Commercial Refrigeration Equipment Market Key Players - United Technologies, Hussmann, Electrolux, and Illinois Tool Works; Market Revenue and Demand by 2023

Commercial refrigeration equipment market is projected to reach $59,071.4 million by 2023. Development of organized retail and increasing demand for ready-to-eat food and beverages are the major factors driving market growth.

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The consumption of ready-to-eat products, beverages, and frozen food has increased considerably worldwide in the recent years, which is further boosting the demand for commercial refrigeration equipment. Rising disposable income, along with the increasing impact of western lifestyle has fueled the acceptance of such products among the large middle-class consumers of developing countries.

In terms of value, APAC dominated the global commercial refrigeration equipment market, during the historical period, and is expected to witness the fastest CAGR of 9.3%, during the forecast period. This can be attributed to the ongoing industrialization efforts in developing countries such as China and India. Moreover, growing population and lucrative opportunities for foreign investments in the market in APAC are playing pivotal role in the growth of the market, especially in beverage refrigeration equipment segment.

Some of the key players operating in the commercial refrigeration equipment market are United Technologies Corporation, Hussmann Corporation, AB Electrolux, Frigoglass S.A.I.C., Dover Corporation, Daikin Industries Ltd., AHT Cooling Systems GmbH, Ali Group S.p.A., Illinois Tool Works Inc. and Johnson Control International PLC.

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Global Commercial Refrigeration Equipment Market Segmentation -
Market Segmentation by Equipment Type
• Beverage Refrigeration
o Beverage cooling and dispensing units
o Drinking fountains
o Beer dispensing units
o Soda fountain equipment
o Others (juice dispenser and tailor-made beverage dispenser)
• Walk-in Coolers
o Packaged unit
o Remote condensing unit
o Remote plant
• Transportation Refrigeration Equipment
o Road
o Rail
o Marine
o Air
• Parts
• Display Cases
o Plug-in cases
o Remote cases
• Ice Making Machineries
o Ice cube machineries
o Ice flake machineries
o Ice nugget machineries
• Other Equipment (vending machines, cryogenic equipment, and liquid chiller)

Market Segmentation by Application
• Food Service
• Food and Beverage Distribution
• Food and Beverage Retail
• Others (pharmacy refrigeration, genetic preservation, medical diagnostic applications)

Market Segmentation by End-User
• Supermarkets
• Hotels/Restaurants and Catering
• Hypermarkets
• Convenience Stores
• E-commerce
• Others (hospitals, educational institutions, large pharmaceutical stores, and medical and life sciences)

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