Commercial Refrigeration Equipment Market Size, Share, Growth Report 2032

Global Commercial Refrigeration Equipment Market: Overview

According to Zion Market Research, The global commercial refrigeration equipment market size accounted for USD 58.5 Billion in 2020 and is expected to reach USD 85.4 Billion by 2028, to expand at a CAGR of 6.5% from 2021 to 2028.

The commercial refrigeration equipment market comprises HFCs and is subject to strict regulations. This can be responsible to impact its demand since HFCs have a potential for global warming. Despite, the stringent emissions standards, the industry growth continues to exhibit a bright picture in terms of producing energy-efficient systems and weightage of regulatory standards.

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COVID-19 Impact Analysis:

The global commercial refrigeration equipment market size has witnessed a paradigm shift in production owing to frequent lockdowns and restrictions. In response to the COVID-19 pandemic, production businesses have slowed down on their production capacities and are reconsidering their business models. Since consumers are forced to remain at home in the situation, it has resulted in low spending and a decrease in investments. Besides, food retailers are now expected to cope with the volume of online demand as social distancing practices and restrictions are likely to prevail for a long. With the vaccination drive being in full throttle on a global scale, the pandemic situation is expected to alter slightly in the very near future.

Global Commercial Refrigeration Equipment Market Growth Factors:

The commercial refrigeration equipment market is driven by the presence of hypermarkets. Changes in food consumption patterns and increases in food trade are likely to trigger market growth. Growing demand for cryogenic in the restaurant business has contributed to market development in the past few years. An increase in the emergence of eateries, cafeteria, and breweries have propelled the demand for commercial refrigeration. The availability of after-sales service in the retail industry proves advantageous for market positioning. Therefore, the shift in consumption trends and modernization of food preservation techniques thereby drives the demand for commercial refrigeration equipment market. However, increased energy consumption has contributed to the rise in climate change. The growing fuel costs pose additional challenges for market growth.

Report Scope:

Product Type Segment Analysis Preview :

Based on product, the commercial refrigeration equipment market has been segmented into transportation refrigeration equipment, refrigerators and freezers, beverage refrigerators, parts, and others (ice machines, refrigerated vending machines, display cases, cryogenic equipment, liquid chillers, and small market products). The transportation refrigeration segment is expected to grow in the coming years accounting for more than 30% in 2019. The growing popularity of fleets for transporting refrigeration equipment is expected to contribute to segment growth.

Application Segment Analysis Preview:

The commercial refrigeration equipment market is segmented into applications such as food service, food, and beverage production, food, and beverage distribution, food and beverage retail, and others. 

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The food service application dominated in 2020 in terms of revenue and is likely to continue the dominance in the coming years. The emergence of new players in the food service industry is expected to remain pivotal for the growth of the segment. Besides, the demand for frozen and processed foods is expected to propel the growth.

Regional Analysis Preview :

Based on region, the global commercial refrigeration equipment market is segmented as North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

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North America held a share of about 31.67% in 2020. This is attributable to the presence of top companies. Moreover, the increasing usage of commercial refrigeration equipment market size is expected to generate huge demand for the market in this region. China is the world’s largest manufacturer and consumer of commercial refrigeration equipment owing to its large population and the availability of raw materials.

Key Market Players & Competitive Landscape:

Some of the key players in the commercial refrigeration equipment market are Daikin Industries, Ltd., AHT Cooling Systems GmbH, AB Electrolux, Dover Corporation, Whirlpool Corporation, Hussmann Corporation, Ingersoll Rand plc, Illinois Tool Works Inc., United Technologies Corporation (Carrier), Haier, Inc. among others.

The Global Commercial Refrigeration Equipment Market is segmented into :

By Product

• Transport Refrigeration Equipment
• Refrigerators and Freezers
• Beverage Refrigerators
• Commercial Refrigeration Equipment Parts
• Others

By Application

• Food Service
• Food and Beverage Production
• Food and Beverage Distribution
• Food and Beverage Retail
• Others

Global Commercial Refrigeration Equipment Market Size By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa