Commercial Refrigeration Equipment Market Size, Share, Trends and Forecast, 2028

Global Commercial Refrigeration Equipment Market: Insights

According to Zion Market Research, The global commercial refrigeration equipment market size accounted for USD 58.5 Billion in 2020 and is expected to reach USD 85.4 Billion by 2028, to expand at a CAGR of 6.5% from 2021 to 2028.

The commercial refrigeration equipment market comprises HFCs and is subject to strict regulations. This can be responsible for impacting its demand since HFCs have a potential for global warming. Despite, the stringent emissions standards, the industry growth continues to exhibit a bright picture in terms of producing energy-efficient systems and weightage of regulatory standards.

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Commercial Refrigeration Equipment Market: Overview

efrigeration has the wide range of applications including household refrigerators, industrial freezers, cryogenics, and air conditioning. Commercial refrigeration equipment is refrigerator designed particularly for commercial use with a broad range of temperature control and self-contained condensing units. Commercial refrigeration equipment are typically used for refrigeration processes in food and beverage industry. It is used for food storage and merchandising purposes by the food wholesale industry, such as supermarkets, specialty food stores, grocery stores, and convenience stores. It is also used in restaurants and cafeterias.

Rising number of hypermarkets, specialty food stores, and supermarkets is expected to be the major drivers for the global commercial refrigeration equipment market. In addition, the changing food consumption and increasing worldwide food trade are expected to trigger the growth of commercial refrigeration in the coming years. Varying food consumption patterns, increase in the retailing of commercial refrigeration equipment are expected to be the key factors driving the global commercial refrigeration industry. Rising buy and sell purchase of frozen food items among developing countries due to changing consumption trends drives demand for commercial refrigeration equipment. However, high energy consumption limits adoption by small retailers and increasing fuel costs may pose the challenge to commercial refrigeration equipment market.

COVID-19 Impact Analysis:

The global commercial refrigeration equipment market size has witnessed a paradigm shift in production owing to frequent lockdowns and restrictions. In response to the COVID-19 pandemic, production businesses have slowed down on their production capacities and are reconsidering their business models. Since consumers are forced to remain at home in the situation, it has resulted in low spending and a decrease in investments.

Besides, food retailers are now expected to cope with the volume of online demand as social distancing practices and restrictions are likely to prevail for a long. With the vaccination drive being in full throttle on a global scale, the pandemic situation is expected to alter slightly in the very near future.

Commercial Refrigeration Equipment Market: Dynamics

The commercial refrigeration equipment market is driven by the presence of hypermarkets. Changes in food consumption patterns and increases in food trade are likely to trigger market growth. Growing demand for cryogenic in the restaurant business has contributed to market development in the past few years. An increase in the emergence of eateries, cafeterias, and breweries has propelled the demand for commercial refrigeration. The availability of after-sales service in the retail industry proves advantageous for market positioning.

Therefore, the shift in consumption trends and modernization of food preservation techniques thereby drives the demand for commercial refrigeration equipment market. However, increased energy consumption has contributed to the rise in climate change. The growing fuel costs pose additional challenges for market growth.

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Commercial Refrigeration Equipment Market: Segment Analysis

By Product Type Segment Analysis

Based on product, the commercial refrigeration equipment market has been segmented into transportation refrigeration equipment, refrigerators and freezers, beverage refrigerators, parts, and others (ice machines, refrigerated vending machines, display cases, cryogenic equipment, liquid chillers, and small market products). The transportation refrigeration segment is expected to grow in the coming years accounting for more than 30% in 2019. The growing popularity of fleets for transporting refrigeration equipment is expected to contribute to segment growth.

By Application Segment Analysis

The commercial refrigeration equipment market is segmented into applications such as food service, food, and beverage production, food, and beverage distribution, food and beverage retail, and others.

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The food service application dominated in 2020 in terms of revenue and is likely to continue the dominance in the coming years. The emergence of new players in the food service industry is expected to remain pivotal for the growth of the segment. Besides, the demand for frozen and processed foods is expected to propel the growth.

Commercial Refrigeration Equipment Market: Regional Analysis

Based on region, the global commercial refrigeration equipment market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

North America held a share of about 31.67% in 2020. This is attributable to the presence of top companies. Moreover, the increasing usage of commercial refrigeration equipment market size is expected to generate huge demand for the market in this region. China is the world’s largest manufacturer and consumer of commercial refrigeration equipment owing to its large population and the availability of raw materials.

North America is expected to remain the dominant region over the forecast period. Increasing consumer expenses is expected to encourage food industry participants to expand the number of retail restaurants in the U.S. Asia-Pacific is projected to be the fastest growing and the largest revenue contributing region in commercial refrigeration equipment market during the forecast period. It accounted for over 34% share of the entire market for commercial refrigeration equipment in 2015. Europe and Latin America are also expected to experience significant growth in the years to come.

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Commercial Refrigeration Equipment Market: Competitive Landscape

Some of the key players in the commercial refrigeration equipment market are:

• Daikin Industries, Ltd.
• AHT Cooling Systems GmbH
• AB Electrolux
• Dover Corporation
• Whirlpool Corporation
• Hussmann Corporation
• Ingersoll Rand plc
• Illinois Tool Works Inc.
• United Technologies Corporation (Carrier)
• Haier, Inc. among others.

The Global Commercial Refrigeration Equipment Market is segmented into :

By Product

• Transport Refrigeration Equipment
• Refrigerators and Freezers
• Beverage Refrigerators
• Commercial Refrigeration Equipment Parts
• Others

By Application

• Food Service
• Food and Beverage Production
• Food and Beverage Distribution
• Food and Beverage Retail
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa