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

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

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.