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Commercial Refrigeration Market by Product Type, Refrigerant Type, Application (Food Service, Food & Beverage Production, Food & Beverage Retail), End Use (Supermarkets & Hypermarkets, Hotels & Restaurants, Bakeries), & Region - Global Forecast to 2028

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    Report

  • 235 Pages
  • September 2023
  • Region: Global
  • Markets and Markets
  • ID: 5879793
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The commercial refrigeration market is projected to grow from USD 45.6 billion in 2023 to USD 62.7 billion by 2028, at a CAGR of 5.8%. The market for commercial refrigeration is witnessing growth across different regions. Asia Pacific and North America are prominent markets due to the high demand for commercial refrigeration systems in food & beverage sector and increasing disposable income levels.

By product type, refrigerator & freezer segment accounted for the second-largest share in commercial refrigeration market in 2022

The refrigerator & freezer segment held the second-largest share in 2022. New technologies and regulations are leading to the development of advanced commercial refrigeration systems that are more efficient and have a very low negative environmental impact. According, the demand for self-contained commercial refrigeration systems is growing rapidly. These refrigerators & freezers have systems that combine the entire structure, such as the condenser and evaporator, into a single unit.

By refrigerant type, the hydrocarbons segment accounted for the second-largest share in commercial refrigeration market in 2022

Hydrocarbon refrigerants are known for their natural and non-toxic nature that have minimal impact on ozone depletion and global warming compared to many synthetic refrigerants. Their lower operating discharge pressures reduce the work that the compressor has to do, thereby reducing wear and tear. These factors further propel the demand for hydrocarbons refrigerants in commercial refrigeration market.

By application, the food & beverage retail segment accounted for the second-largest share in commercial refrigeration market in 2022

In food & beverage retail, commercial refrigeration plays a crucial role in ensuring the quality, safety, and appealing presentation of perishable goods. In this application industry, proper refrigeration is fundamental to maintaining product freshness, complying with food safety regulations, and creating an inviting shopping environment. These factors further propel the demand for food & beverage retail commercial refrigeration systems.

By end use, the hotels & restaurants segment accounted for the second-largest share in commercial refrigeration market in 2022

Commercial refrigerators and freezers are key requirements for restaurants & hotels to provide an effective and controlled environment. This segment growth can be attributed to the rising affluence of the middle-class population in emerging countries, such as India and China, coupled with rapid urbanization, which has led to an increase in demand for convenience food items. 

The commercial refrigeration market in Asia Pacific accounted for the largest share in 2022

Asia Pacific was the largest consumer of commercial refrigeration worldwide in 2022, in terms of value. The region has been experiencing significant growth and evolution driven by various factors such as urbanization, changing consumer lifestyles, increased food consumption, and expansion of the retail and food service industries. Additionally, the growing population and infrastructural development in the region have increased the use of refrigeration systems for various applications, such as supermarkets, hypermarkets, and convenience stores.

Profile break-up of primary participants for the report:

  • By Company Type: Tier 1 - 65%, Tier 2 -20%, and Tier 3 - 15% 
  • By Designation: C-level Executives - 25%, Directors - 30%, and Others - 45%
  • By Region: North America - 30%, Europe -20%, Asia Pacific - 40%, Middle East & Africa-7%, South America -3%

The commercial refrigeration report is dominated by players, such as Daikin (Japan), Johnson Controls (US), Carrier (US), Dover (US), Baltimore Aircoil Company (US), Blue Star Limited (India), De Rigo Refrigeration (Italy), Fogel (Guatemala), Hussmann (US), Imbera (Mexico), KMW (Germany), Mayekawa Mfg. Co., Ltd. (Japan), Runte (China), SCM Frigo (Italy), True (US), Viessmann (Germany), Voltas (India), and others.

Research Coverage:

The report defines, segments, and projects the size of the commercial refrigeration market based on product type, refrigerant type, application, end use, and region. It strategically profiles the key players and comprehensively analyzes their market share and core competencies. It also tracks and analyzes competitive developments, such as joint ventures, partnerships, new product launches, acquisitions, agreements, and expansions undertaken by them in the market.

Reasons to Buy the Report:

The report is expected to help the market leaders/new entrants in the market by providing them with the closest approximations of revenue numbers of the commercial refrigeration market and its segments. This report is also expected to help stakeholders obtain an improved understanding of the competitive landscape of the market, gain insights to improve the position of their businesses and make suitable go-to-market strategies. It also enables stakeholders to understand the pulse of the market and provide them information on key market drivers, restraints, challenges, and opportunities.

The report provides insights on the following pointers:

  •  Analysis of key drivers (rising demand for cold chain logistics), restraints (stringent regulations against use of fluorocarbon refrigerants), opportunities (potential demand for carbon dioxide/ ammonia cascade refrigeration systems), and challenges (few purification companies) influencing the growth of the commercial refrigeration market.
  • Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities in the commercial refrigeration market.
  • Market Development: Comprehensive information about lucrative markets - the report analyses the commercial refrigeration market across varied regions.
  • Market Diversification: Exhaustive information about new product types, various refrigerant types, untapped geographies, recent developments, and investments in the commercial refrigeration market.
  • Competitive Assessment: In-depth assessment of market shares, growth strategies and product offerings of leading players such as Daikin (Japan), Johnson Controls (US), Carrier (US), Dover (US), and Baltimore Aircoil Company (US), among others in the commercial refrigeration market.

