Global Commercial Refrigeration Equipment Market By Product (Transportation Refrigeration Equipment, Refrigerators & Freezers, Other), By Application, By System Type, By Capacity as well as By Region and Companies -Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2023-2032
- Published date: April 2023
- Report ID: 24745
- Number of Pages: 338
- Format:
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Report Overview
The global commercial refrigeration equipment market size is projected to reach a valuation of USD 65.2 billion by 2032 at a CAGR of 5.3%, from USD 39.4 billion in 2022.
Market growth will be driven mainly by the rapid expansion and preference for take-out food by end-consumers over the forecast period. Market growth will also be supported by increasing regulatory pressures and technological breakthroughs.
The key factors of the commercial refrigeration equipment market share are the growing demand for refrigeration in grocery stores, increased imports of frozen meat products, the growing food & beverage industry, increase in the number of hotels & restaurant chains from the region.
Driving Factors:
This market is gaining significant acceptance for smart or automated refrigeration control products. According to the Federal Energy Management Program, on average, commercial refrigerators using ENERGY STAR certifications consume 1.89 kWh of energy per day. On the other hand, refrigerators that are less efficient use around 4.44 kWh per hour. The increasing demand for energy-efficient commercial refrigerators is driving market players to create innovative designs
Restraining Factors:
Manufacturers have been challenged by climate concerns such as global warming and ozone loss arising from high GWP refrigerants. Market participants are now urging their customers to invest in advanced magnetic refrigeration systems because of the increasing demand for technologies that can combat hazardous gas emissions. These systems improve energy efficiency and decrease operational costs. These systems are energy efficient and can reduce energy consumption by up to 30%, according to the U.S. Department of Energy Statistics.
COVID-19 Impact Analysis:
Following the COVID-19 pandemic, strict containment measures were put in place. These included a temporary halt to commercial refrigeration equipment market manufacturing and shipment. However, this pandemic resulted in a strong demand from vaccine producers and stores, which drove the requirement for cold storage solutions for mass immunization campaigns against the coronavirus. In the coming years, there will be greater demand for transportation refrigeration equipment due to the increased usage of vaccine storage solutions.
Product Analysis
Based on ‘Product’, the commercial refrigeration equipment market segment accounted for close to a quarter share in revenues in 2022. This can be attributed to the increasing popularity of restaurants and food trucks around the world. Blaster chillers are also included in this category. These chillers can be used to quickly freeze or cool items at lower temperatures, and stop bacteria growth. It is also important to note that healthcare professionals are increasingly using chillers to store vital medicines and tissue samples from controlled tests and vaccines.
With the increase in the use of medium-capacity beverage coolers for travel and vacationers, the beverage refrigeration sector is expected to grow at a rate of 5.0% CAGR. Drink refrigeration equipment demand is expected to grow due to the increasing popularity of ‘grab & go’ and “sip and store” across retail chains to provide a better customer experience.
Application Analysis
Between 2023 and 2032, the CAGR for the food & beverage distribution segment will be nearly 5.4%. Ongoing developments in cold channel logistics for transporting temperature-sensitive items are positively impacting this segment’s growth. Moreover, the increase in demand for high-end temperature-controlled refrigerators for various transport vehicles for reliable distribution of beverages, liquor, fish, biopharmaceuticals, and other perishable products is also favoring business growth.
In addition, this segment will continue to expand due to its growing appeal to capital-intensive customers in the food & beverage distribution segment.
In 2022, 33.0% of this total market’s revenue was accounted for by the food service segment. The growing trend of Quick-Service Restaurants in the food service industry and food trucks account for this substantial revenue share. According to the National Restaurant Association of the United States (NRA), more than 1,000,000 restaurant locations were founded in the U.S. in 2020. These include QSRs FSRs bars and taverns. There is a significant demand for refrigeration equipment. The growth of several prominent food & beverage chains such as Subway IP LLC, Mcdonald’s, and Starbucks Coffee Company, is expected to further increase this demand
System Type Analysis
In 2022, the ‘Self Contained’ segment accounted for 85% of this commercial refrigeration equipment market share as a result of higher product demand. The reason for this is increasing product demand.
Statistics from the Environmental Agency show that self-contained commercial refrigeration systems are responsible for around a quarter of all HFC emissions worldwide. Due to severe HFC emission laws, manufacturers are compelled to replace R404A refrigerant, which can reduce the Global Warming Potential (GWP) of refrigeration equipment by about 70%.
Between 2023 and 2032, commercial refrigeration equipment market sales are projected to increase at an annual CAGR of over 4%. The refrigerators’ heat output will diminish as their use expands among eateries with small kitchens. These refrigerators are quieter than self-contained units because the compressor unit is situated outside the kitchen. They are however less energy efficient and require professional installation which further increases their already high-cost price.
