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Global Commercial Refrigeration Equipment Market Share, Size: By Product: Refrigerator and Freezer, Refrigerated Display Case, Transportation Refrigeration, Beverage Refrigeration, Ice Merchandisers and Ice Vending Equipment, Others; By System Type; By Application; Regional Analysis; Competitive Landscape; 2024-2032
Global Commercial Refrigeration Equipment Market Outlook
The global commercial refrigeration equipment market size attained a value of USD 45.11 billion in 2023. The market is further expected to grow at a CAGR of 5.30% between 2024 and 2032, to reach a value of USD 71.95 billion by 2032.
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Key Trends in the Market
Commercial refrigeration equipment refers to the equipment that is used for cooling or freezing food items on a commercial scale for large volumes of products. They are free-standing cold storage devices which preserve the quality and nutritional content of a food products, raw or processed. Commercial refrigeration equipment can be commonly found in supermarkets, restaurants, and commercial kitchens, among others.
- The global commercial refrigeration equipment market is being driven by its heightened demand across supermarkets, hotels, bars, convenience stores, and restaurants, among other outlets, for sustaining the quality and nutritional value of food products. The rapid development of restaurants, convenience stores, and supermarkets, along with rapid urbanisation, increasing standards of living, and growing population are also enhancing the demand for the commercial refrigeration market.
- Increasing demand for frozen foods, such as frozen meat, frozen fish, ice-cream, and frozen fruits and vegetables, among others, is further fuelling the commercial refrigeration equipment market growth. Commercial refrigeration equipment is gaining traction across hypermarkets and grocery stores to bolster brand promotion by showcasing a variety of frozen ready-to-cook meals, which also promotes impulse buying.
- Growing research and development activities by the major market players, aimed towards producing eco-friendly and efficient commercial refrigerators are expected to garner growth of the market for commercial refrigeration equipment in the forecast period.
Market Analysis
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Based on product, the market is segmented into refrigerator and freezer, refrigerated display case, transportation refrigeration, beverage refrigeration, and ice merchandisers and ice vending equipment, among others. On the basis of system type, the market is bifurcated into self-contained and remotely operated. By application, the market is classified into hotels and restaurants, supermarkets and hypermarkets, convenience stores, and bakeries, among others. The regional markets for commercial refrigeration equipment can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global commercial refrigeration equipment market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.
- Danfoss
- Emerson Electric Co.
- Johnson Controls
- Ali Group North America
- Electrolux Professional AB
- Daikin Europe N.V.
- Dover Corporation
- Hussmann Corporation
- Excellence Industries
- Others
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Market Share by Product
The refrigerator and freezer segment, based on product, occupy a sizable share of the commercial refrigeration equipment market. In order to keep food fresh and safe, refrigerators are witnessing a heightened demand in food stores, supermarkets, and various commercial food processing organisations. In addition, refrigerators and freezers enables consumers to make bulk purchases of foods such as frozen meat, ready-to-eat dairy products and fresh fruits and vegetables. The growing demand for commercial refrigerators is also supporting the commercial refrigeration compressors market. Meanwhile, the beverage refrigeration segment is expected to witness a good growth in the forecast period. This can be attributed to the rising demand for carbonated beverages and cold drinks.
Market Share by Application
Based on application, the hotels and restaurants segment accounts for a significant share in the commercial refrigeration equipment market. The rising demand for bar fridges, commercial freezers, and bench-top display fridges are driving this segment’s growth. Additionally, the increasing standards of restaurants and hotels across the emerging economies are generating a higher demand for advanced refrigeration setups to provide fresh and standardised foods. Over the forecast period, the anticipated increase in investments towards developing high-standard restaurants and hotels are expected to propel the demand for commercial refrigeration equipment.
Applications of commercial refrigeration equipment in convenience stores is likely to attain a healthy growth in the coming years, driven by the increasing network of convenience stores and their aim to provide consumer preferred items in a single store.
Competitive Landscape
Danfoss, established in 1933 with headquarters in Nordborg, Denmark, is a multinational energy company which provides advanced solutions related to power, climate, sensing, silicon power, high pressure pumps, fire safety, and emission monitoring, among others. The company has a vast product portfolio which includes electronic controls, motors, cooling systems, heat exchangers, pumps, and smart heating.
Emerson Electric Co. is a prominent manufacturing company which offers automated solutions for residential and commercial sectors. These solutions include heating, ventilation, air conditioning and refrigeration (HVACR) tools. The company also provides expertise in food waste management. Emerson Electric was established in the year 1890 and is headquartered in Missouri in the United States.