Table of Contents

1 Introduction
1.1 Study Objectives
1.2 Market Definition
1.2.1 Inclusions and Exclusions
Table 1 Commercial Refrigeration Market: Inclusions and Exclusions
1.3 Market Scope
Figure 1 Commercial Refrigeration Market Segmentation
1.3.1 Regions Covered
1.3.2 Years Considered
1.4 Currency Considered
1.5 Limitations
1.6 Stakeholders

2 Research Methodology
2.1 Research Data
Figure 2 Commercial Refrigeration Market: Research Design
2.1.1 Secondary Data
2.1.1.1 Key Data from Secondary Sources
2.1.2 Primary Data
2.1.2.1 Key Data from Primary Sources
2.1.2.2 Breakdown of Primary Interviews
2.1.2.3 Key Industry Insights
2.2 Demand-Side Analysis
Figure 3 Main Matrix Considered for Assessing Demand for Commercial Refrigeration
2.3 Market Size Estimation
2.3.1 Bottom-Up Approach
Figure 4 Market Size Estimation: Bottom-Up Approach
2.3.2 Top-Down Approach
Figure 5 Market Size Estimation: Top-Down Approach
2.4 Supply-Side Analysis
Figure 6 Methodology for Supply-Side Sizing of Commercial Refrigeration Market
Figure 7 Analysis of Supply-Side Sizing of Commercial Refrigeration Market
2.4.1 Calculations Based on Supply-Side Analysis
2.4.2 Growth Rate Assumptions/Growth Forecast
2.5 Data Triangulation
Figure 8 Commercial Refrigeration Market: Data Triangulation
2.6 Impact of Recession
2.7 Research Assumptions
2.7.1 Research Limitations
2.7.2 Risks Analysis

3 Executive Summary
Table 2 Commercial Refrigeration Market Snapshot: 2023 Vs. 2028
Figure 9 Transportation Refrigeration to be Largest Segment During Forecast Period
Figure 10 Fluorocarbons Segment to Account for Largest Market Share During Forecast Period
Figure 11 Food Service Segment to Hold Largest Market Share During Forecast Period
Figure 12 Supermarkets & Hypermarkets Segment to Register Highest CAGR During Forecast Period
Figure 13 South America to Record Highest CAGR During Forecast Period

4 Premium Insights
4.1 Attractive Opportunities for Players in Commercial Refrigeration Market
Figure 14 Increasing Demand for Frozen & Processed Food Drives Commercial Refrigeration Market
4.2 Commercial Refrigeration Market, by Region
Figure 15 Asia-Pacific to Lead Market During Forecast Period
4.3 Commercial Refrigeration Market, by Refrigerant Type
Figure 16 Fluorocarbons Segment to Account for Largest Market Share in 2023
4.4 Commercial Refrigeration Market, by Product Type
Figure 17 Refrigerated Display Case Segment to Register Highest CAGR During Forecast Period
4.5 Commercial Refrigeration Market, by Application
Figure 18 Food Service Segment Accounted for Largest Market Share in 2022
4.6 Commercial Refrigeration Market, by End Use
Figure 19 Supermarkets & Hypermarkets Segment to Register Highest CAGR During Forecast Period

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
Figure 20 Drivers, Restraints, Opportunities, and Challenges in Commercial Refrigeration Market
5.2.1 Drivers
5.2.1.1 Improving Consumer Lifestyle and Growing Food Industry
5.2.1.2 Rising Demand for Cold Chain Logistics
5.2.1.3 Technological Advancements in Refrigeration Industry
Table 3 EU F-Gas Ban: Products Affected by January 01, 2022
5.2.1.4 High Demand for Frozen & Processed Food Worldwide
5.2.2 Restraints
5.2.2.1 Stringent Regulations Against Use of Fluorocarbon Refrigerants
Table 4 Schedule for Eliminating Hcfc: Non-Article 5 Parties
Table 5 Schedule for Eliminating Hcfc: Article 5 Parties
5.2.3 Opportunities
5.2.3.1 Potential Demand for Carbon Dioxide/Ammonia Cascade Refrigeration Systems
5.2.3.2 Efficient Refrigeration Systems with Natural Refrigerants
5.2.4 Challenges
5.2.4.1 Few Purification Companies

6 Industry Trends
6.1 Value Chain Analysis
Figure 21 Value Chain Analysis of Commercial Refrigeration Market
6.2 Ecosystem
Figure 22 Ecosystem of Commercial Refrigeration Market
Table 6 Ecosystem of Commercial Refrigeration Market
6.3 Porter's Five Forces Analysis
Figure 23 Commercial Refrigeration Market: Porter's Five Forces Analysis
Table 7 Commercial Refrigeration Market: Porter's Five Forces Analysis
6.3.1 Bargaining Power of Suppliers
6.3.2 Threat of New Entrants
6.3.3 Threat of Substitutes
6.3.4 Bargaining Power of Buyers
6.3.5 Intensity of Competitive Rivalry
6.4 Key Conferences and Events, 2023-2024
Table 8 Commercial Refrigeration Market: Key Conferences and Events, 2023-2024

