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

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 rapid development of the hospitality and tourism industries as well as consumers' growing desire for takeout meals is projected to drive the market growth for commercial refrigerator equipment. Furthermore, the growing regulatory pressures that lead to the adoption of refrigerants with reduced global warming potential (GWP) along with ongoing technology advancements will also provide the commercial refrigerator equipment industry is promising growth prospects.The demand for refrigeration of frozen goods, processed foods, and seafood has also increased significantly as a result of the growth in the global food trade. The need for the product is being further fueled by the quick advancements and ongoing technological breakthroughs, such as liquid-vapor compression and ammonia absorption systems. To achieve a competitive advantage in the commercial refrigeration equipment market, a number of top manufacturers are concentrating on R&D operations to improve the design and temperature control of their products.

The end-use sectors are expected to adopt sustainable and energy-efficient refrigeration systems as the standard which should drive manufacturers to enhance their R&D and product innovation spending. Long-term market share will be attained by using energy-efficient technology to provide low global warming potential (GWP) products with rich functionality.

US Commercial Refrigeration Equipment Market is poised to grow at a sustainable CAGR for the next forcast year.