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The Commercial Refrigeration Equipment Market size was estimated at USD 43.72 billion in 2023, USD 47.08 billion in 2024, and is expected to grow at a CAGR of 7.08% to reach USD 70.58 billion by 2030 . Speak directly to the analyst to clarify any post sales queries you may have.
Commercial refrigeration equipment is specifically designed to store perishable goods at optimal temperatures across various sectors, including food & beverage retail, restaurants, hotels, supermarkets, convenience stores, healthcare facilities, and others. Increasing demand for frozen foods and rising consumer awareness regarding food safety standards are driving the usage of commercial refrigeration equipment. The continuous growth of organized retail chains globally and stringent regulations imposed by governments on the energy efficiency of these systems are driving market growth. However, stringent regulations against fluorocarbon refrigerants and technical issues associated with commercial refrigeration equipment systems significantly impede the adoption of refrigeration equipment. In addition, the emergence of fluorocarbons refrigeration systems and improving the efficiency of refrigeration systems with natural refrigerants is expected to create tremendous opportunities for commercial refrigeration equipment market development.
Regional Insights
In the Americas region, increasing focus on energy efficiency and integrating smart technologies, including Internet of Things (IoT) sensors, data analytics, and remote monitoring, have gained significant momentum for commercial refrigeration equipment. Commercial refrigeration equipment manufacturers in the U.S. and Canada focus on developing energy-efficient systems to reduce operating costs and environmental impact. In the Asia-Pacific region, with the rise of eCommerce and the increasing demand for perishable goods, there has been a focus on expanding the cold chain infrastructure, including the development of efficient cold storage facilities and transportation systems, which increases demand for commercial refrigeration equipment. Commercial refrigeration equipment manufacturers in India, China, and Japan are customizing their refrigerators to cater to local requirements and preferences. In the EMEA region, manufacturers are innovating commercial refrigeration equipment to meet strict energy efficiency requirements, such as the European Union's Ecodesign Directive and F-Gas Regulation. Europe has strongly emphasized sustainability and environmentally friendly solutions, including adopting natural refrigerants, such as CO2 and hydrocarbons, and promoting green building certifications.Type: Merchandiser refrigerators & freezers gaining momentum in retail settings
Beverage refrigeration units are specifically designed to cool and display bottled and canned beverages and are commonly used in convenience stores, gas stations, bars, and restaurants. Cold room cabinets are large-scale refrigerated storage spaces used by food distributors, wholesalers, and large-scale food service establishments to store a significant amount of perishable goods. Merchandiser refrigerators & freezers are similar to display cases and are specifically designed to showcase and sell packaged food and beverages in retail settings such as supermarkets and convenience stores. Refrigerated display cases are designed to showcase and preserve food and beverages while allowing customers to view and access the products and are commonly used in supermarkets, delis, bakeries, and cafeterias. Refrigerated vending machines are widely used in commercial kitchens, restaurants, and food service establishments for convenient storage and easy access to ingredients and prepared food.Refrigerant Type: Growing usage of fluorocarbons in commercial refrigeration equipment
Fluorocarbons are made from hydrochlorofluorocarbon (HCFC) or hydrofluorocarbon (HFC) compounds, which are produced synthetically and are commonly used types of refrigerants in commercial refrigeration equipment due to their excellent thermal properties and low cost. The main advantages of fluorocarbons include their high efficiency, low environmental impact, and their non-toxic nature. Hydrocarbons derived from propane and butane offer a more affordable alternative and are considered safe for use in food storage applications due to their non-toxic nature. Inorganic refrigerants are used in commercial refrigeration equipment, such as mechanical systems and absorption systems. These include ammonia, carbon dioxide, air, and water/glycol mixtures, providing reliable performance with better energy efficiency, lower emissions, and longer system life.Application: Rising deployment of commercial refrigeration equipment across bakeries
In bakeries, commercial refrigeration equipment is essential to store and preserve perishable items such as dough, whipped cream, and other ingredients. Additionally, display cases are crucial for showcasing pastries and cakes to customers. Commercial kitchens require a variety of refrigeration equipment to store raw ingredients and prepared food items in large quantities. Reach-in refrigerators, walk-in coolers, and under-counter units are common choices in these settings. Convenience stores rely heavily on commercial refrigeration equipment to stock beverages, dairy products, snacks, and frozen goods for consumers on the go. Open-air merchandisers and glass-door refrigerators allow customers easy access while promoting impulse buys. In hotels & restaurants, the demand for commercial refrigeration equipment varies according to scale and service offerings.Market Dynamics
The market dynamics represent an ever-changing landscape of the Commercial Refrigeration Equipment Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.Market Disruption Analysis
The market disruption analysis delves into the core elements associated with market-influencing changes, including breakthrough technological advancements that introduce novel features, integration capabilities, regulatory shifts that could drive or restrain market growth, and the emergence of innovative market players challenging traditional paradigms. This analysis facilitates a competitive advantage by preparing players in the Commercial Refrigeration Equipment Market to pre-emptively adapt to these market-influencing changes, enhances risk management by early identification of threats, informs calculated investment decisions, and drives innovation toward areas with the highest demand in the Commercial Refrigeration Equipment Market.Porter’s Five Forces Analysis
The porter's five forces analysis offers a simple and powerful tool for understanding, identifying, and analyzing the position, situation, and power of the businesses in the Commercial Refrigeration Equipment Market. This model is helpful for companies to understand the strength of their current competitive position and the position they are considering repositioning into. With a clear understanding of where power lies, businesses can take advantage of a situation of strength, improve weaknesses, and avoid taking wrong steps. The tool identifies whether new products, services, or companies have the potential to be profitable. In addition, it can be very informative when used to understand the balance of power in exceptional use cases.Value Chain & Critical Path Analysis
The value chain of the Commercial Refrigeration Equipment Market encompasses all intermediate value addition activities, including raw materials used, product inception, and final delivery, aiding in identifying competitive advantages and improvement areas. Critical path analysis of the <> market identifies task sequences crucial for timely project completion, aiding resource allocation and bottleneck identification. Value chain and critical path analysis methods optimize efficiency, improve quality, enhance competitiveness, and increase profitability. Value chain analysis targets production inefficiencies, and critical path analysis ensures project timeliness. These analyses facilitate businesses in making informed decisions, responding to market demands swiftly, and achieving sustainable growth by optimizing operations and maximizing resource utilization.Pricing Analysis
The pricing analysis comprehensively evaluates how a product or service is priced within the Commercial Refrigeration Equipment Market. This evaluation encompasses various factors that impact the price of a product, including production costs, competition, demand, customer value perception, and changing margins. An essential aspect of this analysis is understanding price elasticity, which measures how sensitive the market for a product is to its price change. It provides insight into competitive pricing strategies, enabling businesses to position their products advantageously in the Commercial Refrigeration Equipment Market.Technology Analysis
The technology analysis involves evaluating the current and emerging technologies relevant to a specific industry or market. This analysis includes breakthrough trends across the value chain that directly define the future course of long-term profitability and overall advancement in the Commercial Refrigeration Equipment Market.Patent Analysis
The patent analysis involves evaluating patent filing trends, assessing patent ownership, analyzing the legal status and compliance, and collecting competitive intelligence from patents within the Commercial Refrigeration Equipment Market and its parent industry. Analyzing the ownership of patents, assessing their legal status, and interpreting the patents to gather insights into competitors' technology strategies assist businesses in strategizing and optimizing product positioning and investment decisions.Trade Analysis
The trade analysis of the Commercial Refrigeration Equipment Market explores the complex interplay of import and export activities, emphasizing the critical role played by key trading nations. This analysis identifies geographical discrepancies in trade flows, offering a deep insight into regional disparities to identify geographic areas suitable for market expansion. A detailed analysis of the regulatory landscape focuses on tariffs, taxes, and customs procedures that significantly determine international trade flows. This analysis is crucial for understanding the overarching legal framework that businesses must navigate.Regulatory Framework Analysis