7 Commercial Refrigeration Market, by Product Type
7.1 Introduction
Figure 24 Transportation Refrigeration to Account for Largest Share During Forecast Period
Table 9 Commercial Refrigeration Market, by Product Type, 2017-2019 (USD Million)
Table 10 Commercial Refrigeration Market, by Product Type, 2020-2028 (USD Million)
7.2 Transportation Refrigeration
7.2.1 Increasing Demand for Temperature-Controlled Food Systems and Containers to Drive Market
7.2.2 Transportation Refrigeration Types
7.2.2.1 Shipping Container
7.2.2.2 Trailer
7.2.2.3 Truck
Table 11 Transportation Refrigeration: Commercial Refrigeration Market, by Product Type, 2017-2019 (USD Million)
Table 12 Transportation Refrigeration: Commercial Refrigeration Market, by Product Type, 2020-2028 (USD Million)
7.3 Refrigerator & Freezer
7.3.1 Development of Advanced Commercial Refrigeration Systems to Drive Market
7.3.2 Refrigerator & Freezer Types
7.3.2.1 Walk-In
7.3.2.2 Reach-In
7.3.2.3 Chest
Table 13 Refrigerator & Freezer: Commercial Refrigeration Market, by Product Type, 2017-2019 (USD Million)
Table 14 Refrigerator & Freezer: Commercial Refrigeration Market, by Product Type, 2020-2028 (USD Million)
7.4 Refrigerated Display Case
7.4.1 Growing Number of Supermarkets, Grocery Stores, and Other Food Retail Outlets to Drive Market
Table 15 Refrigerated Display Case: Commercial Refrigeration Market, by Product Type, 2017-2019 (USD Million)
Table 16 Refrigerated Display Case: Commercial Refrigeration Market, by Product Type, 2020-2028 (USD Million)
7.5 Beverage Refrigeration
7.5.1 Increasing Demand for Chilled Packaged Drinks to Drive Market
Table 17 Beverage Refrigeration: Commercial Refrigeration Market, by Product Type, 2017-2019 (USD Million)
Table 18 Beverage Refrigeration: Commercial Refrigeration Market, by Product Type, 2020-2028 (USD Million)
7.6 Ice Cream Merchandiser
7.6.1 Rising Demand from Ice Cream Industry to Drive Market
Table 19 Ice Cream Merchandiser: Commercial Refrigeration Market, by Product Type, 2017-2019 (USD Million)
Table 20 Ice Cream Merchandiser: Commercial Refrigeration Market, by Product Type, 2020-2028 (USD Million)
7.7 Refrigerated Vending Machine
7.7.1 Low Operational & Functional Costs and Growing Demand for Healthy Foods to Drive Market
Table 21 Refrigerated Vending Machine: Commercial Refrigeration Market, by Product Type, 2017-2019 (USD Million)
Table 22 Refrigerated Vending Machine: Commercial Refrigeration Market, by Product Type, 2020-2028 (USD Million)

8 Commercial Refrigeration Market, by Refrigerant Type
8.1 Introduction
Figure 25 Fluorocarbons to Account for Largest Market Share During Forecast Period
Table 23 Commercial Refrigeration Market, by Refrigerant Type, 2017-2019 (USD Million)
Table 24 Commercial Refrigeration Market, by Refrigerant Type, 2020-2028 (USD Million)
8.2 Fluorocarbons
8.2.1 Growing Demand for Hfos to Drive Market
8.2.2 Hydrochlorofluorocarbons (Hcfcs)
8.2.3 Hydrofluorocarbons (Hfcs)
8.2.4 Hydrofluoroolefins (Hfos)
Table 25 Fluorocarbons: Commercial Refrigeration Market, by Region, 2017-2019 (USD Million)
Table 26 Fluorocarbons: Commercial Refrigeration Market, by Region, 2020-2028 (USD Million)
8.3 Hydrocarbons
8.3.1 Natural and Non-Toxic Properties to Drive Market
Table 27 Hydrocarbons: Commercial Refrigeration Market, by Region, 2017-2019 (USD Million)
Table 28 Hydrocarbons: Commercial Refrigeration Market, by Region, 2020-2028 (USD Million)
8.3.2 Isobutane
8.3.3 Propane
8.3.4 Others
8.4 Inorganics
8.4.1 Environmentally Friendly Properties and Low Prices to Drive Market
Table 29 Inorganics: Commercial Refrigeration Market, by Region, 2017-2019 (USD Million)
Table 30 Inorganics: Commercial Refrigeration Market, by Region, 2020-2028 (USD Million)
8.4.2 Ammonia
8.4.3 Co2
8.4.4 Others

9 Commercial Refrigeration Market, by Application
9.1 Introduction
Figure 26 Food Service to Lead Commercial Refrigeration Market During Forecast Period
Table 31 Commercial Refrigeration Market, by Application, 2017-2019 (USD Million)
Table 32 Commercial Refrigeration Market, by Application, 2020-2028 (USD Million)
9.2 Food Service
9.2.1 Increasing Demand for Safe Storage to Drive Market
9.3 Food & Beverage Retail
9.3.1 Need for Appealing Presentation to Drive Market
9.4 Food & Beverage Distribution
9.4.1 Increasing Demand for Modern Commercial Refrigeration Systems to Drive Market
9.5 Food & Beverage Production
9.5.1 Need for Product Safety and Quality to Drive Market
9.6 Others

10 Commercial Refrigeration Market, by End Use
10.1 Introduction
Figure 27 Supermarkets & Hypermarkets Segment to Grow at Highest CAGR During Forecast Period
Table 33 Commercial Refrigeration Market, by End Use, 2017-2019 (USD Million)
Table 34 Commercial Refrigeration Market, by End Use, 2020-2028 (USD Million)
10.2 Hotels & Restaurants
10.2.1 Growing Middle-Class Population in Emerging Countries to Drive Market
Table 35 Hotels & Restaurants: Commercial Refrigeration Market, by Region, 2017-2019 (USD Million)
Table 36 Hotels & Restaurants: Commercial Refrigeration Market, by Region, 2020-2028 (USD Million)
10.3 Supermarkets & Hypermarkets
10.3.1 Increase Efficiency and Reduce Costs to Drive Market
Table 37 Supermarkets & Hypermarkets: Commercial Refrigeration Market, by Region, 2017-2019 (USD Million)
Table 38 Supermarkets & Hypermarkets: Commercial Refrigeration Market, by Region, 2020-2028 (USD Million)
10.4 Convenience Stores
10.4.1 Growing Trend of Packaged Food Items to Drive Demand
Table 39 Convenience Stores: Commercial Refrigeration Market, by Region, 2017-2019 (USD Million)
Table 40 Convenience Stores: Commercial Refrigeration Market, by Region, 2020-2028 (USD Million)
10.5 Bakeries
10.5.1 Need to Store Natural Bakery Products for Increasing Their Shelf to Drive Market
Table 41 Bakeries: Commercial Refrigeration Market, by Region, 2017-2019 (USD Million)
Table 42 Bakeries: Commercial Refrigeration Market, by Region, 2020-2028 (USD Million)

