Press release
Commercial Refrigeration Equipment Market to Reach US$46.7 Bn by 2031 Driven by Demand
Commercial Refrigeration Equipment Market
The commercial refrigeration equipment market is experiencing steady expansion, driven by increased demand for fresh and frozen foods, growing investments in food retail infrastructure, and stringent food safety regulations globally. As per recent market research, the global commercial refrigeration equipment market is projected to attain a valuation of US$46.7 billion by 2031, expanding at a CAGR of 7.9% from 2024 to 2031. With widespread adoption across supermarkets, restaurants, and cold storage facilities, this sector is playing a pivotal role in the global food supply chain.
Refrigeration units for food and beverage retail dominate the market due to the continuous expansion of quick-service restaurants and hypermarkets. Among all regions, North America leads the commercial refrigeration equipment market, primarily owing to the mature foodservice industry and high demand for technologically advanced, energy-efficient refrigeration systems. This regional dominance is further fueled by compliance with environmental norms and a strong presence of leading refrigeration manufacturers.
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✅ Key Highlights from the Report
➤The market is set to grow at a 7.9% CAGR from 2024 to 2031.
➤North America remains the leading region, driven by robust retail infrastructure.
➤Refrigerators and freezers hold the largest share among product segments.
➤Foodservice and food retail are the most prominent end-use industries.
➤Energy efficiency and sustainability drive innovation in equipment design.
➤The Asia Pacific region is expected to exhibit the fastest growth rate during the forecast period.
✅ Market Segmentation Overview
The commercial refrigeration equipment market is segmented based on product type, which includes refrigerators and freezers, transportation refrigeration equipment, beverage refrigeration, display cases, and parts. Among these, refrigerators and freezers dominate due to their widespread use across food retail, restaurants, and hospitality. The increasing preference for energy-efficient and low-GWP refrigerants also shapes product development trends across segments.
In terms of end-use, the market is categorized into foodservice, food and beverage retail, food and beverage distribution, and others. Foodservice and food retail segments account for a significant share, primarily driven by rising demand for frozen and chilled food, growing urbanization, and a surge in modern retail formats. Furthermore, the proliferation of cloud kitchens and fast-food chains globally adds to market demand.
✅ Regional Insights
In North America, technological advancement and regulatory compliance with energy standards fuel demand for next-gen refrigeration systems. The U.S. leads the region due to the dense network of supermarkets and quick-service restaurants that depend on reliable and eco-friendly refrigeration.
In contrast, the Asia Pacific region is emerging as a lucrative market, especially in countries like China and India. Rapid urbanization, a booming retail sector, and increasing consumption of perishable goods contribute to this growth. Government initiatives promoting cold chain development further amplify market prospects in the region.
✅ Market Drivers, Restraints, and Opportunities
Market Drivers
A significant driver of market growth is the rising demand for frozen and chilled food products, spurred by changing consumer preferences and urban lifestyles. Additionally, the expansion of organized retail chains and foodservice sectors globally further boosts demand for commercial refrigeration solutions. Technological innovations like the integration of IoT and remote monitoring also enhance equipment efficiency and drive adoption.
Market Restraints
High installation and maintenance costs associated with commercial refrigeration units can hinder market adoption, especially in price-sensitive markets. Additionally, strict environmental regulations regarding refrigerants like HCFCs and HFCs pose compliance challenges for manufacturers, necessitating costly upgrades.
Market Opportunities
The shift toward natural refrigerants and energy-efficient systems opens new avenues for growth. Innovations in smart refrigeration systems that support predictive maintenance and automated temperature monitoring create strong market potential. Moreover, increased investment in cold chain logistics, especially in developing economies, presents attractive opportunities for market players.
✅ Frequently Asked Questions (FAQs)
➤How Big is the Commercial Refrigeration Equipment Market?
➤Who are the Key Players in the Global Commercial Refrigeration Equipment Market?
➤What is the Projected Growth Rate of the Commercial Refrigeration Equipment Market?
➤What is the Market Forecast for Commercial Refrigeration Equipment by 2032?
➤Which Region is Estimated to Dominate the Industry through the Forecast Period?
✅ Company Insights
✦Carrier Global Corporation
✦Daikin Industries Ltd.
✦Whirlpool Corporation
✦Haier Group Corporation
✦Electrolux AB
✦Johnson Controls International plc
✦Dover Corporation
✦Illinois Tool Works Inc.
✦Hoshizaki Corporation
✦Panasonic Corporation
■In 2023, Carrier launched its new line of energy-efficient commercial refrigeration systems, emphasizing low-GWP refrigerants and smart monitoring features.
■Daikin expanded its refrigeration production capacity in Southeast Asia in 2024, targeting demand from foodservice sectors and cold chain logistics.
✅ Conclusion
The commercial refrigeration equipment market is poised for robust growth, propelled by consumer shifts toward perishable food consumption, rapid retail expansion, and stricter food safety regulations. As technology continues to evolve, manufacturers are focusing on smart, sustainable, and cost-effective refrigeration solutions to meet industry demands. With significant developments across emerging economies and regulatory pushes for environmentally safe refrigerants, this market holds considerable potential through 2031 and beyond.
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