Press release
Commercial Refrigeration Equipment Industry Outlook 2025-2029: Market Set to Cross $69.13 Billion Milestone
Commercial Refrigeration Equipment
How Large Will the Commercial Refrigeration Equipment Market Size By 2025?
In recent times, we've seen a subtle increase in the market size of the commercial refrigeration equipment industry. The market is projected to swell from $57.01 billion in 2024 to a slightly larger $57.41 billion in 2025, growing at a Compound Annual Growth Rate (CAGR) of 0.7%. Factors such as the emergence of mechanical refrigeration, the proliferation of food retail chains, the invention of commercial ice machines, the expansion of cold storage facilities, and innovations in display cases are responsible for the growth experienced in the historic period.
How Big Is the Commercial Refrigeration Equipment Market Size Expected to Grow by 2029?
Prospects for the commercial refrigeration equipment market appear robust, with predictions suggesting consistent expansion over the upcoming years. The market value has been projected to reach $69.13 billion by 2029, demonstrating a Compound Annual Growth Rate (CAGR) of 4.8%. Factors contributing to this predicted growth across the forecast period include increased demand from developing markets, market digitization, a surge in the requirement for energy-efficient resolutions, implementation of low Global Warming Potential (GWP) refrigerants, and the advent of intelligent cooling solutions. The forecast period is also expected to experience significant trends such as an emphasis on sustainable methods, the expansion of cold chain logistics, advancements in remote and off-grid solutions, urbanization and the proliferation of small format stores, and the drive for modularity and flexibility.
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Which Key Market Drivers Powering Commercial Refrigeration Equipment Market Expansion and Growth?
The escalating consumer demand for frozen and refrigerated products is projected to stimulate the commercial refrigeration market's growth. Shifts in lifestyle, rapid urbanization and appealing features of frozen goods like extended shelf life, convenience, and lessened food preparation & clean-up time have amplified the preference for chilled and frozen items. Data from the American Frozen Food Institute (AFFI) reveals that in 2022, the U.S. saw frozen food sales surpassing $72 billion, witnessing an 8.6% growth from the prior year. These chilled and frozen products are housed in commercial refrigerators within supermarkets, hypermarkets, and refrigerated transports before purchase and delivery. This pattern forecasts an elevated need for commercial refrigeration equipment for storage, contributing to the expansion of the commercial refrigeration equipment market.
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What Trends Will Shape the Commercial Refrigeration Equipment Market Through 2029 and Beyond?
Firms are focusing on integrating advanced technologies like artificial intelligence, 5G, and machine learning into commercial refrigeration systems in a bid to reduce electricity usage, enhance preventive maintenance, and elevate customer service. For instance, Axiom Cloud, an enterprise specializing in cloud-based solutions for the commercial refrigeration sector, launched an AI-powered early leak detection device in August 2023. The software, which was extensively trial-ran across 242 establishments, is engineered to curb refrigerant leakage while also boosting energy efficiency.
What Are the Emerging Segments in the Commercial Refrigeration Equipment Market?
The commercial refrigeration equipmentmarket 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, Supermarkets And Hypermarkets, 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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Who Are the Global Leaders 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.
Which are the Top Profitable Regional Markets for the Commercial Refrigeration Equipment Industry?
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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