What Is The Current and Historic Market Size Analysis Of Commercial Refrigeration Equipment Market?
The commercial refrigeration equipment market has seen considerable growth due to a variety of factors.
• The market for commercial refrigeration equipment has seen steady growth in recent times. An increase from $56.98 billion in 2024 to $58.5 billion in 2025 is expected, signifying a compound annual growth rate (CAGR) of 2.7%.
Factors such as the introduction of mechanical refrigeration, the proliferation of food retail chains, the emergence of commercial ice machines, the growth of cold storage facilities, and advancements in display case technology contributed to this growth in the past.
What Can Be Expected from the Commercial Refrigeration Equipment Market in the Coming Years?
The commercial refrigeration equipment market is expected to maintain its strong growth trajectory in upcoming years.
• In the forthcoming years, it is anticipated that the commercial refrigeration equipment market will experience significant expansion, with its market size expected to reach $71.62 billion in 2029 with a compound annual growth rate (CAGR) of 5.2%.
This surge during the forecasted timeframe can be credited to increasing demand from burgeoning markets, the digitization of the market, a surge in demand for eco-friendly solutions, the utilization of low-gwp refrigerants, and innovative cooling solutions. Key trends anticipated for the forecast period include an emphasis on eco-friendly practices, growth in cold chain logistics, remote and off-grid solutions, urbanization, small store formats, and an increase in modularity and flexibility.
What Are The Core Factors Supporting Growth In Commercial Refrigeration Equipment Market?
The commercial refrigeration market is expected to surge due to the growing demand for frozen & chilled goods among consumers. This demand is largely attributed to evolving lifestyles, rapid urbanization, and the conveniences offered by frozen items such as extended shelf life and reduced food preparation and clean-up times. As per the American Frozen Food Institute (AFFI) in 2022, the sales of frozen food in the U.S. exceeded $72 billion, marking an 8.6% rise from the previous year. Commercial refrigerators in supermarkets, hypermarkets, and refrigerated trucks are used to store these frozen and chilled products before they are purchased and transported. This trend is predicted to drive up the need for commercial refrigeration equipment for storage, thereby stimulating the expansion of the commercial refrigeration equipment market.
How Is the Commercial Refrigeration Equipment Market segmented?
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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What New Trends Are Influencing the Commercial Refrigeration Equipment Market?
Firms are focusing on integrating cutting-edge technologies like artificial intelligence, 5G, and machine learning into their commercial refrigeration systems to reduce electricity usage, enhance preventive maintenance, and improve customer service. For example, Axiom Cloud, a commercial refrigeration cloud-based solutions provider, introduced their AI-driven software for early leak detection in August 2023. The software was trialed at 242 locations and is aimed at minimizing refrigerant leaks and increasing energy efficiency.
Who Are the Key Players 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.
What Is The Most Dominant Region 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.
