Global Commercial Refrigeration Equipment Market Report and Forecast 2024-2032

Global Commercial Refrigeration Equipment Market Outlook

The global commercial refrigeration equipment market size attained a value of USD 45.11 billion in 2023. The market is further expected to grow at a CAGR of 5.30% between 2024 and 2032, to reach a value of USD 71.95 billion by 2032. 

Key Trends in the Market

Commercial refrigeration equipment refers to the equipment that is used for cooling or freezing food items on a commercial scale for large volumes of products. They are free-standing cold storage devices which preserve the quality and nutritional content of a food products, raw or processed. Commercial refrigeration equipment can be commonly found in supermarkets, restaurants, and commercial kitchens, among others. 

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• The global commercial refrigeration equipment market is being driven by its heightened demand across supermarkets, hotels, bars, convenience stores, and restaurants, among other outlets, for sustaining the quality and nutritional value of food products. The rapid development of restaurants, convenience stores, and supermarkets, along with rapid urbanisation, increasing standards of living, and growing population are also enhancing the demand for the commercial refrigeration market.

• Increasing demand for frozen foods, such as frozen meat, frozen fish, ice-cream, and frozen fruits and vegetables, among others, is further fuelling the commercial refrigeration equipment market growth. Commercial refrigeration equipment is gaining traction across hypermarkets and grocery stores to bolster brand promotion by showcasing a variety of frozen ready-to-cook meals, which also promotes impulse buying.

• Growing research and development activities by the major market players, aimed towards producing eco-friendly and efficient commercial refrigerators are expected to garner growth of the market for commercial refrigeration equipment in the forecast period.

Market Analysis

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Based on product, the market is segmented into refrigerator and freezer, refrigerated display case, transportation refrigeration, beverage refrigeration, and ice merchandisers and ice vending equipment, among others. On the basis of system type, the market is bifurcated into self-contained and remotely operated. By application, the market is classified into hotels and restaurants, supermarkets and hypermarkets, convenience stores, and bakeries, among others. The regional markets for commercial refrigeration equipment can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.  

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global commercial refrigeration equipment market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.

• Danfoss

• Emerson Electric Co.

• Johnson Controls

• Ali Group North America

• Electrolux Professional AB

• Daikin Europe N.V.

• Dover Corporation

• Hussmann Corporation

• Excellence Industries

• Others

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Market Share by Product

The refrigerator and freezer segment, based on product, occupy a sizable share of the commercial refrigeration equipment market. In order to keep food fresh and safe, refrigerators are witnessing a heightened demand in food stores, supermarkets, and various commercial food processing organisations. In addition, refrigerators and freezers enables consumers to make bulk purchases of foods such as frozen meat, ready-to-eat dairy products and fresh fruits and vegetables. The growing demand for commercial refrigerators is also supporting the commercial refrigeration compressors market. Meanwhile, the beverage refrigeration segment is expected to witness a good growth in the forecast period. This can be attributed to the rising demand for carbonated beverages and cold drinks. 

Market Share by Application

Based on application, the hotels and restaurants segment accounts for a significant share in the commercial refrigeration equipment market. The rising demand for bar fridges, commercial freezers, and bench-top display fridges are driving this segment’s growth. Additionally, the increasing standards of restaurants and hotels across the emerging economies are generating a higher demand for advanced refrigeration setups to provide fresh and standardised foods. Over the forecast period, the anticipated increase in investments towards developing high-standard restaurants and hotels are expected to propel the demand for commercial refrigeration equipment.

Applications of commercial refrigeration equipment in convenience stores is likely to attain a healthy growth in the coming years, driven by the increasing network of convenience stores and their aim to provide consumer preferred items in a single store. 

Competitive Landscape

Danfoss, established in 1933 with headquarters in Nordborg, Denmark, is a multinational energy company which provides advanced solutions related to power, climate, sensing, silicon power, high pressure pumps, fire safety, and emission monitoring, among others. The company has a vast product portfolio which includes electronic controls, motors, cooling systems, heat exchangers, pumps, and smart heating.  

Emerson Electric Co. is a prominent manufacturing company which offers automated solutions for residential and commercial sectors. These solutions include heating, ventilation, air conditioning and refrigeration (HVACR) tools. The company also provides expertise in food waste management. Emerson Electric was established in the year 1890 and is headquartered in Missouri in the United States.  

Johnson Controls is an autonomous building solutions provider which offers digital technologies and services such as artificial intelligence. The company innovates in buildings by providing nurturing and wellness, future-proof spaces, and smart building infrastructure. It was founded in the year 1885 and is currently headquartered in Cork, Ireland, supporting the Europe commercial refrigeration equipment market.

Other market players include Ali Group North America, Electrolux Professional AB, Daikin Europe N.V., Dover Corporation, Hussmann Corporation, and Excellence Industries, among others.

Key Highlights of the Report