinating their products to meet the increasing need for ecologically friendly solutions.
- Frigoblock, a Thermo King brand, started delivering energy-efficient electric multi-temperature vehicles in February 2023, and they are quickly becoming the industry standard.
- To expand its supply chain and transportation solutions businesses, Ryder purchased San Francisco-based startup Baton in September 2022. The market introduction of new technologies was aided by this acquisition.
- Danfoss introduced A2L-ready, multi-refrigerant condensing units for ultra-low GWP installations in May 2021. These have a high energy efficiency and lower indirect emissions and energy consumption.
Fact.MR provides detailed information about the price points of leading manufacturers of commercial refrigeration equipment positioned across the world, sales growth, production capacity, and technological advancements, in this new market report.
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Segmentation of Commercial Refrigeration Equipment Market Research
-
By Product :
- Refrigerated Display Cases
- Beverage Refrigeration Equipment
- Transportation Refrigeration Systems
- Refrigerators & Freezers
- Ice Machines
- Refrigerated Vending Machines
-
By Application :
- Food Service
- Food Retail
- Food & Beverage Production
- Logistics & Transportation
- Food & Beverage Distribution
-
By Region :
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Western Europe
- Eastern Europe
- Middle East & Africa
- FAQs -
How big is the commercial refrigeration equipment market in 2024?
The global market for commercial refrigeration equipment is estimated at US$ 52.4 billion in 2024.
What are the demand growth projections for commercial refrigeration equipment?
The commercial refrigeration equipment market is forecasted to expand at a CAGR of 5.6% to reach US$ 90.4 billion by the end of 2034.
At what rate is the market projected to expand in the United States?
The market in the United States is forecasted to advance at 5.5% CAGR between 2024 and 2034.
What is the projected market size for commercial refrigeration equipment in Japan?
The market in Japan is forecasted to reach a value of US$ 3.7 billion by 2034.
How much market share does the food services segment account for?
The food services segment is estimated to account for 31.6% of the global market share in 2024.
What is the share of East Asia in the global market?
East Asia is forecasted to account for a market share of 27.1% by 2034.
Who are the key manufacturers of commercial refrigeration equipment?
Panasonic Corporation, Dover Corporation, and Whirlpool Corporation are some of the leading manufacturers of commercial refrigeration equipment.
Commercial Refrigeration Equipment Market