11 Commercial Refrigeration Market, by Region
11.1 Introduction
Figure 28 Asia-Pacific Region to Lead Commercial Refrigeration Market During Forecast Period
Table 43 Commercial Refrigeration Market, by Region, 2017-2019 (USD Million)
Table 44 Commercial Refrigeration Market, by Region, 2020-2028 (USD Million)
11.2 North America
11.2.1 Recession Impact on North America
Figure 29 North America: Commercial Refrigeration Market Snapshot
Table 45 North America: Commercial Refrigeration Market, by Country, 2017-2019 (USD Million)
Table 46 North America: Commercial Refrigeration Market, by Country, 2020-2028 (USD Million)
Table 47 North America: Commercial Refrigeration Market, by Product Type, 2017-2019 (USD Million)
Table 48 North America: Commercial Refrigeration Market, by Product Type, 2020-2028 (USD Million)
Table 49 North America: Commercial Refrigeration Market, by Refrigerant Type, 2017-2019 (USD Million)
Table 50 North America: Commercial Refrigeration Market, by Refrigerant Type, 2020-2028 (USD Million)
Table 51 North America: Commercial Refrigeration Market, by End Use, 2017-2019 (USD Million)
Table 52 North America: Commercial Refrigeration Market, by End Use, 2020-2028 (USD Million)
11.2.2 US
11.2.2.1 Construction of Cold Storage and Ice Manufacturing Facilities to Drive Market
Table 53 US: Commercial Refrigeration Market, by Product Type, 2017-2019 (USD Million)
Table 54 US: Commercial Refrigeration Market, by Product Type, 2020-2028 (USD Million)
Table 55 US: Commercial Refrigeration Market, by End Use, 2017-2019 (USD Million)
Table 56 US: Commercial Refrigeration Market, by End Use, 2020-2028 (USD Million)
11.2.3 Canada
11.2.3.1 Increasing Demand from Supermarkets and Convenience Stores to Drive Market
Table 57 Canada: Commercial Refrigeration Market, by Product Type, 2017-2019 (USD Million)
Table 58 Canada: Commercial Refrigeration Market, by Product Type, 2020-2028 (USD Million)
Table 59 Canada: Commercial Refrigeration Market, by End Use, 2017-2019 (USD Million)
Table 60 Canada: Commercial Refrigeration Market, by End Use, 2020-2028 (USD Million)
11.2.4 Mexico
11.2.4.1 Increasing Demand from Packaged Food Industry to Drive Market
Table 61 Mexico: Commercial Refrigeration Market, by Product Type, 2017-2019 (USD Million)
Table 62 Mexico: Commercial Refrigeration Market, by Product Type, 2020-2028 (USD Million)
Table 63 Mexico: Commercial Refrigeration Market, by End Use, 2017-2019 (USD Million)
Table 64 Mexico: Commercial Refrigeration Market, by End Use, 2020-2028 (USD Million)
11.3 Europe
11.3.1 Recession Impact
Figure 30 Europe: Commercial Refrigeration Market Snapshot
Table 65 Europe: Commercial Refrigeration Market, by Country, 2017-2019 (USD Million)
Table 66 Europe: Commercial Refrigeration Market, by Country, 2020-2028 (USD Million)
Table 67 Europe: Commercial Refrigeration Market, by Product Type, 2017-2019 (USD Million)
Table 68 Europe: Commercial Refrigeration Market, by Product Type, 2020-2028 (USD Million)
Table 69 Europe: Commercial Refrigeration Market, by Refrigerant Type, 2017-2019 (USD Million)
Table 70 Europe: Commercial Refrigeration Market, by Refrigerant Type, 2020-2028 (USD Million)
Table 71 Europe: Commercial Refrigeration Market, by End Use, 2017-2019 (USD Million)
Table 72 Europe: Commercial Refrigeration Market, by End Use, 2020-2028 (USD Million)
11.3.2 UK
11.3.2.1 Growing Supermarkets, Hypermarkets, Convenience Stores, and Specialty Food Shops to Drive Market
Table 73 UK: Commercial Refrigeration Market, by Product Type, 2017-2019 (USD Million)
Table 74 UK: Commercial Refrigeration Market, by Product Type, 2020-2028 (USD Million)
Table 75 UK: Commercial Refrigeration Market, by End Use, 2017-2019 (USD Million)
Table 76 UK: Commercial Refrigeration Market, by End Use, 2020-2028 (USD Million)
11.3.3 Germany
11.3.3.1 Regulations to Create Market for Natural Refrigerants to Drive Market
Table 77 Germany: Commercial Refrigeration Market, by Product Type, 2017-2019 (USD Million)
Table 78 Germany: Commercial Refrigeration Market, by Product Type, 2020-2028 (USD Million)
Table 79 Germany: Commercial Refrigeration Market, by End Use, 2017-2019 (USD Million)
Table 80 Germany: Commercial Refrigeration Market, by End Use, 2020-2028 (USD Million)
11.3.4 Italy
11.3.4.1 Increasing Use of Vending Machines to Drive Market
Table 81 Italy: Commercial Refrigeration Market, by Product Type, 2017-2019 (USD Million)
Table 82 Italy: Commercial Refrigeration Market, by Product Type, 2020-2028 (USD Million)
Table 83 Italy: Commercial Refrigeration Market, by End Use, 2017-2019 (USD Million)
Table 84 Italy: Commercial Refrigeration Market, by End Use, 2020-2028 (USD Million)
11.3.5 France
11.3.5.1 Presence of Leading Supermarket Chains to Drive Market
Table 85 France: Commercial Refrigeration Market, by Product Type, 2017-2019 (USD Million)
Table 86 France: Commercial Refrigeration Market, by Product Type, 2020-2028 (USD Million)
Table 87 France: Commercial Refrigeration Market, by End Use, 2017-2019 (USD Million)
Table 88 France: Commercial Refrigeration Market, by End Use, 2020-2028 (USD Million)
11.3.6 Spain
11.3.6.1 Increasing Preference Toward Packaged Food Products to Drive Market
Table 89 Spain: Commercial Refrigeration Market, by Product Type, 2017-2019 (USD Million)
Table 90 Spain: Commercial Refrigeration Market, by Product Type, 2020-2028 (USD Million)
Table 91 Spain: Commercial Refrigeration Market, by End Use, 2017-2019 (USD Million)
Table 92 Spain: Commercial Refrigeration Market, by End Use, 2020-2028 (USD Million)
11.3.7 Rest of Europe
Table 93 Rest of Europe: Commercial Refrigeration Market, by Product Type, 2017-2019 (USD Million)
Table 94 Rest of Europe: Commercial Refrigeration Market, by Product Type, 2020-2028 (USD Million)
Table 95 Rest of Europe: Commercial Refrigeration Market, by End Use, 2017-2019 (USD Million)
Table 96 Rest of Europe: Commercial Refrigeration Market, by End Use, 2020-2028 (USD Million)
11.4 Asia-Pacific
11.4.1 Recession Impact on Asia-Pacific
Figure 31 Asia-Pacific: Commercial Refrigeration Market Snapshot
Table 97 Asia-Pacific: Commercial Refrigeration Market, by Country, 2017-2019 (USD Million)
Table 98 Asia-Pacific: Commercial Refrigeration Market, by Country, 2020-2028 (USD Million)
Table 99 Asia-Pacific: Commercial Refrigeration Market, by Product Type, 2017-2019 (USD Million)
Table 100 Asia-Pacific: Commercial Refrigeration Market, by Product Type, 2020-2028 (USD Million)
Table 101 Asia-Pacific: Commercial Refrigeration Market, by Refrigerant Type, 2017-2019 (USD Million)
Table 102 Asia-Pacific: Commercial Refrigeration Market, by Refrigerant Type, 2020-2028 (USD Million)
Table 103 Asia-Pacific: Commercial Refrigeration Market, by End Use, 2017-2019 (USD Million)
Table 104 Asia-Pacific: Commercial Refrigeration Market, by End Use, 2020-2028 (USD Million)
11.4.2 China
11.4.2.1 Increasing Consumption of Packaged and Frozen Food to Drive Market
Table 105 China: Commercial Refrigeration Market, by Product Type, 2017-2019 (USD Million)
Table 106 China: Commercial Refrigeration Market, by Product Type, 2020-2028 (USD Million)
Table 107 China: Commercial Refrigeration Market, by End Use, 2017-2019 (USD Million)
Table 108 China: Commercial Refrigeration Market, by End Use, 2020-2028 (USD Million)
11.4.3 Japan
11.4.3.1 Increasing Technological Advancement to Drive Market
Table 109 Japan: Commercial Refrigeration Market, by Product Type, 2017-2019 (USD Million)
Table 110 Japan: Commercial Refrigeration Market, by Product Type, 2020-2028 (USD Million)
Table 111 Japan: Commercial Refrigeration Market, by End Use, 2017-2019 (USD Million)
Table 112 Japan: Commercial Refrigeration Market, by End Use, 2020-2028 (USD Million)
11.4.4 India
11.4.4.1 Government Initiatives for Setting Up Cold Storage Facilities to Drive Market
Table 113 India: Commercial Refrigeration Market, by Product Type, 2017-2019 (USD Million)
Table 114 India: Commercial Refrigeration Market, by Product Type, 2020-2028 (USD Million)
Table 115 India: Commercial Refrigeration Market, by End Use, 2017-2019 (USD Million)
Table 116 India: Commercial Refrigeration Market, by End Use, 2020-2028 (USD Million)
