The global commercial refrigeration equipment market size is estimated to reach USD 58.31 billion by 2030, registering an estimated CAGR of nearly 5.1% from 2022 to 2030, according to a new report by Grand View Research, Inc. The major aspects driving the market growth are the increasing consumption of frozen foods and the significant expansion of the tourism and hospitality industries.
Commercial Refrigeration Equipment Market Report Highlights
- The refrigerators and freezers segment held a revenue share of around 25.0% in 2021 owing to the increased demand for vaccine storage units during the pandemic for conducting the immunization process.
- The self-contained refrigeration equipment segment is anticipated to witness a CAGR of around 5.0% from 2022 to 2030.
- The U.S. has emerged as a major contributor across North America by accounting for a market share of more than 80.0% in 2021.
- The 51 cu. Ft. – 100 cu. Ft. capacity segment captured a substantial revenue share of around 49.0% in 2021.
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Commercial refrigeration equipment refers to the cold storage equipment used in commercial settings, like reach-in freezers and refrigerators, walk-in refrigerators, refrigerated prep tables, pastry refrigerators, serve over counter refrigerators, under-counter refrigerators, and bar refrigerators. They are designed to run under busier and heavier conditions and provide advantages like: they have more powerful condensers and compressors, can store more food and drinks, can maintain the inner chill for more extended periods, can cool a larger space, and can keep the inner temperature stable despite numerous openings of the doors. They are more powerful and larger than their domestic counterparts and easy to clean. The mechanical compression refrigeration system is the most widely-used refrigeration cycle method, as it has applications for both air conditioning and commercial and industrial refrigeration.
The rising environmental concerns about harmful emissions produced by refrigerators such as Hydro-chlorofluorocarbons (HCFC) and Chlorofluorocarbons (CFC) have led to the establishment of norms promoting the adoption of energy-efficient equipment for commercial refrigeration. The Clean Air Act launched by the U.S. Environment Protection Agency mandates the regularized application of low Global Warming Potential (GWP) refrigerants in the commercial segment.
Such regulatory measures are urging commercial refrigerator manufacturers to develop energy-efficient refrigerants to reduce the impact of Greenhouse emissions. For instance, in September 2020, Daikin Industries, Ltd. launched the upgraded version of its Conveni-Pack cooling system suitable for petrol station and food retail applications to develop an eco-friendly natural refrigerant CO2. This is an all-in-one and highly efficient solution that combines food refrigeration, air conditioning, heat recovery, and a heat pump in one unit to meet the requirements for commercial refrigeration set by the European food retail sector.
The global outbreak of the COVID-19 pandemic had severely affected the commercial foodservice industry and retail industries, thereby impacting the expansion of the commercial refrigeration equipment market. However, the industry witnessed strong demand from the pharmaceutical and biotechnology industries with the increasing need to produce and store vaccines. Several pharmaceutical firms and research institutes demanded vaccine storage refrigerators as a part of their R&D activities to deliver life-saving vaccines against the coronavirus.
Commercial Refrigeration Equipment Market insights By Region
North America dominated the global market. The significant growth can be largely attributed to the mature retail industry in the U.S. The region has a strong presence of numerous leading manufacturers of commercial refrigeration equipment. Moreover, the early adoption of smart equipment across commercial kitchens is also favoring the business expansion in the region. The Asia Pacific is anticipated to observe a healthy CAGR. owing to increasing product demand driven by the improving economic conditions, steady employment rates, growing gross disposable income, and rising expenditure on leisure activities, including traveling and dining out. Developing economies such as China and India offer lucrative opportunities for the market due to the high adoption rate of vaccine storage units across research institutions and biopharmaceutical companies.
Competitive Analysis By Major Companies
The increased adoption of sustainable technology equipment has urged the major market players to launch new and enhanced product offerings to effectively cater to consumer demands. The key players are also focusing on implementing various strategic initiatives such as capacity expansion, collaborations, mergers, and acquisitions to strengthen their foothold in the market. Some of the prominent players operating in the global commercial refrigeration equipment market are:
- AB Electrolux
- Ali Group S.r.l. a Socio Unico
- AHT Cooling Systems GmbH
- Carrier
- Daikin Industries, Ltd.
- Dover Corporation
- Hussmann Corporation
- Excellence Industries
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Commercial Refrigeration Equipment Market Segmentation
Grand View Research has segmented the global commercial refrigeration equipment market based on product, application, system type, capacity, and region:
- Product Outlook (Revenue, USD Billion, 2018 – 2030)
- Application Outlook (Revenue, USD Billion, 2018 – 2030)
- System Type Outlook (Revenue, USD Billion, 2018 – 2030)
- Capacity Outlook (Revenue, USD Billion, 2018 – 2030)
- Regional Outlook (Revenue, USD Billion, 2018 – 2030)
- List of Key Players of Commercial Refrigeration Equipment Market
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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