What is the Global market size of the Commercial Refrigeration Equipment Market?

Global Commercial Refrigeration Equipment Market size was valued at USD 37.25 billion in 2021 and is poised to grow from USD 39.11 billion in 2022 to USD 53.23 billion by 2030, growing at a CAGR of 5.1% in the forecast period (2023-2030).

Who are the key vendors in the Global Commercial Refrigeration Equipment Market?

The key participants in the commercial refrigerator equipment industry have been compelled to introduce new and improved product offerings in order to effectively meet consumer demand as a result of the rising usage of sustainable technology equipment. For instance, In January 2022, Carrier Commercial Refrigeration installed their PowerCO2OL refrigeration system in Spain's COVID-19 vaccine storage facility. In order to preserve crucial vaccinations in Spain, this method uses carbon dioxide, a natural refrigerant with a low risk for global warming. 'Carrier Corporation', 'Daikin Industries, Ltd.', 'Dover Corporation', 'Emerson Electric Co.', 'Fujitsu General Limited', 'GEA Group AG', 'Haier Inc.', 'Hussmann Corporation', 'Ingersoll Rand Inc.', 'Johnson Controls International plc', 'Lennox International Inc.', 'Manitowoc Company, Inc.', 'Mitsubishi Electric Corporation', 'Panasonic Corporation', 'Samsung Electronics Co., Ltd.', 'Siemens AG', 'Thermo Fisher Scientific Inc.', 'United Technologies Corporation', 'Whirlpool Corporation', 'Zanotti S.p.A'

Commercial Refrigeration Equipment Market Size, Share, Growth Analysis, By Type(Refrigerator & Freezer, Transport Refrigeration, Refrigerated Display Cases, Ice Machines), By Refrigerant Type(Fluorocarbons, Hydrocarbons, Inorganics), By System Type(Self-contained, Remotely Operated), By Application(Food & Beverage, Retail Stores, Hotels & Restaurants, Chemicals & Pharmaceuticals), By Region - Industry Forecast 2024-2031

Report ID: SQMIG20D2180 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 120 | Figures: 77

Commercial Refrigeration Equipment Market Regional Insights

North America is expected to hold a significant revenue share of more than 36% by 2030, having dominated the global commercial refrigeration equipment market in 2022. The developed U.S. retail market is largely responsible for the considerable rise. Numerous top producers of industrial refrigeration equipment such as Excellence Industries, Illinois Tool Works Inc., Lennox International Inc., True Manufacturing Co., Standex International Corporation are well represented in the region. Additionally, the early use of smart equipment in commercial kitchens is helping the local economy grow.

Due to rising product demand caused by improving economic conditions, stable employment rates, increasing gross disposable income, and rising spending on leisure activities like travelling and eating out, the Asia-Pacific is predicted to see a CAGR of over 6% by the end of 2028. Due to the widespread use of vaccine storage units among academic institutions and biopharmaceutical firms, China and India present a significant market potential. Moreover, the rise of the regional market is projected to be aided by the booming travel and tourist sectors in Malaysia, Indonesia, and Singapore.

Commercial Refrigeration Equipment Market Report Snapshots

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Global Commercial Refrigeration Equipment Market size was valued at USD 37.25 billion in 2019 and is poised to grow from USD 39.11 billion in 2023 to USD 53.23 billion by 2031, growing at a CAGR of 5.1% in the forecast period (2024-2031).

The key participants in the commercial refrigerator equipment industry have been compelled to introduce new and improved product offerings in order to effectively meet consumer demand as a result of the rising usage of sustainable technology equipment. For instance, In January 2022, Carrier Commercial Refrigeration installed their PowerCO2OL refrigeration system in Spain's COVID-19 vaccine storage facility. 'Carrier Corporation', 'Thermo King Corporation', 'Hussmann Corporation', 'Trane Technologies', 'True Manufacturing Company', 'Beverage-Air Corporation', 'Scotsman Ice Systems', 'Manitowoc Ice, Inc.', 'Heatcraft Worldwide Refrigeration', 'Copeland Corporation', 'Danfoss Group', 'Emerson Electric Co.', 'Foster Refrigerator', 'Hoshizaki Corporation', 'Victory Refrigeration', 'Kolpak', 'Master-Bilt Products', 'Turbo Air Inc.', 'Continental Refrigerator', 'Delfield Company'

Food and beverage sector generates the high annual revenue for the global GDP and ranking among the top industries across all regions. Through roughly 680,000 retail stores and food service outlets, the industry serves the clientele by converting the raw farm commodities produced by its over 2 million farms into consumer food products. This increases the rate of production and consumption as well as global sales of commercial refrigeration equipment.

Technological Advancements: The commercial refrigeration equipment has undergone significant technological advancements to offer novel services to the industry and consumers. With an increase in commercialization of food products, the need for technological advanced products have become the need of the hour.

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Commercial Refrigeration Equipment Market Regional Insights

Commercial Refrigeration Equipment Market Report Snapshots

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