The regulatory framework analysis for the Commercial Refrigeration Equipment Market is essential for ensuring legal compliance, managing risks, shaping business strategies, fostering innovation, protecting consumers, accessing markets, maintaining reputation, and managing stakeholder relations. Regulatory frameworks shape business strategies and expansion initiatives, guiding informed decision-making processes. Furthermore, this analysis uncovers avenues for innovation within existing regulations or by advocating for regulatory changes to foster innovation.FPNV Positioning Matrix
The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Commercial Refrigeration Equipment Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).Market Share Analysis
The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Commercial Refrigeration Equipment Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.Recent Developments
Carrier (CARR) Boosts Refrigeration Offerings With HeatCO2OL
Carrier Global Corporation introduced the HeatCO2OL range of heat pumps to reduce direct and indirect carbon emissions effectively. These innovative devices utilize carbon dioxide as a natural refrigerant, offering sustainable cooling properties, making them ideal replacements for comfort chillers. With the HeatCO2OL range, customers can conveniently manage different temperature grades simultaneously. Incorporating high-quality components, remote monitoring, leak, electrical testing, and preventive maintenance technology ensures a low total cost of ownership. This strategic move aligns with Carrier's 2030 Environmental, Social, and Governance goals, which aim to significantly reduce carbon footprint by one gigaton.Johnson Controls acquires M&M Carnot to enhance sustainable Industrial Refrigeration portfolio
Johnson Controls acquired M&M Carnot for designing and manufacturing industrial refrigeration equipment and controls that utilize carbon dioxide (CO2) with a GWP of 1. This strategic acquisition positions Johnson Controls to meet the growing demand for new technologies that operate on ultra-low GWP refrigerant CO2. Moreover, with the combined engineering expertise and ultra-low-GWP technologies, Johnson Controls actively contribute to reducing customer emissions.Heatcraft Developing Refrigeration Equipment With Energy-Efficient Honeywell Solstice L40X Refrigerant
Honeywell developed new commercial refrigeration equipment and systems that utilize Honeywell Solstice L40X (R-455A), a hydrofluoroolefin (HFO)-blend solution with a low-global-warming-potential (GWP) below 150. By using this solution, retailers remain compliant with hydrofluorocarbon (HFC) phase-down regulations while contributing to their sustainability goals. The Honeywell Solstice L40X solution offers a high capacity and large charge size, resulting in a lower run time ratio and increased architectural flexibility. Honeywell is committed toward achieving carbon neutrality in its operations and facilities by 2035, demonstrated through their participation in the U.S. Department of Energy's Better Climate Challenge, the science-based targets initiative, and their support for the Paris Climate Agreement.Strategy Analysis & Recommendation
The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Commercial Refrigeration Equipment Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.Key Company Profiles
The report delves into recent significant developments in the Commercial Refrigeration Equipment Market, highlighting leading vendors and their innovative profiles. These include AB Electrolux, Baltimore Aircoil Company by Amsted Industries Inc., BITZER Kühlmaschinenbau GmbH, Carnot Refrigeration, Carrier Global Corporation, Commercial Refrigeration Inc., Daikin Industries, Ltd, Danfoss A/S, Dover Corporation, Emerson Electric Co., Evapco, Inc., GEA Group AG, Heatcraft Worldwide Refrigeration, Henry Group Industries, Hitema International S.r.l., Ice Make Refrigeration Ltd., Illinois Tool Works Inc., Johnson Controls International PLC, LG Corporation, Liebherr-International AG, Mayekawa Mfg. Co., Ltd., Metalfrio Solutions SA, National Refrigeration Company, Panasonic Holdings Corporation, Rockwell Industries Limited, SCM Frigo S.p.A., The Middleby Corporation, Trane Technologies PLC, Western Refrigeration Pvt. Ltd., and Whirlpool Corporation.Market Segmentation & Coverage
This research report categorizes the Commercial Refrigeration Equipment Market to forecast the revenues and analyze trends in each of the following sub-markets:- Product
- Beverage Refrigeration
- Cold Room Cabinet
- Merchandiser Refrigerators & Freezers
- Refrigerated Display Cases
- Refrigerated Vending Machine
- Transportation Refrigeration
- Refrigerant Type
- Fluorocarbons
- Hydrocarbons
- Inorganics
- Application
- Bakeries
- Commercial Kitchens
- Convenience Stores
- Hotels & Restaurants
- Supermarkets & Hypermarkets
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
- Americas
This research report offers invaluable insights into various crucial aspects of the Commercial Refrigeration Equipment Market:
- Market Penetration: This section thoroughly overviews the current market landscape, incorporating detailed data from key industry players.
