Commercial Refrigeration Equipment Market Report and Forecast 2024-2032

According to the report, the global commercial refrigeration equipment market is projected to grow at a CAGR of 4.10% between 2024 and 2032 reaching a value of approximate USD 42.4 billion by 2032. Aided by the rising demand for fresh and quality food products and the burgeoning growth of the retail and food & beverage sectors, the market is expected to grow significantly by 2032.

Commercial refrigeration equipment plays an indispensable role in the modern food and beverage industry. From supermarkets to restaurants, from food processing facilities to distribution centres, these machines keep perishable products fresh and safe for consumption. This equipment mainly includes refrigerators, freezers, display cases, beverage refrigerators, and ice-making machinery. Beyond mere cooling, advanced commercial refrigeration systems are increasingly focusing on energy efficiency, sustainability, and integrating smart technologies.

A key driving factor for the global commercial refrigeration equipment market growth is the escalating demand for frozen food products. With the fast-paced lifestyle of the 21st century, consumers are leaning towards easy-to-cook and long-lasting food items. This trend, combined with the rising middle-class population and increasing disposable incomes, has led to a surge in the demand for commercial refrigeration solutions in supermarkets, hypermarkets, and convenience stores.

Additionally, the growing trend of dining out and the subsequent expansion of the restaurant and fast-food chains are influencing the commercial refrigeration equipment market outlook. As restaurants seek to offer a wider range of cuisines with ingredients sourced globally, the need for efficient and expansive refrigeration systems has skyrocketed.

Technological advancements are also setting the stage for the expansion of the commercial refrigeration equipment market. Innovations like IoT-enabled devices, which allow for remote monitoring and operation, and systems integrated with AI that can predict maintenance needs, are driving the market forward. These advanced features not only ensure optimal temperatures but also promote energy savings and reduce operational costs.

In the beverage industry, where the demand for cold drinks is soaring, especially in the tropical and subtropical regions, commercial refrigerators have become an essential commodity, leading to an escalated commercial refrigeration equipment market demand. Whether it's in a local store or a large beverage production facility, refrigeration equipment ensures that drinks are stored at their optimum temperatures, preserving their freshness and taste.

Market Segmentation

The market can be divided based on product, system type, application, and region.

Market Breakup by Product

• Refrigerator and Freezer
• Refrigerated Display Case
• Transportation Refrigeration
• Beverage Refrigeration
• Ice Merchandisers and Ice Vending Equipment
• Others

Market Breakup by System Type

• Self-Contained
• Remotely Operated

Market Breakup by Application

• Hotels and Restaurants
• Supermarkets and Hypermarkets
• Convenience Stores
• Bakeries
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global commercial refrigeration equipment market. Some of the major players explored in the report are as follows:

• Danfoss
• Emerson Electric Co.
• Johnson Controls
• Ali Group North America
• Electrolux Professional AB
• Daikin Europe N.V.
• Dover Corporation
• Hussmann Corporation
• Excellence Industries
• Others