11.4.5 South Korea
11.4.5.1 Technological Advancements and Government Support to Drive Market
Table 117 South Korea: Commercial Refrigeration Market, by Product Type, 2017-2019 (USD Million)
Table 118 South Korea: Commercial Refrigeration Market, by Product Type, 2020-2028 (USD Million)
Table 119 South Korea: Commercial Refrigeration Market, by End Use, 2017-2019 (USD Million)
Table 120 South Korea: Commercial Refrigeration Market, by End Use, 2020-2028 (USD Million)
11.4.6 Thailand
11.4.6.1 Growth in End-Use Industries, Such as Cold Storage to Drive Market
Table 121 Thailand: Commercial Refrigeration Market, by Product Type, 2017-2019 (USD Million)
Table 122 Thailand: Commercial Refrigeration Market, by Product Type, 2020-2028 (USD Million)
Table 123 Thailand: Commercial Refrigeration Market, by End Use, 2017-2019 (USD Million)
Table 124 Thailand: Commercial Refrigeration Market, by End Use, 2020-2028 (USD Million)
11.4.7 Malaysia
11.4.7.1 High Penetration of Refrigeration Appliances to Drive Market
Table 125 Malaysia: Commercial Refrigeration Market, by Product Type, 2017-2019 (USD Million)
Table 126 Malaysia: Commercial Refrigeration Market, by Product Type, 2020-2028 (USD Million)
Table 127 Malaysia: Commercial Refrigeration Market, by End Use, 2017-2019 (USD Million)
Table 128 Malaysia: Commercial Refrigeration Market, by End Use, 2020-2028 (USD Million)
11.4.8 Singapore
11.4.8.1 High Demand for Advanced Refrigeration Equipment to Drive Market
Table 129 Singapore: Commercial Refrigeration Market, by Product Type, 2017-2019 (USD Million)
Table 130 Singapore: Commercial Refrigeration Market, by Product Type, 2020-2028 (USD Million)
Table 131 Singapore: Commercial Refrigeration Market, by End Use, 2017-2019 (USD Million)
Table 132 Singapore: Commercial Refrigeration Market, by End Use, 2020-2028 (USD Million)
11.4.9 Indonesia
11.4.9.1 Increasing Demand for Cold Storage Construction to Drive Market
Table 133 Indonesia: Commercial Refrigeration Market, by Product Type, 2017-2019 (USD Million)
Table 134 Indonesia: Commercial Refrigeration Market, by Product Type, 2020-2028 (USD Million)
Table 135 Indonesia: Commercial Refrigeration Market, by End Use, 2017-2019 (USD Million)
Table 136 Indonesia: Commercial Refrigeration Market, by End Use, 2020-2028 (USD Million)
11.4.10 Rest of Asia-Pacific
Table 137 Rest of Asia-Pacific: Commercial Refrigeration Market, by Product Type, 2017-2019 (USD Million)
Table 138 Rest of Asia-Pacific: Commercial Refrigeration Market, by Product Type, 2020-2028 (USD Million)
Table 139 Rest of Asia-Pacific: Commercial Refrigeration Market, by End Use, 2017-2019 (USD Million)
Table 140 Rest of Asia-Pacific: Commercial Refrigeration Market, by End Use, 2020-2028 (USD Million)
11.5 South America
11.5.1 Impact of Recession on South America
Table 141 South America: Commercial Refrigeration Market, by Country, 2017-2019 (USD Million)
Table 142 South America: Commercial Refrigeration Market, by Country, 2020-2028 (USD Million)
Table 143 South America: Commercial Refrigeration Market, by Product Type, 2017-2019 (USD Million)
Table 144 South America: Commercial Refrigeration Market, by Product Type, 2020-2028 (USD Million)
Table 145 South America: Commercial Refrigeration Market, by Refrigerant Type, 2017-2019 (USD Million)
Table 146 South America: Commercial Refrigeration Market, by Refrigerant Type, 2020-2028 (USD Million)
Table 147 South America: Commercial Refrigeration Market, by End Use, 2017-2019 (USD Million)
Table 148 South America: Commercial Refrigeration Market, by End Use, 2020-2028 (USD Million)
11.5.2 Brazil
11.5.2.1 Dynamic Consumer Behavior and Company Promotional Activities to Drive Market
Table 149 Brazil: Commercial Refrigeration Market, by Product Type, 2017-2019 (USD Million)
Table 150 Brazil: Commercial Refrigeration Market, by Product Type, 2020-2028 (USD Million)
Table 151 Brazil: Commercial Refrigeration Market, by End Use, 2017-2019 (USD Million)
Table 152 Brazil: Commercial Refrigeration Market, by End Use, 2020-2028 (USD Million)
11.5.3 Argentina
11.5.3.1 Rising Temperatures and Increasing Demand for Cold Storage to Drive Market
Table 153 Argentina: Commercial Refrigeration Market, by Product Type, 2017-2019 (USD Million)
Table 154 Argentina: Commercial Refrigeration Market, by Product Type, 2020-2028 (USD Million)
Table 155 Argentina: Commercial Refrigeration Market, by End Use, 2017-2019 (USD Million)
Table 156 Argentina: Commercial Refrigeration Market, by End Use, 2020-2028 (USD Million)
11.5.4 Chile
11.5.4.1 Increasing Demand for Frozen Food Products to Drive Market
Table 157 Chile: Commercial Refrigeration Market, by Product Type, 2017-2019 (USD Million)
Table 158 Chile: Commercial Refrigeration Market, by Product Type, 2020-2028 (USD Million)
Table 159 Chile: Commercial Refrigeration Market, by End Use, 2017-2019 (USD Million)
Table 160 Chile: Commercial Refrigeration Market, by End Use, 2020-2028 (USD Million)
11.5.5 Rest of South America
Table 161 Rest of South America: Commercial Refrigeration Market, by Product Type, 2017-2019 (USD Million)
Table 162 Rest of South America: Commercial Refrigeration Market, by Product Type, 2020-2028 (USD Million)
Table 163 Rest of South America: Commercial Refrigeration Market, by End Use, 2017-2019 (USD Million)
Table 164 Rest of South America: Commercial Refrigeration Market, by End Use, 2020-2028 (USD Million)
11.6 Middle East & Africa
11.6.1 Recession Impact on Middle East & Africa
Table 165 Middle East & Africa: Commercial Refrigeration Market, by Country, 2017-2019 (USD Million)
Table 166 Middle East & Africa: Commercial Refrigeration Market, by Country, 2020-2028 (USD Million)
Table 167 Middle East & Africa: Commercial Refrigeration Market, by Product Type, 2017-2019 (USD Million)
Table 168 Middle East & Africa: Commercial Refrigeration Market, by Product Type, 2020-2028 (USD Million)
Table 169 Middle East & Africa: Commercial Refrigeration Market, by Refrigerant Type, 2017-2019 (USD Million)
Table 170 Middle East & Africa: Commercial Refrigeration Market, by Refrigerant Type, 2020-2028 (USD Million)
Table 171 Middle East & Africa: Commercial Refrigeration Market, by End Use, 2017-2019 (USD Million)
Table 172 Middle East & Africa: Commercial Refrigeration Market, by End Use, 2020-2028 (USD Million)
11.6.2 Saudi Arabia
11.6.2.1 Need for Commercial Refrigeration in Various Applications to Drive Market
Table 173 Saudi Arabia: Commercial Refrigeration Market, by Product Type, 2017-2019 (USD Million)
Table 174 Saudi Arabia: Commercial Refrigeration Market, by Product Type, 2020-2028 (USD Million)
Table 175 Saudi Arabia: Commercial Refrigeration Market, by End Use, 2017-2019 (USD Million)
Table 176 Saudi Arabia: Commercial Refrigeration Market, by End Use, 2020-2028 (USD Million)
11.6.3 Egypt
11.6.3.1 Favorable Business Environments to Drive Market
Table 177 Egypt: Commercial Refrigeration Market, by Product Type, 2017-2019 (USD Million)
Table 178 Egypt: Commercial Refrigeration Market, by Product Type, 2020-2028 (USD Million)
Table 179 Egypt: Commercial Refrigeration Market, by End Use, 2017-2019 (USD Million)
Table 180 Egypt: Commercial Refrigeration Market, by End Use, 2020-2028 (USD Million)
11.6.4 Turkey
11.6.4.1 Expanding Retail and Hospitality Sectors to Drive Market
Table 181 Turkey: Commercial Refrigeration Market, by Product Type, 2017-2019 (USD Million)
Table 182 Turkey: Commercial Refrigeration Market, by Product Type, 2020-2028 (USD Million)
Table 183 Turkey: Commercial Refrigeration Market, by End Use, 2017-2019 (USD Million)
Table 184 Turkey: Commercial Refrigeration Market, by End Use, 2020-2028 (USD Million)
11.6.5 Rest of Middle East & Africa
Table 185 Rest of Middle East & Africa: Commercial Refrigeration Market, by Product Type, 2017-2019 (USD Million)
Table 186 Rest of Middle East & Africa: Commercial Refrigeration Market, by Product Type, 2020-2028 (USD Million)
Table 187 Rest of Middle East & Africa: Commercial Refrigeration Market, by End Use, 2017-2019 (USD Million)
Table 188 Rest of Middle East & Africa: Commercial Refrigeration Market, by End Use, 2020-2028 (USD Million)

