Press release
Strategic Forecast for the Commercial Refrigeration Equipment Industry: Market Outlook 2025-2034
Commercial Refrigeration Equipment Market
Commercial Refrigeration Equipment Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The size of the commercial refrigeration equipment market has seen consistent growth in the past years. Projections indicate that it will expand from $56.98 billion in 2024 to attain a value of $58.5 billion in 2025, revealing a compound annual growth rate (CAGR) of 2.7%. The growth during the historic period is largely attributed to factors such as the onset of mechanical refrigeration, the proliferation of food retail chains, the emergence of commercial ice machines, the expansion of cold storage facilities, and innovation in display cases.
Commercial Refrigeration Equipment Market Size Forecast: What's the Projected Valuation by 2029?
The market size for commercial refrigeration equipment is predicted to experience significant expansion in the forthcoming years. By 2029, it's projected to escalate to a value of $71.62 billion, with a compound annual growth rate (CAGR) of 5.2%. The surge during the outlook period is ascribed to factors such as the demand from burgeoning markets, digitization of the market, an increase in appeal for energy-efficient solutions, the use of low-global warming potential (GWP) refrigerants, and intelligent cooling solutions. The forecast period will see prevalent trends such as an emphasis on eco-friendly practices, an upsurge in cold chain logistics, remote and off-grid solutions, a boost in urbanization and small format stores, along with modularity and flexibility.
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What Are the Drivers Transforming the Commercial Refrigeration Equipment Market?
The commercial refrigeration market is set to be influenced by a growing consumer preference for frozen and chilled items. This trend is fueled by shifts in lifestyle, rapid urbanization and the added advantages provided by frozen goods, such as convenience, extended shelf life and decreased cooking and cleanup time. Additionally, based on data gathered by the American Frozen Food Institute (AFFI), frozen food revenues hit over $72 billion in 2022, a growth of 8.6% compared to the previous year in the U.S. market. Items in the frozen and chilled food category are stored and delivered using commercial refrigerators located in supermarkets, hypermarkets, and refrigerated trucks. Accordingly, the need for more commercial refrigeration solutions is predicted to rise, thereby driving the expansion of the commercial refrigeration equipment market.
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What Long-Term Trends Will Define the Future of 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 power usage, enhance preventive maintenance, and improve customer satisfaction. For example, Axiom Cloud, a commercial refrigeration industry's cloud-based solutions provider, launched an AI-powered early leak detection software in August 2023. The program, trialed at 242 establishments, aims to minimize refrigerant leaks while boosting energy efficiency.
Which Segments in the Commercial Refrigeration Equipment Market Offer the Most Profit Potential?
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 Firms Dominate the Commercial Refrigeration Equipment Market by Market Share and Revenue in 2025?
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.
Which Regions Offer the Highest Growth Potential in 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.
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