USD 39.1 Billion
Commercial Refrigeration Equipment Market Size, Share, and Growth Analysis
Commercial Refrigeration Equipment Market By Product Type (Transportation Refrigeration, Refrigerator & Freezer), By Refrigerant Type (Fluorocarbons, Hydrocarbons), By Application (Hotels & Restaurants, Supermarkets & Hypermarkets), By Region -Industry Forecast 2025-2032
Report ID:
SQMIG20D2180 |
Region:
Global |
Published Date: December, 2024
Pages:
165
|Tables:
120
|Figures:
77
Format -
Commercial Refrigeration Equipment Market Insights
Commercial Refrigeration Equipment Market size was valued at USD 39.1 Billion in 2023 and is poised to grow from USD 41.09 Billion in 2024 to USD 55.91 Billion by 2032, growing at a CAGR of 5.1% during the forecast period (2025-2032).
One of the rapidly changing markets in recent years is the market for commercial refrigeration equipment. Fuelled by different variables such as changing user preferences, regulatory shifts, and technology innovations, one of such trends is the increase in energy-efficient products. With people more geared towards environmental concerns and costs of energy on the rise, many businesses are using refrigeration equipment where the energy consumption is reduced while at optimum performance. In addition to financial incentives, environmental policies that encourage eco-friendly behaviour are also driving this trend towards energy efficiency. The focus on food safety and cleanliness is another noteworthy development in the market for commercial refrigeration systems.
Today, businesses in the food industry are at the forefront of implementing refrigeration systems that maintain optimal temperatures while ensuring sanitation. With more stringent global food safety regulations, equipment is now increasingly outfitted with advanced features such as temperature monitoring, automated defrosting, and antimicrobial coatings, all of which help preserve food quality and reduce the risk of contamination. It is also becoming popular as it has modular and customizable refrigeration solutions that can meet different corporate needs. Consumers of modular refrigeration systems build the installations according to their needs for higher space utilization and maximum operational efficiency.
US Commercial Refrigeration Equipment Market is poised to grow at a sustainable CAGR for the next forcast year.
Market snapshot - 2025-2032
Global Market Size
Largest Segment
Transportation Refrigeration
Fastest Growth
Refrigerator & Freezer
Growth Rate
5.1% CAGR
Global Commercial Refrigeration Equipment Market ($ Bn)
Country Share by North America (%)
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Commercial Refrigeration Equipment Market Segments Analysis
Global Commercial Refrigeration Equipment Market is segmented by Product Type, System Type, Refrigerant Type, Application, Capacity, Distribution Channel and Region. Based on Product Type, the market is segmented into Transportation Refrigeration Equipment, Refrigerators & Freezers, Beverage Refrigeration, Display Showcases, Ice Merchandisers & Ice Vending Equipment, Other Equipment. Based on System Type, the market is segmented into Self-contained, Remotely Operated. Based on Refrigerant Type, the market is segmented into Fluorocarbons, Hydrocarbons, Inorganics. Based on Application, the market is segmented into Food Service, Food & Beverage Retail, Hotels and Hospitality, Pharmaceuticals, Healthcare, Biotechnology, Chemicals, Others. Based on Capacity, the market is segmented into Less than 50 cu. Ft, 50 to 100 cu. Ft, More than 100 cu. Ft, Others. Based on Distribution Channel, the market is segmented into Distributors and Wholesalers, Retailers. Based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Analysis by Product Type
As per categorization by product type, the market is classified as refrigerator & freezer, transportation refrigeration, refrigerated display cases, beverage refrigeration, and other refrigerated vending machines. Among these, transportation refrigeration earned the largest share and continues to hold the dominant global commercial refrigeration equipment market share. The global commercial refrigeration equipment market has opened ways for innovations in heating during transportation. The increasing e-commerce and thirst for perishables have made refrigerated transport enable product quality and safety across long distances. As a result of this, the market has been thriving over the years on an increasing need for trusting cold chain solutions, higher demand from consumers for fresh foods and pharmaceuticals, and a more efficient distribution network with a growing importance in logistics and supply chain operations.
Refrigerators and freezers are expected to be the fastest-growing segment in the global commercial refrigeration equipment market due to their critical role in preserving perishable goods, such as food and pharmaceuticals. As demands for freshness in foods, liquids, and other temperature-sensitive products rise, so grows a need for a commercial refrigerator and freezer in various industries including retail, foodservice, and health. Adoption is further supported by advanced technologies that include energy efficiency and, in some cases, smartness. Cold storage is paramount for every business that seeks to save its products from deterioration and waste since such cold storage devices are high-tech, reliable, as well as cost-effective.