Capacity Analysis
By 2022, the 51 Cu.Ft. – 100 Cu.Ft. the category had significant sales. The development of supermarkets, hypermarkets, specialty food stores, as well as other grocery stores around the world was responsible for this.
With a storage capacity ranging between 50 Cu.Ft. to 75 Cu.Ft., reach-in refrigerators have been immediately accepted in commercial spaces, enabling this segment’s expansion. This has made it easier for manufacturers to offer a range of goods that can satisfy evolving consumer needs.
In 2022, the below 50 Cu.Ft. category contributed close to 30% of this market’s total sales. The increase in demand from highly concentrated industries like restaurants, work, and cold channel logistics is partly responsible for this.
Key Market Segments:
By Product
- Transportation Refrigeration Equipment
- Refrigerators & Freezers
- Beverage Refrigeration
- Display Showcases
- Ice Merchandisers & Ice Vending Equipment
- Other Products
By Application
- Food Service
- Food & Beverage Retail
- Other Applications
By System Type
- Self-Contained
- Remotely Operated
By Capacity
- Less than 50 Cu. Ft.
- 50 to 100 Cu. Ft.
- More than 100 Cu. Ft.
Growth Opportunities:
There has been a substantial increase in the international food trade, which has resulted in a greater demand for the refrigeration of frozen, processed, as well as seafood. Product demand is increasing due to constant innovations and the rapid improvement in technology (ammonia absorption and liquid-vapor compression)
Latest Trends:
Many leading manufacturers are now focusing their R&D efforts on improving the design of their products and temperature control to maintain a competitive edge. Industry players are expected to leverage plenty of growth opportunities in the future due to the increasing need for control and monitoring of commercial kitchen environments.
Products with automated or smart refrigeration controls are gaining a lot of traction in the market. There is a growing demand for commercial refrigerators that use less energy because they are cheaper and better for the environment. This is encouraging market players to come up with new designs.
The rise in demand for Seafood products is expected to boost the demand for commercial refrigeration equipment to avoid staleness.
Regional Analysis
In 2022, the refrigeration and air conditioning market was most successful in North America. By 2032, this region is projected to account for more than 31.0% of this market share. The key to this immense growth is the developed retail market in the U.S.
This region is home to numerous prominent producers of commercial refrigeration equipment market size. The introduction of smart equipment within professional kitchens is also a good area for further business expansion.
By 2032, it is anticipated that the Asia Pacific will grow at a rate of 6.0%. This will be brought about by rising consumer demand, stable employment rates, and increasing gross spendable money as well as leisure expenditures such as eating out and traveling.
This market is attractive in emerging economies such as China, India, and Indonesia due to their high adoption rates for vaccine storage units within research institutions and biopharmaceutical corporations. Additionally, the growth of the tourism & travel industry in countries like Singapore and Indonesia is expected to encourage regional market expansion prospects.
Key Regions and Countries:
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
To keep up with consumer demand, market leaders have been able to introduce new and improved products to address this growing adoption of sustainable technology equipment. Carrier Commercial Refrigeration installed the PowerCO2OL refrigeration device at a COVID-19 Spanish vaccine storage facility in January 2022. This system uses carbon dioxide, which is a natural refrigerant. It serves as a durable and low global warming refrigerant to preserve Spanish vaccines.
To grow their commercial refrigeration equipment market share, key players like Carrier Corporation, Emerson Electric Co., Haier Electronics Group Co., Ltd, GEA Group, DAIKIN Industries, Ltd., Fujimak Corporation, Hoshizaki Corporation, Hussman Corporation, JOHNSON CONTROLS, and others plan to implement strategic initiatives such collaborations, expansions, mergers, acquisitions, and capacity expansion efforts.
Whirlpool Corporation, which is based in Ottawa Ohio, announced that it would invest US$65 million over five years to help position the factory as North America’s Premium Refrigeration Factory. In this strategic initiative, the company will increase the Ottawa plant’s capacity to manufacture premium refrigeration products like Built In Refrigerator (BIR). These are prominent players in the global commercial refrigeration market.
Top Key Players in Commercial Refrigeration Equipment Market:
Listed below are some of the most prominent commercial refrigeration equipment market players.
- AB Electrolux
- Carrier
- Daikin Industries Ltd.
- Dover Corporation
- Hussmann Corporation
- UNITED TECHNOLOGIES CORPORATION
- Johnson Controls International Plc
- AHT Cooling Systems GmbH
- Carrier Corporation
- Standex International Corporation
- GEA Group AG
- Lennox International Inc.
