PUBLISHER: The Business Research Company | PRODUCT CODE: 1435326
PUBLISHER: The Business Research Company | PRODUCT CODE: 1435326
Commercial refrigeration equipment encompasses tools designed for cold storage in industrial settings.
The primary product types of commercial refrigeration equipment include refrigerators & freezers, transportation refrigeration, refrigerated display cases, beverage refrigeration, ice cream merchandisers, and refrigerated vending machines. Beverage refrigeration involves a refrigerated storage area designed to cool beverages, utilizing either a vehicle's air conditioning system or a separate phase-cooling system. The refrigerant types used in these systems include fluorocarbons, hydrocarbons, and inorganics. Various applications for commercial refrigeration equipment include usage in hotels & restaurants, supermarkets & hypermarkets, convenience stores, and bakeries.
The commercial refrigeration equipment market research report is one of a series of new reports from The Business Research Company that provides commercial refrigeration equipment market statistics, including commercial refrigeration equipment industry global market size, regional shares, competitors with a commercial refrigeration equipment market share, detailed commercial refrigeration equipment market segments, market trends and opportunities, and any further data you may need to thrive in the commercial refrigeration equipment industry. This commercial refrigeration equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The commercial refrigeration equipment market size has grown strongly in recent years. It will grow from $56.26 billion in 2023 to $59.09 billion in 2024 at a compound annual growth rate (CAGR) of 5.0%. The growth observed in the historical period can be attributed to factors such as the introduction of mechanical refrigeration, the rise of food retail chains, the advent of commercial ice machines, the expansion of cold storage facilities, and innovation in display cases.
The commercial refrigeration equipment market size is expected to see steady growth in the next few years. It will grow to $70.67 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%. The anticipated growth in the forecast period can be attributed to the demand from emerging markets, the digitization of the market, the increasing demand for energy-efficient solutions, the adoption of low-GWP refrigerants, and the implementation of smart cooling solutions. Major trends expected in the forecast period include a focus on sustainable practices, a rise in cold chain logistics, the utilization of remote and off-grid solutions, the impact of urbanization and small format stores, and an emphasis on modularity and flexibility in commercial refrigeration equipment.
The surge in consumer demand for frozen and chilled products is expected to be a key driver for the commercial refrigeration market. This heightened preference can be attributed to evolving lifestyles, rapid urbanization, and the advantages offered by frozen items, such as extended shelf life, convenience, and time-saving in food preparation and clean-up. According to the American Frozen Food Institute (AFFI), frozen food sales in the U.S. surpassed $72 billion in 2022, marking an 8.6% increase compared to the previous year. The storage of frozen and chilled products in commercial refrigerators, found in supermarkets, hypermarkets, and refrigerated trucks, necessitates robust commercial refrigeration equipment, contributing to the market's growth.
Anticipated growth in the food and beverage industry is set to drive the commercial refrigeration equipment market further. Encompassing a wide array of establishments, including restaurants, engaged in food preparation, service, and delivery, the food and beverage industry heavily relies on commercial refrigeration equipment for proper storage, preservation, and maintenance of perishable items. Notably, the U.S. restaurant industry reported $898 billion in sales in 2022, indicating a substantial increase of $166.5 billion from the previous year and underscoring the pivotal role of commercial refrigeration in supporting this industry's growth.
The market faces challenges due to high equipment and installation costs, potentially hindering its growth. For instance, walk-in coolers, including installation, can range from $3,000 to $9,000, and the average cost of equipment repair falls between $100 and $325. Such high costs pose financial constraints, particularly for smaller retailers, limiting their adoption of commercial refrigeration equipment and impacting the market.
Companies are increasingly integrating advanced technologies such as artificial intelligence, 5G, and machine learning into commercial refrigeration equipment. This integration aims to reduce electrical consumption, enhance preventive maintenance, and improve overall customer experience. Axiom Cloud, a provider of cloud-based solutions for the commercial refrigeration industry, recently introduced AI-based early leak detection software, demonstrating the industry's commitment to innovation and sustainability.
Major players in the commercial refrigeration equipment market are focusing on innovative product development, including refrigeration solutions for vaccine transporters. These specialized vehicles or containers equipped with refrigeration and temperature control systems ensure the safe storage and transportation of vaccines, especially to remote areas. For example, in February 2021, Blue Star Ltd., an India-based commercial appliance company, unveiled a new range of commercial refrigeration equipment tailored for vaccine storage and transportation. This includes vaccine transporters, ice-lined refrigerators, medical freezers, pharma refrigerators, pharmacy refrigerators, and modular cold rooms, with a specific focus on maintaining the desired temperature even in the absence of power.
In September 2021, Ronin Equity Partners, a U.S.-based private equity firm, acquired QBD. QBD, a U.S.-based manufacturer of commercial refrigeration equipment, is known for its green cooling deck concept, expanding its application and market presence across various industries.
Major companies operating in the commercial refrigeration equipment market report are United Technologies Corporation, Haier Group Corporation, Daikin Industries Ltd., Johnson Controls International PLC, Carrier Commercial Refrigeration Inc., Danfoss A/S, Whirlpool Corporation, Illinois Tool Works Inc., Liebherr Group, Emerson Electric Co., AB Electrolux, Dover Corporation, Blue Star Limited, Ingersoll Rand Inc., GEA Group AG, Lennox International Inc., Manitowoc Company Inc., Hussmann Corporation, Traulsen & Company LLC, Ali Group S.r.l., Beverage-Air Corporation, True Manufacturing Co. Inc., Metalfrio Solutions S.A., Frigoglass SAIC, AHT Cooling Systems GmbH, Scotsman Industries Inc., Williams Refrigeration, Master-Bilt Products, Foster Refrigerator, Hoshizaki Corporation, Gram Commercial A/S, Skope Industries Limited, Precision Refrigeration Ltd., Arneg S.p.A.
The Asia-Pacific was the largest region in the commercial refrigeration equipment market in 2023. North America was the second largest region in the global commercial refrigeration equipment market share. The regions covered in the commercial refrigeration equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the commercial refrigeration equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
Commercial refrigeration equipment market consists of sales of plug-in enclosed vending machines, deli cases, drop in coolers and others. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Commercial Refrigeration Equipment Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on commercial refrigeration equipment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for commercial refrigeration equipment ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The commercial refrigeration equipment market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.