The size of the global market for commercial refrigeration equipment was USD 31.80 Billion in 2021, and it is projected to exhibit a compound annual growth rate (CAGR) of 6.2% during the forecast period. Factors such as rapid changes in lifestyle, a rising preference for ready-to-eat products and beverages, the expanding pharmaceutical industry, and the incorporation of advanced technologies in the global commercial refrigeration equipment market are expected to drive revenue growth. The increasing disposable income, coupled with the rapid expansion of hypermarkets, supermarkets, hotels, and restaurants worldwide, is contributing to the growing acceptance of frozen foods among middle-class consumers in many developing economies.
Manufacturers are placing greater emphasis on the development and introduction of energy-efficient commercial refrigeration systems to reduce the carbon footprint. Stringent regulations and increasing concerns about refrigerant gases that contribute to global warming are driving the potential for growth in the commercial refrigeration equipment market.
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Top Companies Operating in the Global Commercial Refrigeration Equipment Market Report:
Carrier Corporation, Heatcraft Worldwide Refrigeration, Baltimore Aircoil Company, Henry Technologies, Emerson Electric Company, Carnot Refrigeration, Danfoss, Bitzer, Hillphoenix, and Rockwell Industries Limited
Further key findings from the report suggest
- The growing demand for ready-to-eat food and the increase in the number of supermarkets and hypermarkets are the major driving factors of the commercial refrigeration equipment market.
- Refrigerator and freezer held a market share of 21.4% in the year 2018. These type of equipment has various walk-in and reach-in freezers. Walk-in freezers have the highest demand, especially in restaurants and hotels. The rise in the number of food manufacturers, and the need to preserve food at a certain temperature is encouraging the growth of the segment.
- Fluorocarbons are forecasted to hold the largest market share of 39.2% in the year 2026. Most refrigerants have fluorocarbons in their equipment and concerns regarding its impact on the environment are diminishing its sales. Stringent regulations by the government are encouraging the market to shift towards natural refrigerant-based systems.
- Supermarkets and hypermarkets are forecasted to grow with a CAGR of 6.3% during the forecast period. The organized retail sector cannot survive without commercial refrigeration equipment. New generation grocery stores constantly look and adopt advanced and more efficient commercial refrigeration equipment systems to save overall cost.
- The Asia Pacific region held a market share of 35.5% in the year 2018. The ongoing industrialization in the emerging nations of the region, growth in population, and changes in food habits are boosting the market for commercial refrigeration equipment. The growing food and beverage industries are also supporting the growth of the market.
Key Regional Markets Covered in the Report:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East Africa)
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Further market segmentation
Product Type Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2016-2026)
- Refrigerator Freezer
- Transportation Refrigeration
- Refrigerated Display Case
- Beverage Refrigeration
- Ice Cream Merchandiser
- Refrigerated Vending Machine
Refrigerant Type Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2016-2026)
- Fluorocarbons
- Hydrocarbons
- Inorganics
Application Industry Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2016-2026)
- Hotels and Restaurants
- Convenience Stores
- Market Size Projection
- Bakeries
- Supermarkets Hypermarkets
- Others
Key Takeaways of the Global Commercial Refrigeration Equipment Market Report:
- A comprehensive overview of the global Commercial Refrigeration Equipment industry.
- Accurate market projections in terms of market size, share, and volume.
- Thorough study of the global market dynamics, such as major market revenue growth drivers, opportunities, threats, challenges, restraints, and future growth avenues.
- Deep-dive analysis of the upcoming market trends.
- Qualitative and quantitative analyses of the global Commercial Refrigeration Equipment market.
- Elaborate study of the leading regional markets in the global Commercial Refrigeration Equipment market.
- Complete overview of the market’s competitive landscape.
- Brief look at the company profiles and portfolios.
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