- Emerson Electric Co.
- Fujimak Corporation
- Haier Electronics Group Co., Ltd
- DAIKIN Industries, Ltd.
- Excellence Industries
- Imbera
- Zero Zone Inc.
- Ojeda Usa Inc.
- Other Key Players
Recent Developments:
- Carrier Commercial Refrigeration installed the PowerCO2OL refrigeration device at a COVID-19 Spanish vaccine storage facility in January 2022.
- November 2021, Beijer Ref is maintaining their partnership with Embrico. with this agreement, Beijer Ref will work on the Development of commercial refrigeration.
Report Scope:
Report Features Description Market Value (2022) USD 39.4 billion Forecast Revenue (2032) USD 65.2 billion CAGR (2023-2032) 5.3% Base Year for Estimation 2022 Historic Period 2016-2022 Forecast Period 2023-2032 Report Coverage Revenue Forecast, Market Dynamics, COVID-19 Impact, Competitive Landscape, Recent Developments Segments Covered By Product- Transportation Refrigeration Equipment, Refrigerators & Freezers, and Others; By Application- Food Service, Food & Beverage Retail; By System Type- Self-Contained and Remotely Operated Regional Analysis North America – The US, Canada, Mexico; Latin America – Brazil, Colombia, Chile, Argentina, Costa Rica, & Rest of Latin America; Eastern Europe – Russia, Poland, The Czech Republic, Greece; Rest of Eastern Europe; Western Europe – Germany, France, The UK, Spain, Italy, Portugal, Ireland, Austria, Switzerland, Benelux, Nordic, Rest of Western Europe; APAC – China, Japan, South Korea, India, Australia & New Zealand, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, Rest of APAC; Middle East & Africa – Algeria, Egypt, Israel, Kuwait, Nigeria, Saudi Arabia, South Africa, Turkey, United Arab Emirates, Rest of MEA Competitive Landscape AB Electrolux, Carrier, Daikin Industries Ltd., Dover Corporation, Hussmann Corporation, UNITED, TECHNOLOGIES CORPORATION, Johnson Controls International Plc, AHT Cooling Systems GmbH, Carrier Corporation, Standex International Corporation, GEA Group AG, Lennox International Inc., Emerson Electric Co., Fujimak Corporation and Other Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements. Purchase Options We have three licenses to opt for Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF) Frequently Asked Questions (FAQ)
List the segments encompassed in this report on the commercial refrigeration equipment market ?Market.US has segmented the commercial refrigeration equipment market by geographic (North America, Europe, APAC, South America, and Middle East and Africa). By Product, market has been segmented into Transportation Refrigeration Equipment, Refrigerators & Freezers, Beverage Refrigeration, Display Showcases, Ice Merchandisers & Ice Vending Equipment, Other Products. By Application, the market has been further divided into, Food Service, Food & Beverage Retail, Food & Beverage Distribution, Food & Beverage Production, Other Applications. By System type, the market has been further divided into Self-Contained, Remotely Operated. By Capacity, the market has been further divided into Less than 50 Cu. Ft., 50 to 100 Cu. Ft., More than 100 Cu. Ft.
List the key industry players of the commercial refrigeration equipment market?AB Electrolux, Carrier Corporation, Emerson Electric Co., Haier Electronics Group Co., Ltd, GEA Group, DAIKIN Industries, Ltd., Fujimak Corporation, Hoshizaki Corporation, Hussman Corporation, JOHNSON CONTROLS and Other Key Players are engaged in the commercial refrigeration equipment market.
What is the CAGR of Commercial Refrigeration Equipment Market?The global commercial refrigeration equipment market CAGR will grow at 5.3% from year 2022-2032.
What is the Market Size of the Commercial Refrigeration Equipment Market?The global commercial refrigeration equipment market size is projected to reach a valuation of USD 65.2 billion by 2032 from USD 39.4 billion in 2022.
Commercial Refrigeration Equipment MarketPublished date: April 2023add_shopping_cartBuy Now get_appDownload Sample - AB Electrolux
- Carrier
- Daikin Industries Ltd. Company Profile
- Dover Corporation
- Hussmann Corporation
- UNITED TECHNOLOGIES CORPORATION
- Johnson Controls International Plc
- AHT Cooling Systems GmbH
- Carrier Corporation
- Standex International Corporation
- GEA Group AG
- Lennox International Inc. Company Profile
- Emerson Electric Co. Company Profile
- Fujimak Corporation
- Haier Electronics Group Co., Ltd
- DAIKIN Industries, Ltd.
- Excellence Industries
- Imbera
- Zero Zone Inc.
- Ojeda Usa Inc.
- Other Key Players
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