Analysis by Refrigerant Type
Fluorocarbons, particularly hydrofluorocarbons (HFCs), remain dominant in the global commercial refrigeration equipment market due to their efficiency and widespread usage in refrigeration systems. Fluorinated refrigerant innovations have a tendency to edge towards energy efficiency, environmental friendliness, and upgrading system performance. The developer's apprehensions have not stopped enthusiasts from being so glued to their HFCs on account of a well-balanced cooling potential and reliability among other HVAC applications, such as preservation and storage of food or pharmaceuticals. While HFCs have attracted concerns regarding their greenhouse effect, such driving factors are still strongly believed to keep it as the key choice in the overall preference for fluorocarbon markets in developing regions.
Hydrocarbons, such as propane (R-290) and isobutane (R-600a), are set to be the fastest-growing refrigerant type in the global commercial refrigeration equipment market due to their low environmental impact and energy efficiency. Hydrocarbons are a viable sustainable option, given the adverse effects of global warming, the growing hype on reduction in GWP refrigerants, and the pressure from the regulations. As non-ozone-depleting, they boast excellent thermodynamic properties and reduced energy consumption, making hydrocarbons fit for consideration for a broad range of commercial applications. Nowadays, it is heating up industries such that the adoption of greener alternatives creates a higher demand for hydrocarbon-based refrigeration systems and their proliferation in the market.
Global Commercial Refrigeration Equipment Market By Product Type (%)
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Commercial Refrigeration Equipment Market Regional Insights
North America dominates the global commercial refrigeration equipment market due to its advanced technological infrastructure, high demand for food preservation, and strong regulatory support for energy-efficient solutions. The refrigeration equipment is quite indispensable to the foodservice, retail, and pharmaceutical sectors in the region as the industries address the maintenance of quality in their products. Representation of this fact is about to change due to the adoption of green refrigerants and energy-efficient systems that result from pressure on even stricter environmental regulations aimed at reducing carbon emissions and ozone-depleting substance levels. Heavy investments in innovative refrigeration technologies with a consequent emphasis on sustainability render North America a key player in the future of the global commercial refrigeration equipment market outlook.
Europe is the fastest-growing region in the global commercial refrigeration equipment market due to a combination of stringent environmental regulations, a shift toward sustainable solutions, and growing demand for temperature-sensitive goods. The European Union has driven innovation in energy-efficient and environmentally friendly refrigeration systems on the one hand and on the other through their objectives of reducing contributions to carbon footprints by phasing out high-GWP refrigerants in European countries. Further, the demand for reliable refrigeration has surged due to increased e-commerce activities and the expanding foodservice and healthcare industries across Europe. Well on track to become a leader, the commercial refrigeration market is Europe's funneled investment into smart and green technologies that go with its commitment to sustainability.
Global Commercial Refrigeration Equipment Market By Geography
- Largest
- Fastest
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Commercial Refrigeration Equipment Market Dynamics
Commercial Refrigeration Equipment Market Drivers
Rising Demand for Perishable Goods
- The rising appetite for fresh food, drinks, and medicines worldwide has created a huge demand for commercial refrigeration units. Online grocery shopping and cold chain logistics have also seen remarkable growth, necessitating refrigeration solutions that can retain product quality and durability-sparked demand on markets for commercial refrigeration units.
Regulatory Push for Energy Efficiency
- Regulations on energy consumption and emissions have increasingly crumpled worldwide by governments, stimulating the uptake of energy-efficient refrigeration systems. Currently, commercial refrigeration manufacturers innovate their products to satisfy these stringent regulations, incorporating eco-friendly refrigerants together with incorporating modern technologies to reduce the carbon footprint, thus adding impetus to the momentum of the growing market for energy efficiency solutions.
Commercial Refrigeration Equipment Market Restraints
Technological Integration Challenges
- Evolving the commercial refrigeration equipment to the advanced and smart technologies such as IoT, smart sensors, and energy management systems is way complex and high in cost. Therefore, many businesses, especially in developing areas, cannot adopt next-generation refrigeration as they are struggling with costs and the initial investment that came with it.
