Press release
Commercial Refrigeration Equipment Market Forecast 2025-2034: Evaluating Growth Factors, Segments, and Emerging Trends
Commercial Refrigeration Equipment
The rising consumer demand for frozen and chilled items is expected to fuel the commercial refrigeration industry. The growing inclination towards frozen and chilled foods can be attributed to the evolving lifestyle trends, rapid urbanization, and the advantages such as longer shelf-life and convenience these products offer, including reduced food preparation and cleaning time. The American Frozen Food Institute (AFFI) reported that in 2022, frozen food sales in the U.S. escalated beyond $72 billion, marking an 8.6% growth from the preceding year. Commercial refrigerators in supermarkets, hypermarkets, and refrigerated trucks hold and transport these frozen and chilled items, contributing to an increasing demand for commercial refrigeration devices for storage. This development is set to push forward the growth of the commercial refrigeration equipment market.
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What is the projected compound annual growth rate (CAGR) of the commercial refrigeration equipment market from 2025 to 2034, and what factors influence it?
In recent years, the market size for commercial refrigeration equipment has been expanding progressively. From $56.98 billion in 2024, the market will gradually increase to $58.5 billion in 2025, indicating a compound annual growth rate (CAGR) of 2.7%. The past growth can be linked to the incorporation of mechanical refrigeration, emergence of food retail chains, the arrival of commercial ice machines, the growth of cold storage facilities, and innovative improvements in display cases.
The market scale of commercial refrigeration equipment is anticipated to witness significant expansion in the coming years. Its expected worth is projected to reach $71.62 billion by the year 2029 with a compound annual growth rate (CAGR) of 5.2%. The advancement during the forecasted period can be ascribed to demand from burgeoning markets, digitalization in the market, a surge in the requirement for energy-efficient solutions, implementation of low Global Warming Potential (GWP) refrigerants, and intelligent cooling solutions. The forecasted period also unfolds certain key trends including emphasis on environmental sustainability, growth in cold chain logistics, remote and off-the-grid solutions, urbanization, small format shops, and the emphasis on modularity and adaptability.
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How are the latest trends influencing the growth of the commercial refrigeration equipment market?
Firms are focusing on integrating advanced technologies like artificial intelligence, 5G, and machine learning with commercial refrigeration gear to reduce electricity usage, enhance preventative maintenance, and provide superior customer experiences. For example, Axiom Cloud, a company that offers cloud-based solutions in the commercial refrigeration sector, launched an AI-powered early leak detection software in August 2023. The software, which was tried out in 242 facilities, aims to decrease refrigerant leaks and boost energy effectiveness.
What are the major segments of the commercial refrigeration equipment market and their role in driving growth?
The commercial refrigeration equipment market covered in this report is segmented -
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, Super markets And Hyper markets, Convenience Stores, Bakery
Subsegments:
1) By Refrigerator And Freezer: Reach-In Refrigerators, Walk-In Coolers And Freezers, Undercounter Refrigerators
2) By Transportation Refrigeration: Truck Refrigeration Units, Trailer Refrigeration Units, Rail Refrigeration Systems
3) By Refrigerated Display Cases: Horizontal Display Cases, Vertical Display Cases, Specialty Display Cases
4) By Beverage Refrigeration: Bottle Coolers, Draft Beer Refrigerators, Beverage Merchandisers
5) By Ice Cream Merchandiser: Horizontal Ice Cream Freezers, Vertical Ice Cream Merchandisers
6) By Refrigerated Vending Machine: Snack Vending Machines, Beverage Vending Machines, Combination Vending Machines
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Which regions are key players in the growth of the commercial refrigeration equipment market?
Asia-Pacific was the largest region in the commercial refrigeration equipment market in 2024. 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, and Africa.
Who are the key firms paving the way for growth in the commercial refrigeration equipment market?
Major companies operating in the commercial refrigeration equipment market include 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.
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What Is Covered In The Commercial Refrigeration Equipment Global Market Report?
•Market Size Forecast: Examine the commercial refrigeration equipment market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the commercial refrigeration equipment market for a structured understanding.
•Key Players Overview: Analyze major players in the commercial refrigeration equipment market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the commercial refrigeration equipment market.
•Segment Contributions: Evaluate how different segments drive overall growth in the commercial refrigeration equipment market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the commercial refrigeration equipment market.
•Industry Challenges: Identify potential risks and obstacles affecting the commercial refrigeration equipment market.
•Competitive Landscape: Review strategic developments in the commercial refrigeration equipment market, including expansions, agreements, and new product launches.
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