Commercial Refrigeration Equipment

Global Commercial Refrigeration Equipment Market to Reach US$52.8 Billion by 2030

The global market for Commercial Refrigeration Equipment estimated at US$39.4 Billion in the year 2024, is expected to reach US$52.8 Billion by 2030, growing at a CAGR of 5.0% over the analysis period 2024-2030. Transportation Refrigeration Equipment, one of the segments analyzed in the report, is expected to record a 5.1% CAGR and reach US$15.1 Billion by the end of the analysis period. Growth in the Freezers & Refrigerators segment is estimated at 4.2% CAGR over the analysis period.

The U.S. Market is Estimated at US$10.5 Billion While China is Forecast to Grow at 6.9% CAGR

The Commercial Refrigeration Equipment market in the U.S. is estimated at US$10.5 Billion in the year 2024. China, the world`s second largest economy, is forecast to reach a projected market size of US$6.2 Billion by the year 2030 trailing a CAGR of 6.9% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 3.7% and 4.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.1% CAGR.

Global Commercial Refrigeration Equipment Market - Key Trends & Drivers Summarized

Refrigeration plays an indispensable role in the modern global economy, impacting various sectors such as food preservation, healthcare, and environmental management. Commercial refrigeration equipment is a vital component in various industries, particularly in food and beverage, hospitality, retail, and healthcare. The systems are designed to store and preserve perishable goods at optimal temperatures, ensuring product safety and quality. Refrigeration is also pivotal in numerous manufacturing processes across sectors like chemical production, plastics, and mechanical engineering. Its role in scientific research further underscores its importance, with many cutting-edge projects relying on sophisticated cooling technologies.

Technological advancements have significantly enhanced the functionality, efficiency, and sustainability of commercial refrigeration equipment. Several recent innovations have been achieved in commercial refrigeration technology for storing and transporting frozen foods. Carbon dioxide (CO2) refrigeration systems have been gaining popularity as an environmentally friendly alternative to traditional HFC refrigerants. Phase Change Materials (PCMs) is another innovative concept that can absorb and release large amounts of thermal energy during phase transitions, making them an effective way to maintain temperature inside refrigerated containers during transportation. PCMs can help in reducing energy consumption and maintaining the quality of frozen foods during transportation. Also developed are solar-powered refrigeration systems that use solar panels to generate electricity, which is then used to power the refrigeration unit. Innovations such as smart refrigeration systems equipped with IoT sensors and remote monitoring capabilities allow for real-time tracking and management of temperature and energy consumption.

The growth in the commercial refrigeration equipment market is driven by several factors. Advances in refrigeration technology and the increasing adoption of energy-efficient and sustainable solutions are boosting the market. The development of cold chain warehousing, distribution & logistics also provides the cornerstone for growth in the commercial refrigeration equipment market. The expanding global trade & retail is also driving demand for transportation refrigeration equipment. The growing food and beverage industry, particularly in emerging markets, is driving demand for commercial refrigeration as businesses seek to meet consumer needs for fresh and safe products. Additionally, stringent food safety regulations and standards are compelling businesses to invest in advanced refrigeration systems to ensure compliance and maintain product integrity. The continuous innovation in refrigeration solutions to enhance performance, reduce environmental impact, and improve cost-efficiency is expected to sustain the growth of the commercial refrigeration equipment market in the coming years.

SCOPE OF STUDY:

The report analyzes the Commercial Refrigeration Equipment market in terms of units by the following Segments, and Geographic Regions/Countries:

Segments:
Product Type (Transportation Refrigeration Equipment, Freezers & Refrigerators, Refrigerated Display Cases, Beverage Refrigerators, Other Product Types); Application (Food Service Application, Food & Beverage Retail Application, Food & Beverage Distribution Application, Food & Beverage Production Application, Other Applications)

Geographic Regions/Countries:
World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.

Select Competitors (Total 201 Featured) -

• AB Electrolux
• AHT Cooling Systems GmbH
• Ali Group
• Carrier Global Corporation
• Daikin Industries Ltd.
• Dover Corporation
• Felix Storch Inc.
• Foster Refrigerator
• HOSHIZAKI Corp.
• Standex International Corp.
• Tefcold A/S
• The Middleby Corp.
• TURBO AIR Inc.
• UAB FREOR LT
• Valpro Commercial Refrigeration

TARIFF IMPACT FACTOR

Our new release incorporates impact of tariffs on geographical markets as we predict a shift in competitiveness of companies based on HQ country, manufacturing base, exports and imports (finished goods and OEM). This intricate and multifaceted market reality will impact competitors by artificially increasing the COGS, reducing profitability, reconfiguring supply chains, amongst other micro and macro market dynamics.

We are diligently following expert opinions of leading Chief Economists (14,949), Think Tanks (62), Trade & Industry bodies (171) worldwide, as they assess impact and address new market realities for their ecosystems. Experts and economists from every major country are tracked for their opinions on tariffs and how they will impact their countries.

We expect this chaos to play out over the next 2-3 months and a new world order is established with more clarity. We are tracking these developments on a real time basis.

As we release this report, U.S. Trade Representatives are pushing their counterparts in 183 countries for an early closure to bilateral tariff negotiations. Most of the major trading partners also have initiated trade agreements with other key trading nations, outside of those in the works with the United States. We are tracking such secondary fallouts as supply chains shift.

To our valued clients, we say, we have your back. We will present a simplified market reassessment by incorporating these changes!

APRIL 2025: NEGOTIATION PHASE

Our April release addresses the impact of tariffs on the overall global market and presents market adjustments by geography. Our trajectories are based on historic data and evolving market impacting factors.

JULY 2025 FINAL TARIFF RESET

Complimentary Update: Our clients will also receive a complimentary update in July after a final reset is announced between nations. The final updated version incorporates clearly defined Tariff Impact Analyses.

Reciprocal and Bilateral Trade & Tariff Impact Analyses:

USA
CHINA
MEXICO
CANADA
EU
JAPAN
INDIA
176 OTHER COUNTRIES.

Leading Economists - Our knowledge base tracks 14,949 economists including a select group of most influential Chief Economists of nations, think tanks, trade and industry bodies, big enterprises, and domain experts who are sharing views on the fallout of this unprecedented paradigm shift in the global econometric landscape. Most of our 16,491+ reports have incorporated this two-stage release schedule based on milestones.

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