Johnson Controls is an autonomous building solutions provider which offers digital technologies and services such as artificial intelligence. The company innovates in buildings by providing nurturing and wellness, future-proof spaces, and smart building infrastructure. It was founded in the year 1885 and is currently headquartered in Cork, Ireland, supporting the Europe commercial refrigeration equipment market.
Other market players include Ali Group North America, Electrolux Professional AB, Daikin Europe N.V., Dover Corporation, Hussmann Corporation, and Excellence Industries, among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Product |
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| Breakup by System Type |
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Commercial Refrigeration Equipment Market Analysis
8.1 Key Industry Highlights
8.2 Global Commercial Refrigeration Equipment Historical Market (2018-2023)
8.3 Global Commercial Refrigeration Equipment Market Forecast (2024-2032)
8.4 Global Commercial Refrigeration Equipment Market by Product
8.4.1 Refrigerator and Freezer
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2023)
8.4.1.3 Forecast Trend (2024-2032)
8.4.2 Refrigerated Display Case
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2023)
8.4.2.3 Forecast Trend (2024-2032)
8.4.3 Transportation Refrigeration
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2018-2023)
8.4.3.3 Forecast Trend (2024-2032)
8.4.4 Beverage Refrigeration
8.4.4.1 Market Share
8.4.4.2 Historical Trend (2018-2023)
8.4.4.3 Forecast Trend (2024-2032)
8.4.5 Ice Merchandisers and Ice Vending Equipment
8.4.5.1 Market Share
8.4.5.2 Historical Trend (2018-2023)
8.4.5.3 Forecast Trend (2024-2032)
8.4.6 Others
8.5 Global Commercial Refrigeration Equipment Market by System Type
8.5.1 Self-Contained
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2023)
8.5.1.3 Forecast Trend (2024-2032)
8.5.2 Remotely Operated
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2023)
8.5.2.3 Forecast Trend (2024-2032)
8.6 Global Commercial Refrigeration Equipment Market by Application
8.6.1 Hotels and Restaurants
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2023)
8.6.1.3 Forecast Trend (2024-2032)
8.6.2 Supermarkets and Hypermarkets
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2023)
8.6.2.3 Forecast Trend (2024-2032)
8.6.3 Convenience Stores
8.6.3.1 Market Share
8.6.3.2 Historical Trend (2018-2023)
8.6.3.3 Forecast Trend (2024-2032)
8.6.4 Bakeries
8.6.4.1 Market Share
8.6.4.2 Historical Trend (2018-2023)
8.6.4.3 Forecast Trend (2024-2032)
8.6.5 Others
8.7 Global Commercial Refrigeration Equipment Market by Region
8.7.1 North America
8.7.1.1 Market Share
8.7.1.2 Historical Trend (2018-2023)
8.7.1.3 Forecast Trend (2024-2032)
8.7.2 Europe
8.7.2.1 Market Share
8.7.2.2 Historical Trend (2018-2023)
8.7.2.3 Forecast Trend (2024-2032)
8.7.3 Asia Pacific
8.7.3.1 Market Share
8.7.3.2 Historical Trend (2018-2023)
8.7.3.3 Forecast Trend (2024-2032)
8.7.4 Latin America
8.7.4.1 Market Share
8.7.4.2 Historical Trend (2018-2023)
8.7.4.3 Forecast Trend (2024-2032)
8.7.5 Middle East and Africa
8.7.5.1 Market Share
8.7.5.2 Historical Trend (2018-2023)
8.7.5.3 Forecast Trend (2024-2032)
9 North America Commercial Refrigeration Equipment Market Analysis
9.1 United States of America
9.1.1 Market Share
9.1.2 Historical Trend (2018-2023)
9.1.3 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Market Share
9.2.2 Historical Trend (2018-2023)
9.2.3 Forecast Trend (2024-2032)
10 Europe Commercial Refrigeration Equipment Market Analysis
10.1 United Kingdom
10.1.1 Market Share
10.1.2 Historical Trend (2018-2023)
10.1.3 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Market Share
10.2.2 Historical Trend (2018-2023)
10.2.3 Forecast Trend (2024-2032)
10.3 France
10.3.1 Market Share
10.3.2 Historical Trend (2018-2023)
10.3.3 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Market Share
10.4.2 Historical Trend (2018-2023)
10.4.3 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Commercial Refrigeration Equipment Market Analysis
11.1 China
11.1.1 Market Share
11.1.2 Historical Trend (2018-2023)
11.1.3 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Market Share
11.2.2 Historical Trend (2018-2023)
11.2.3 Forecast Trend (2024-2032)
11.3 India
11.3.1 Market Share
11.3.2 Historical Trend (2018-2023)
11.3.3 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Market Share
11.4.2 Historical Trend (2018-2023)
11.4.3 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Market Share
11.5.2 Historical Trend (2018-2023)
11.5.3 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Commercial Refrigeration Equipment Market Analysis
12.1 Brazil
12.1.1 Market Share
12.1.2 Historical Trend (2018-2023)
12.1.3 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Market Share
12.2.2 Historical Trend (2018-2023)
12.2.3 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Market Share
12.3.2 Historical Trend (2018-2023)
12.3.3 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Commercial Refrigeration Equipment Market Analysis
13.1 Saudi Arabia
13.1.1 Market Share
13.1.2 Historical Trend (2018-2023)
13.1.3 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Market Share
13.2.2 Historical Trend (2018-2023)
13.2.3 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Market Share
13.3.2 Historical Trend (2018-2023)
13.3.3 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Market Share
13.4.2 Historical Trend (2018-2023)
13.4.3 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Danfoss
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Emerson Electric Co.
