Commercial Refrigeration Equipment Market Set to Reach US$ 68.3 Billion by 2028, Fueled by Growing Demand and Technology

The global commercial refrigeration equipment market is expected to be worth US$ 68.3 billion by 2028, growing at a 4% CAGR from 2022 to 2028. The market for commercial refrigeration devices is expected to grow at a CAGR of 4% over the forecast period. By the end of 2022, the commercial refrigeration equipment market is expected to be worth US$ 51.8 billion, with sales increasing 3.9% year on year.

To eventually capture a sizable market share, energy-green technologies must be used to provide products with low global warming potential (GWP) but rich functionalities.

Long-term demand for NH3/CO2 cascade systems is anticipated to increase due to its benefits for food processing and low-temperature distribution facilities. Benefits include optimum food quality, higher throughput, and minimal operational, capital, and compliance expenses. (because they are more energy-efficient than other systems per tonne of refrigeration).

One of the main causes of a responsible year-over-year increase is the rising popularity of frozen food items and ready-to-drink beverages, which fuel the commercial refrigeration equipment market.

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Commercial refrigeration equipment and systems are widely employed in the food and beverage industry. Food and beverage investments are anticipated to increase significantly over the projection period as a result of the expanding worldwide population and rising food demand.

As demand for ready-to-eat food and beverages rises, sales of equipment such as industrial refrigerators, commercial freezers, and other refrigeration units are expected to rise.

Commercial Refrigeration Equipment Market Key Takeaways

• Growing demand for ready-to-eat products and expanding retail outlets are driving the sales of commercial refrigeration equipment.
• North America and Europe would collectively account for over half of the market value share by 2029 end.
• The food services sector will remain prominent application area to invest in, for commercial refrigeration equipment market players.
• The enforcement of new refrigerant regulations such as the EPA 680 Upgrade, and the Kigali Amendment for the phase-down of HFC refrigerants will largely impact the market growth.
• The higher average unit cost of freezers & refrigerators allude lower volume sales vis-à-vis value gains, with just about 2.6 million unit sales in 2021.
• Glass door merchandizers that account for around a third of total volume sales continue to see relatively low revenue generation as compared to freezers & refrigerators.
• Sales of beverage dispensers and display cases across end-use industries will show a moderate increase year-over-year in 2022, which will collectively represent nearly 16% of total commercial refrigeration equipment sales in that year.

Manufacturers who are keeping the innovation quotient high and providing turn-key solutions to meet regulatory requirements, with safety to end users at the core, will be rewarded in the long run.

Chinese Players Striving to Win Home Market?

In developed markets, rapid acceptance of alternative refrigerants to benefit from regulatory standards along with expansion of F&B processing industries continue to contribute to the development of the commercial refrigeration equipment market.

The growth of Asia Pacific’s commercial refrigeration equipment market was influenced by a shift of Asian eating habits towards western-style convenience food. With the ability to manufacture their own compressors, Chinese companies are gaining competitive edge to reign supreme in their home market with indigenous brands.

Competition Trends

In 2021, the top four stakeholders including Carrier Corporation, Daikin Industries, Ltd., Danfoss A/S, and Hussman Corporation collectively accounted for 20-25% revenue share. The emergence of a large number of small players in developing countries has resulted into price competition, with leading market players losing their profit margins. Market fragmentation will continue through 2029, driven by regional regulatory norms and enhanced capabilities of the local players.

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Key Segments Of Commercial Refrigeration Equipment Industry Survey

Commercial Refrigeration Equipment Market by Product Type:

• Beverage Refrigerators
• Drinking Fountains
• Soda Fountains
• Beer Dispensing Equipment
• Beverage Coolers
• Freezers & Refrigerators
• Freezers & Chillers
• Blast Chiller/Stock Freezers
• Contact Freezers
• Refrigerators
• Walk-in-Refrigerators
• Reach-in Refrigerators
• Transportation Refrigerators
• Commercial Refrigeration Equipment for Trailers
• Commercial Refrigeration Equipment for Trucks
• Commercial Refrigeration Equipment for Shipping Containers
• Glass Door Merchandizers
• Hinged Doors
• Sliding Doors
• Display Cases
• Ice Cream Cabinets
• Bakery/Deli Display
• Beverage Dispensers
• Refrigerated Vending Machines
• Ice Machines
• Ice Cream Machines

Commercial Refrigeration Equipment Market by Application:

• Commercial Refrigeration Equipment for Food Services
• Commercial Refrigeration Equipment for Food & Beverage Retail
• Commercial Refrigeration Equipment for Food & Beverage Production
• Commercial Refrigeration Equipment for Food & Beverage Distribution

Commercial Refrigeration Equipment Market by Region:

• North America Commercial Refrigeration Equipment Market
• Latin America Commercial Refrigeration Equipment Market
• Europe Commercial Refrigeration Equipment Market
• East Asia Commercial Refrigeration Equipment Market
• South Asia & Pacific Commercial Refrigeration Equipment Market
• Middle East & Africa (MEA) Commercial Refrigeration Equipment Market

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