12 Competitive Landscape
12.1 Introduction
12.2 Strategies Adopted by Key Players
Table 189 Overview of Strategies Adopted by Key Manufacturers
12.3 Market Share Analysis
12.3.1 Ranking of Key Market Players, 2022
Figure 32 Ranking of Top Five Players in Commercial Refrigeration Market, 2022
12.3.2 Market Share of Key Players
Figure 33 Commercial Refrigeration Market Share Analysis
Table 190 Commercial Refrigeration Market: Degree of Competition
12.3.3 Revenue Analysis of Top 5 Players
Figure 34 Revenue Analysis of Key Companies (2018-2022)
12.4 Company Product Footprint
Figure 35 Commercial Refrigeration Market: Company Footprint
Table 191 Commercial Refrigeration Market: End-Use Footprint
Table 192 Commercial Refrigeration Market: Company Region Footprint
12.5 Company Evaluation Matrix for Key Players
12.5.1 Stars
12.5.2 Emerging Leaders
12.5.3 Pervasive Players
12.5.4 Participants
Figure 36 Company Evaluation Matrix: Commercial Refrigeration Market
12.6 Competitive Benchmarking
Table 193 Commercial Refrigeration Market: Detailed List of Key Startups/Smes
Table 194 Commercial Refrigeration Market: Competitive Benchmarking of Key Startups/Smes
12.7 Company Evaluation Matrix for Startups/Smes
12.7.1 Progressive Companies
12.7.2 Responsive Companies
12.7.3 Dynamic Companies
12.7.4 Starting Blocks
Figure 37 Startup/Sme Evaluation Matrix: Commercial Refrigeration Market
12.8 Competitive Scenarios
12.8.1 Product Launches
Table 195 Commercial Refrigeration Market: Product Launches (2019-August 2023)
12.8.2 Deals
Table 196 Commercial Refrigeration Market: Deals (2019-August 2023)
12.8.3 Other Developments
Table 197 Commercial Refrigeration Market: Expansions, Investments, and Innovations (2019-August 2023)