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Johnson Controls
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Ali Group North America
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Electrolux Professional AB
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Daikin Europe N.V.
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Dover Corporation
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Hussmann Corporation
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Excellence Industries
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Commercial Refrigeration Equipment Market: Key Industry Highlights, 2018 and 2032
2. Global Commercial Refrigeration Equipment Historical Market: Breakup by Product (USD Million), 2018-2023
3. Global Commercial Refrigeration Equipment Market Forecast: Breakup by Product (USD Million), 2024-2032
4. Global Commercial Refrigeration Equipment Historical Market: Breakup by System Type (USD Million), 2018-2023
5. Global Commercial Refrigeration Equipment Market Forecast: Breakup by System Type (USD Million), 2024-2032
6. Global Commercial Refrigeration Equipment Historical Market: Breakup by Application (USD Million), 2018-2023
7. Global Commercial Refrigeration Equipment Market Forecast: Breakup by Application (USD Million), 2024-2032
8. Global Commercial Refrigeration Equipment Historical Market: Breakup by Region (USD Million), 2018-2023
9. Global Commercial Refrigeration Equipment Market Forecast: Breakup by Region (USD Million), 2024-2032
10. North America Commercial Refrigeration Equipment Historical Market: Breakup by Country (USD Million), 2018-2023
11. North America Commercial Refrigeration Equipment Market Forecast: Breakup by Country (USD Million), 2024-2032
12. Europe Commercial Refrigeration Equipment Historical Market: Breakup by Country (USD Million), 2018-2023
13. Europe Commercial Refrigeration Equipment Market Forecast: Breakup by Country (USD Million), 2024-2032
14. Asia Pacific Commercial Refrigeration Equipment Historical Market: Breakup by Country (USD Million), 2018-2023
15. Asia Pacific Commercial Refrigeration Equipment Market Forecast: Breakup by Country (USD Million), 2024-2032
16. Latin America Commercial Refrigeration Equipment Historical Market: Breakup by Country (USD Million), 2018-2023
17. Latin America Commercial Refrigeration Equipment Market Forecast: Breakup by Country (USD Million), 2024-2032
18. Middle East and Africa Commercial Refrigeration Equipment Historical Market: Breakup by Country (USD Million), 2018-2023
19. Middle East and Africa Commercial Refrigeration Equipment Market Forecast: Breakup by Country (USD Million), 2024-2032
20. Global Commercial Refrigeration Equipment Market Structure
Key Questions Answered in the Report
The market reached a value of USD 45.11 billion in 2023.
The market is estimated to grow at a CAGR of 5.30% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a value of USD 71.95 billion by 2032.
The expansion of supermarkets, convenience stores, and restaurants, rising demand for frozen foods, increasing standards of living, and growing food product portfolio of brands, are the major drivers of the market.
The key trends in the commercial refrigeration equipment market include technological innovations by the major market players aimed towards producing eco-friendly refrigerators and use of commercial refrigeration equipment for display and promotion of frozen food products.
Refrigerator and freezer, refrigerated display case, transportation refrigeration, beverage refrigeration, and ice merchandisers and ice vending equipment, among others, are the different products included in the market.
Self-contained and remotely operated are the segments of the market based on system type.
Hotels and restaurants, supermarkets and hypermarkets, convenience stores, and bakeries, among others, are the different applications included in the market.
The major components used in commercial refrigeration equipment include compressor, condenser, evaporator, and expansion devices, among others.
Danfoss, Emerson Electric Co., Johnson Controls, Ali Group North America, Electrolux Professional AB, Daikin Europe N.V., Dover Corporation, Hussmann Corporation, and Excellence Industries, among others, are the key market players, according to the report.
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