Global Commercial Refrigeration Market Research Report 2024-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2030

Global Commercial Refrigeration Market Research Report 2024-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2030

Commercial refrigeration refers to refrigeration equipment used in commercial environments. For example, built-in refrigerators and freezers in supermarkets, convenience stores, and restaurants. The commercial refrigeration process involves the use of various components including compressors, evaporators, condensers, and refrigerants. Commercial refrigeration is designed to remove heat for convenience and safety standards, helping to store food and beverages at optimal temperature and humidity, among other things.

Market Overview:

The latest research study on the global Commercial Refrigeration market finds that the global Commercial Refrigeration market reached a value of USD 32494.99 million in 2023. It’s expected that the market will achieve USD 47769.82 million by 2029, exhibiting a CAGR of 6.63% during the forecast period.

Advantages of commercial refrigeration

Commercial refrigeration systems have many advantages. Commercial refrigeration equipment is designed for business. The compressor is responsible for delivering the refrigerant to the entire unit and controlling the overall temperature and is the heart of the refrigeration system. In a commercial refrigerator, the compressor is larger and more powerful than the one in a regular refrigerator. Commercial refrigeration not only keeps food and beverages colder and cools them faster, but it also improves the flavor and extends the shelf life of food. In a restaurant or convenience store facility, businesses need to prepare meals for customers around the clock. This means that the doors of commercial refrigerators are opened more often than in the average household. Therefore, more durable equipment is required in all commercial establishments. The internal processes and technical details of commercial refrigerators are different from ordinary freezers, usually with all-stainless steel construction and automatic opening and closing doors, and stronger hinges to withstand the pressure of commercial environments. This means commercial refrigerators can more efficiently maintain a consistent temperature with minimal impact on food performance or quality. One of the distinct advantages of having a large refrigerator in a commercial kitchen is the ability to preserve items that are out of season. Some items may experience price increases towards the end of the season or in the middle of the season, and reserving these items in advance can actually save a lot of money and also open up new business possibilities for merchants. Another benefit of commercial refrigeration is that it helps to save a lot of electricity, can provide service for a long time, and have better heat dissipation. Commercial refrigeration equipment varies in shape and function depending on how it is used. Commercial refrigerators with glass doors are great for easily locating food. Energy-efficient commercial freezers feature smart controls that allow remote monitoring and management of the refrigerator's thermostat. Medical refrigerators rely on fan-driven air circulation and air cooling vents for efficient air circulation, ensuring that the contents of the medical refrigerator are safe for use. Additionally, to comply with food industry norms, commercial refrigerators are required to maintain specific hygiene standards to keep them clean. Larger cooling units help workers arrange food neatly and adequately inside the machine. Hence, the demand in the commercial refrigeration market is growing as people are increasingly aware of the benefits of commercial refrigeration equipment.

Consumer preferences for fresh and processed foods

The food processing industry needs equipment and solutions to produce, process, and distribute food to billions of households around the world. As the world population grows and dietary preferences change, the global demand for fresh and processed fruits and vegetables is increasing. Rising disposable income in emerging economies has led to increased demand for fresh and processed fruits and vegetables. The purchase of fresh food such as fruits, vegetables, meat, and seafood is a high-frequency instant consumption. Consumers put forward high requirements on the logistics level of fresh food retailers in terms of timeliness and freshness of fresh food delivery, prompting fresh food companies to Develop high standards and high timeliness. Frozen meals are increasingly becoming an integral part of everyday diets around the world. Quick-frozen food is a product that needs to be quickly frozen with fresh raw materials and stored under consistent low-temperature conditions. With the acceleration of people's pace of life and the improvement of the concept of healthy food consumption, quick-cooking properties of quick-frozen food, as well as the characteristics of not adding preservatives and additives and relying on low temperature to keep fresh, are more in line with people's needs. In recent years, consumers' consumption of quick-frozen food has been increasing. With food production increasing and the international food trade growing substantially, there is an increasing need for better storage and refrigeration solutions. This has led to quick-frozen food companies and terminal retailers increasing their purchases of commercial freezers. The growing demand for ready-to-eat meals has impacted the business models of leading grocery retailers such as Walmart. The leading retailer offers customers pre-made meals to pick up at the grocery store or have them delivered using an app. The growing trend of travel has fueled the demand for ready-to-eat meals. On the one hand, airlines seek premium in-flight catering. Food processors, on the other hand, are introducing ready-to-eat meals such as exotics, vegan options, wraps, and salads that contain antioxidants and ingredients with obvious health benefits, such as oats. Overall, consumer preferences for fresh and processed foods have resulted in frozen and refrigerated products being stored in commercial refrigerators in supermarkets as well as in refrigerated trucks for purchase and transport. This creates higher requirements for the storage of commercial refrigeration equipment, thereby driving the growth of the market.

Region Overview:

In 2022, the share of the Commercial Refrigeration market in North America stood at 32.16%.

Company Overview:

The major players operating in the Commercial Refrigeration market include Carrier, Daikin, Panasonic (Hussmann Corporation), Danfoss, Epta Group, etc. Among which, Carrier ranked top in terms of sales and revenue in 2023.

Carrier is a provider of heating, ventilating, air-conditioning, refrigeration systems, building automation, and fire and security technologies. The company’s products comprise furnaces, air conditioners, heat pumps, ductless systems, refrigeration equipment, boilers, indoor air quality products, compressors, thermostats, and refrigeration equipment under the Carrier, Carrier Transicold, Kidde, Edwards, LenelS2, and Automated Logic brand names. It also offers design, maintenance, and installation services. Carrier offers its products to the residential, and commercial markets.

Segmentation Overview:

By type, Display Showcases segment accounted for the largest share of market in 2022.

Application Overview:

By application, the Retail segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Commercial Refrigeration market covered in Chapter 3:

Epta Group
Emerson Electric
Haier
Daikin
Dover Corporation (Hillphoenix)
Western Refrigeration
Bitzer
Johnson Controls
GEA Group
Blue Star
Voltas
Panasonic (Hussmann Corporation)
Uğur Cooling Inc.
Danfoss
Carrier
Liebherr
Lennox International

In Chapter 4 and Chapter 14.2, on the basis of types, the Commercial Refrigeration market from 2019 to 2030 is primarily split into:

Refrigeration Equipment
Refrigerators & Freezers
Beverage Refrigeration
Display Showcases
Ice Merchandisers & Ice Vending Equipment
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Commercial Refrigeration market from 2019 to 2030 covers:

Restaurant & Hotels
Food Processing Industry
Hospitals & Pharmacies
Retail
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2019-2030) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)