Press release
Redefining Cold Storage: Growth and Trends in the Commercial Refrigeration Equipment Market
Commercial Refrigeration Equipment Market Trends
Growing from $56.98 billion in 2024 to an anticipated $71.62 billion by 2029, the Commercial Refrigeration Equipment Market is shaped by technological innovation, increasing energy efficiency, and expanding global food retail chains.
What Is The Projected Market Size Of The Global Commercial Refrigeration Equipment Market And Its Growth Rate?
• Historical Growth (2024-2025): From $56.98 billion to $58.5 billion with a compound annual growth rate (CAGR) of 2.7% due to the rise of food retail chains, commercial ice machines, cold storage facilities, and display case innovations.
• Projected Growth (2025-2029): Expected to grow to $71.62 billion by 2029 with a CAGR of 5.2%, driven by demand from emerging markets, digital transformation, increasing energy-efficient solutions, adoption of low-GWP refrigerants, and smart cooling solutions.
What Is Driving The Growth In The Commercial Refrigeration Equipment Market?
The global demand for frozen and chilled products is a major driver for market growth. Changing lifestyles coupled with urbanization significantly contribute to the increased preference for these products. Notably, the American Frozen Food Institute reported sales of over $72 billion in frozen food for 2022, marking an 8.6% increase from the previous year. The wide distribution of these products in supermarkets, hypermarkets, and refrigerated trucks generates a substantial need for commercial refrigeration equipment, driving market growth.
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Who Are the Key Players Driving Commercial Refrigeration Equipment Market Growth?
• 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.
What Are The Key Trends In The Commercial Refrigeration Equipment Market?
• Increased emphasis on sustainable practices
• Rise of cold chain logistics
• Implementation of remote and off-grid solutions
• Growth of urbanization and small format stores
• Focus on modularity and flexibility in refrigeration solutions
What Are The Segments Of The Global Commercial Refrigeration Equipment Market?
1) By Product Type: Refrigerator And Freezer, Transportation Refrigeration, Refrigerated Display Cases, Beverage Refrigeration, Ice Cream Merchandiser, Refrigerated Vending Machine
2) By Refrigerant Type: Fluorocarbons, Hydrocarbons, Inorganics
3) By Application: Hotels And Restaurants, Supermarkets And Hypermarkets, Convenience Stores, Bakery
Which Region Leads The Commercial Refrigeration Equipment Market?
Asia-Pacific was the leading region in the commercial refrigeration equipment market in 2024, closely followed by North America. This trend is expected to continue in the future, with these regions contributing significantly to the global commercial refrigeration equipment market.
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What Is Covered In The Commercial Refrigeration Equipment Market Global Market Report?
- Market Size Analysis: Analyze the Commercial Refrigeration Equipment Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Commercial Refrigeration Equipment Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Commercial Refrigeration Equipment Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Commercial Refrigeration Equipment Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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