13 Company Profiles
13.1 Key Players
(Business Overview, Products/Solutions/Services Offered, Recent Developments, Analyst's View, Key Strengths, Strategic Choices, Weaknesses and Competitive Threats) *
13.1.1 Daikin
Table 198 Daikin: Company Overview
Figure 38 Daikin: Company Snapshot
Table 199 Daikin: Products Offered
Table 200 Daikin: Product Launches
13.1.2 Johnson Controls
Table 201 Johnson Controls: Company Overview
Figure 39 Johnson Controls: Company Snapshot
Table 202 Johnson Controls: Products Offered
Table 203 Johnson Controls: Deals
Table 204 Johnson Controls: Others
13.1.3 Carrier
Table 205 Carrier: Company Overview
Figure 40 Carrier: Company Snapshot
Table 206 Carrier: Products Offered
Table 207 Carrier: Product Launches
Table 208 Carrier: Deals
13.1.4 Dover
Table 209 Dover: Company Overview
Figure 41 Dover: Company Snapshot
Table 210 Dover: Products Offered
Table 211 Dover: Product Launches
Table 212 Dover: Others
13.1.5 Baltimore Aircoil Company
Table 213 Baltimore Aircoil Company: Company Overview
Table 214 Baltimore Aircoil Company: Products Offered
Table 215 Baltimore Aircoil Company: Product Launches
Table 216 Baltimore Aircoil Company: Deals
13.1.6 Blue Star Limited
Table 217 Blue Star Limited: Company Overview
Figure 42 Blue Star Limited: Company Snapshot
Table 218 Blue Star Limited: Products Offered
Table 219 Blue Star Limited: Product Launches
Table 220 Blue Star Limited: Others
13.1.7 De Rigo Refrigeration
Table 221 De Rigo Refrigeration: Company Overview
Table 222 De Rigo Refrigeration: Products Offered
Table 223 De Rigo Refrigeration: Product Launches
Table 224 De Rigo Refrigeration: Deals
13.1.8 Fogel
Table 225 Fogel: Company Overview
Table 226 Fogel: Products Offered
13.1.9 Hussmann
Table 227 Hussmann: Company Overview
Table 228 Hussmann: Products Offered
13.1.10 Imbera
Table 229 Imbera: Company Overview
Table 230 Imbera: Products Offered
13.1.11 Kmw
Table 231 Kmw: Company Overview
Table 232 Kmw: Products Offered
13.1.12 Mayekawa Mfg. Co. Ltd.
Table 233 Mayekawa Mfg. Co. Ltd.: Company Overview
Table 234 Mayekawa Mfg. Co. Ltd.: Products Offered
Table 235 Mayekawa Mfg. Co. Ltd.: Others
13.1.13 Runte
Table 236 Runte: Company Overview
Table 237 Runte: Products Offered
13.1.14 Scm Frigo
Table 238 Scm Frigo: Company Overview
Table 239 Scm Frigo: Products Offered
13.1.15 True
Table 240 True: Company Overview
Table 241 True: Products Offered
13.1.16 Viessmann
Table 242 Viessmann: Company Overview
Table 243 Viessmann: Products Offered
Table 244 Viessmann: Product Launches
Table 245 Viessmann: Deals
Table 246 Viessmann: Others
13.1.17 Voltas
Table 247 Voltas: Company Overview
Figure 43 Voltas: Company Snapshot
Table 248 Voltas: Products Offered
Table 249 Voltas: Product Launches
Table 250 Voltas: Others
*Details on Business Overview, Products/Solutions/Services Offered, Recent Developments, Analyst's View, Key Strengths, Strategic Choices, Weaknesses and Competitive Threats Might Not be Captured in Case of Unlisted Companies.
13.2 Other Players
13.2.1 M&M Carnot
Table 251 M&M Carnot: Company Overview
Table 252 M&M Carnot: Deals
13.2.2 Green & Cool
Table 253 Green & Cool: Company Overview
Table 254 Green & Cool: Deals
13.2.3 Western Refrigeration Private Limited
Table 255 Western Refrigeration Private Limited: Company Overview
Table 256 Western Refrigeration Private Limited: Others
13.2.4 Norlake, Inc.
Table 257 Norlake, Inc.: Company Overview
13.2.5 Canadian Curtis Refrigeration Inc.
Table 258 Canadian Curtis Refrigeration Inc.: Company Overview
13.2.6 Frigo Block
Table 259 Frigo Block: Company Overview
13.2.7 Zero Zone, Inc.
Table 260 Zero Zone, Inc.: Company Overview