- Market Development: The report examines potential growth prospects in emerging markets and assesses expansion opportunities in mature segments.
- Market Diversification: This includes detailed information on recent product launches, untapped geographic regions, recent industry developments, and strategic investments.
- Competitive Assessment & Intelligence: An in-depth analysis of the competitive landscape is conducted, covering market share, strategic approaches, product range, certifications, regulatory approvals, patent analysis, technology developments, and advancements in the manufacturing capabilities of leading market players.
- Product Development & Innovation: This section offers insights into upcoming technologies, research and development efforts, and notable advancements in product innovation.
Additionally, the report addresses key questions to assist stakeholders in making informed decisions:
- What is the current market size and projected growth?
- Which products, segments, applications, and regions offer promising investment opportunities?
- What are the prevailing technology trends and regulatory frameworks?
- What is the market share and positioning of the leading vendors?
- What revenue sources and strategic opportunities do vendors in the market consider when deciding to enter or exit?
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Table of Contents
1. Preface
2. Research Methodology
5. Market Insights
6. Commercial Refrigeration Equipment Market, by Product
7. Commercial Refrigeration Equipment Market, by Refrigerant Type
8. Commercial Refrigeration Equipment Market, by Application
9. Americas Commercial Refrigeration Equipment Market
10. Asia-Pacific Commercial Refrigeration Equipment Market
11. Europe, Middle East & Africa Commercial Refrigeration Equipment Market
12. Competitive Landscape
13. Competitive Portfolio
List of Figures
List of Tables
Companies Mentioned
- AB Electrolux
- Baltimore Aircoil Company by Amsted Industries Inc.
- BITZER Kühlmaschinenbau GmbH
- Carnot Refrigeration
- Carrier Global Corporation
- Commercial Refrigeration Inc.
- Daikin Industries, Ltd
- Danfoss A/S
- Dover Corporation
- Emerson Electric Co.
- Evapco, Inc.
- GEA Group AG
- Heatcraft Worldwide Refrigeration
- Henry Group Industries
- Hitema International S.r.l.
- Ice Make Refrigeration Ltd.
- Illinois Tool Works Inc.
- Johnson Controls International PLC
- LG Corporation
- Liebherr-International AG
- Mayekawa Mfg. Co., Ltd.
- Metalfrio Solutions SA
- National Refrigeration Company
- Panasonic Holdings Corporation
- Rockwell Industries Limited
- SCM Frigo S.p.A.
- The Middleby Corporation
- Trane Technologies PLC
- Western Refrigeration Pvt. Ltd.
- Whirlpool Corporation
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 192 |
| Published | May 2024 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value ( USD | $ 47.08 Billion |
| Forecasted Market Value ( USD | $ 70.58 Billion |
| Compound Annual Growth Rate | 7.0% |
| Regions Covered | Global |
| No. of Companies Mentioned | 30 |