Competition from Alternative Cooling Technologies
- New technologies coming to light for cooling are thermoelectric refrigeration and magnetic refrigeration and most probably these will further improve the older energy efficiency and environmental advantage over traditional systems. Therefore, as these alternatives now become utilized, these developments and possibilities conflict with the share of commercial refrigeration equipment and therefore hinder advancements in the already known commercial refrigeration.
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Commercial Refrigeration Equipment Market Competitive Landscape
The global commercial refrigeration equipment market is marked by extremely competitive; leading players are directing their efforts toward technology innovations, energy savings, and green solutions. Several multinational companies such as Carrier Global Corporation, Daikin Industries, Emerson Electric Co., and Hussmann Corporation have presently been leading the global market on account of advanced offerings in refrigeration systems. These companies have a huge R&D investment to develop sustainable refrigerants, smart technologies, and energy-efficient solutions to strengthen their position in the market, responding to the increasing demand for high-performance refrigeration equipment in various industries.
Top Players in Commercial Refrigeration Equipment Market
- Daikin
- Danfoss
- Gea Group
- Johnson Controls
- Bitzer
- Hillphoenix
- SCM Frigo S.P.A.
- Emerson Electric Company
- Carrier
- Henry Technologies
- Heartcraft Worldwide Refrigeration
- Panasonic Corporation
- Imbera
- Minus 40
- Metalfrio
- Excellence Industries
- Illinois Tool Works Inc.
- Baltimore Aircoil Company
- LG Electronics
- Carnot Refrigeration
Commercial Refrigeration Equipment Market Recent Developments:
- In November 2024, Carrier Global launched its new line of energy-efficient refrigeration systems, the Infinity® Series. These systems integrate advanced digital controls and environmentally friendly refrigerants to reduce energy consumption and carbon footprint. The company aims to support the foodservice industry’s sustainability goals while offering reliable, cost-effective solutions.
- In September 2024, Daikin Industries introduced a state-of-the-art refrigeration system featuring the R-32 refrigerant, significantly reducing global warming potential compared to traditional refrigerants. This development is part of Daikin’s strategy to provide sustainable, high-efficiency solutions, aligning with global environmental standards and enhancing performance in commercial refrigeration applications across various sectors.
- In October 2024, Emerson Electric unveiled a smart refrigeration solution integrating IoT-enabled sensors for real-time monitoring and predictive maintenance. The objective of this invention is to seek improvement in the refrigeration efficiencies, product quality, and running costs for the retail and foodservice industries. The data-driven analysis available through the system complements and strengthens the decision-making about energy management after the performance evaluation.
Commercial Refrigeration Equipment Key Market Trends
- Growing Adoption of Eco-Friendly Refrigerants: The transition in the global commercial refrigeration equipment market is now towards low-GWP (Global Warming Potential) refrigerants like hydrocarbons and CO2 for reducing environmental concerns. This change is driven mainly by harsher regulatory framework and the demand for sustainable solutions in the sectors such as foodservice and retail.
- Integration of Smart Technologies for Efficiency: The global commercial refrigeration equipment market trends are being transformed into a future where smart technologies creep in - IoTs, sensors, along with AI-powered monitoring systems - and imbue the entire system of refrigeration energy efficiency and real-time performance data for maintenance prediction, thereby leading to improved sustainability and cost savings in the performance of commercial refrigeration systems across various industries.
Commercial Refrigeration Equipment Market SkyQuest Analysis
SkyQuest's ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the global commercial refrigeration equipment industry is booming at a terrific rate due to an increase in energy efficiency and environment-friendly systems and a stronger focus on food safety. It is also given momentum by a technology influx. In terms of sales, innovation in the mixtures of refrigerant types, such as hydrocarbons and fluorocarbons, along with the combination with smart, are transforming the scene.
Regional dynamics, particularly North America's dominance and Europe's fast-paced growth, demonstrate the diverse drivers behind this evolution. The industry's future will be shaped by sustainable practices, evolving consumer needs, and continued innovation in refrigeration technology to meet global demands across sectors like foodservice, healthcare, and retail.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 39.1 Billion |
| Market size value in 2032 | USD 55.91 Billion |
| Growth Rate | 5.1% |
| Base year | 2024 |
| Forecast period | 2025-2032 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Commercial Refrigeration Equipment Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Commercial Refrigeration Equipment Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Commercial Refrigeration Equipment Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Commercial Refrigeration Equipment Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Commercial Refrigeration Equipment Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Commercial Refrigeration Equipment Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Commercial Refrigeration Equipment Market Report Snapshots
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