14 Adjacent and Related Markets
14.1 Introduction
14.2 Limitations
14.3 Commercial Refrigeration Interconnected Markets
14.3.1 Refrigerants Market
14.3.1.1 Market Definition
14.3.1.2 Market Overview
14.3.1.3 Refrigerants Market, by Type
14.3.1.3.1 Hfc & Blends
Table 261 Hfc & Blends: Applications and Gwp
14.3.1.3.2 Hfo
Table 262 Hfo: Applications and Gwp
14.3.1.3.3 Isobutane
Table 263 Isobutane: Applications and Gwp
14.3.1.3.4 Propane
Table 264 Propane: Applications and Gwp
14.3.1.3.5 Ammonia
Table 265 Ammonia: Applications and Gwp
14.3.1.3.6 Carbon Dioxide
Table 266 Carbon Dioxide: Applications and Gwp
14.3.1.3.7 Others
Table 267 Refrigerants Market, by Type, 2016-2021 (Kiloton)
Table 268 Refrigerants Market, by Type, 2022-2028 (Kiloton)
Table 269 Refrigerants Market, by Type, 2016-2021 (USD Million)
Table 270 Refrigerants Market, by Type, 2022-2028 (USD Million)

15 Appendix
15.1 Discussion Guide
15.2 Knowledgestore: The Subscription Portal
15.3 Customization Options

Companies Mentioned

  • Baltimore Aircoil Company
  • Blue Star Limited
  • Carrier
  • Canadian Curtis Refrigeration Inc.
  • Daikin
  • Dover
  • De Rigo Refrigeration
  • Fogel
  • Frigo Block
  • Green & Cool
  • Hussmann
  • Imbera
  • Johnson Controls
  • Kmw
  • Mayekawa Mfg. Co. Ltd.
  • M&M Carnot
  • Norlake, Inc.
  • Runte
  • Scm Frigo
  • True
  • Viessmann
  • Voltas
  • Western Refrigeration Private Limited
  • Zero Zone, Inc.

Methodology

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Table Information

Report AttributeDetails
No. of Pages235
PublishedSeptember 2023
Forecast Period2023 - 2028
Estimated Market Value ( USD ) in 2023 $ 45.6 Billion
Forecasted Market Value ( USD ) by 2028 $ 62.7 Billion
Compound Annual Growth Rate5.8%
Regions CoveredGlobal
No. of Companies Mentioned24

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