Press release
Commercial Refrigeration Equipment Market Size Forecasted To Achieve $71.62 Billion By 2029 With Steady Growth
Commercial Refrigeration Equipment
What Is the Expected Commercial Refrigeration Equipment Market Size During the Forecast Period?
In recent times, the commercial refrigeration equipment market size has experienced consistent growth. The market, which stood at $56.98 billion in 2024, is expected to expand to $58.5 billion in 2025, indicating a compound annual growth rate (CAGR) of 2.7%. The surge observed in the historic phase can be credited to the launch of mechanical refrigeration, the proliferation of food retail chains, the emergence of commercial ice machines, the growth of cold storage facilities, and advancements in display cases.
Expectations for the commercial refrigeration equipment market size indicate robust expansion in the forthcoming years. It is predicted to attain a value of $71.62 billion by 2029, registering a compound annual growth rate (CAGR) of 5.2%. Factors propelling growth in the projected timeframe include burgeoning demand from emergent markets, market digitization, the growing requirement for energy-efficient solutions as well as the usage of low-gwp refrigerants and intelligent cooling solutions. The forecast period also exhibits significant trends such as concentration on sustainable practices, escalation in cold chain logistics, the evolution of off-grid and remote solutions, urbanization, and the emergence of small-format stores along with modularity and flexibility.
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What Are the High-Growth Segments in the Commercial Refrigeration Equipment Market?
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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What Key Drivers Are Expected to Influence Future Commercial Refrigeration Equipment Market Growth?
The rise in consumer demand for chilled and frozen products is projected to boost the market for commercial refrigeration. The attraction to chilled and frozen items has grown as a result of urbanization, lifestyle changes, and the benefits these products offer, like extended shelf life, convenience, and a decrease in food preparation and clean-up duration. The American Frozen Food Institute (AFFI) stated in 2022, sales of frozen food in the U.S. exceeded a value of $72 billion, making an 8.6% growth from the previous year. Chilled and frozen products are typically stored in commercial fridges found in supermarkets and hypermarkets as well as refrigerated trucks, from where they're purchased and distributed. This situation is set to create a higher demand for commercial refrigeration systems for storage, thereby accelerating the expansion of the commercial refrigeration equipment market.
Which Companies Hold the Largest Share Across Different Commercial Refrigeration Equipment Market Segments?
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.
What Are the Latest Developing Trends in the Commercial Refrigeration Equipment Market?
Firms are focusing on integrating cutting-edge technologies like artificial intelligence, 5G, and machine learning into their commercial refrigeration equipment to reduce electricity consumption, enhance preventative maintenance, and improve customer experience. For example, in August 2023, Axiom Cloud, a cloud-based solution provider for the commercial refrigeration industry, launched an AI-powered early leak detection program. The software was trialled at 242 facilities and is engineered to minimize refrigerant leaks and boost energy efficiency.
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What Are the Emerging Geographies for The Commercial Refrigeration Equipment Market Growth?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Commercial Refrigeration Equipment Market?
2. What is the CAGR expected in the Commercial Refrigeration Equipment Market?
3. What Are the Key Innovations Transforming the Commercial Refrigeration Equipment Industry?
4. Which Region Is Leading the Commercial Refrigeration Equipment Market?
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