FMI Projects U.S. Commercial Refrigeration Equipment Market Projected to Surge to USD 11,801.44 Million by 2034, with a CAGR of 3.90%

U.S. Commercial Refrigeration Equipment Market

The United States commercial refrigeration equipment market is anticipated to grow at a compound annual growth rate (CAGR) of 3.90% through 2034. Sales are projected to reach USD 8,049.70 million in 2024 and are expected to surpass USD 11,801.44 million by 2034.

A key factor driving this growth is the expansion of the food retail sector, particularly supermarkets and convenience stores, which is increasing the demand for commercial refrigeration equipment. Manufacturers are concentrating on developing innovative, energy-efficient refrigeration solutions specifically designed to meet the unique needs of the food retail industry, ensuring the optimal preservation of products.

Despite this positive outlook, the growth of the industry is somewhat constrained by the high initial costs associated with purchasing and installing advanced commercial refrigeration equipment. While businesses acknowledge the long-term benefits of energy savings and reduced operational expenses, the substantial upfront investment can be a barrier. To address this challenge, companies are exploring various financing options and innovative business models to make these advanced technologies more accessible to a wider range of businesses.

Key Trends Influencing the Sales of Commercial Refrigeration Equipment in the United States:

  • Energy Efficiency and Sustainability

A prominent trend driving the adoption of commercial refrigeration equipment in the United States is the heightened focus on energy efficiency and sustainability. Businesses are increasingly seeking refrigeration solutions that meet stringent environmental regulations and contribute to reduced energy consumption. The integration of eco-friendly refrigerants, advanced insulation materials, and energy-efficient compressors reflects this trend. Companies are aligning their offerings to cater to the growing demand for environmentally responsible solutions.

  • Rising Demand in eCommerce and Cold Chain Logistics

The growth of eCommerce and the increasing demand for efficient cold chain logistics directly impact the adoption of commercial refrigeration equipment. With more consumers relying on online grocery shopping, there is a heightened requirement for advanced refrigeration solutions. Additionally, the need for temperature-controlled transportation of perishable goods further emphasizes this demand. Companies are aligning their product offerings to cater to the expanding cold chain logistics sector. They are integrating features that ensure the integrity of products during transportation and storage.

  • Retrofitting and Upgradation Services

Rather than opting for entirely new refrigeration systems, businesses are increasingly turning to retrofitting and upgrading services. This trend is driven by a desire to enhance the efficiency of existing equipment, reduce energy consumption, and meet evolving regulatory requirements. Companies specializing in retrofitting solutions are witnessing increased demand. They now provide cost-effective alternatives for businesses looking to modernize their refrigeration infrastructure without significant capital investment.

Competition Outlook for Commercial Refrigeration Equipment in the United States:

Leading companies are leveraging innovation to maintain their industry dominance. Continuous investment in research and development enables the introduction of energy-efficient and eco-friendly refrigeration solutions, meeting stringent regulatory requirements.

Collaborations and partnerships between equipment manufacturers and technology providers are on the rise. These strategic alliances aim to integrate smart technologies, data analytics, and IoT capabilities into commercial refrigeration systems, enhancing efficiency and performance.

Companies increasingly adopt a customer-centric approach, offering customized solutions to meet specific requirements. This trend emphasizes flexibility, allowing businesses to choose commercial refrigeration equipment tailored to their unique operational demands.

Sustainability has become a key differentiator. Industry leaders are integrating environmentally friendly practices into their manufacturing processes and product offerings. This aligns with the growing demand for sustainable solutions and reflects a commitment to reducing the overall environmental impact of commercial refrigeration.

Recent Developments by Companies Manufacturing Commercial Refrigeration Equipment in the United States:

  • Carrier Corporation, a subsidiary of United Technologies Corporation, is a global leader in heating, ventilation, air conditioning, and refrigeration solutions. The company has recently launched a new product line called Carrier Transicold Vector 8611MT, which is a multi-temperature trailer refrigeration unit that can deliver efficient cooling and heating performance for trailers that are divided into multiple compartments.
  • Dover Corporation recently acquired Kelvion Refrigeration GmbH, a German company that produces commercial refrigeration applications’ heat exchangers, condensers, and evaporators.
  • Hussmann Corporation, a subsidiary of Panasonic Corporation, is a leading provider of display cases, refrigeration systems, and merchandising solutions for the food retail industry. The company has recently partnered with Trillium Energy Systems, a Canadian company that specializes in energy management and refrigeration optimization solutions. The partnership will enable Hussmann to offer Trillium’s innovative technologies and services to its customers in North America, which can help them reduce energy consumption and greenhouse gas emissions.
  • Johnson Controls International plc is a global leader in building technologies and solutions, including commercial refrigeration equipment. The company recently introduced a new product called Johnson Controls Metasys 11.0, a building automation system that can integrate and control various devices and systems, such as HVAC, lighting, security, and refrigeration. The product can help customers improve operational efficiency, sustainability, and occupant comfort.
  • Emerson Electric Co. is a global provider of engineering and technology solutions, including commercial refrigeration equipment. The company has recently announced that it will invest USD100 million in its Sidney, Ohio facility, which is the company’s global headquarters for its air conditioning and refrigeration business. The investment will support the expansion and modernization of the facility, which will create new jobs and enhance the company’s innovation capabilities.

Key Companies Providing Commercial Refrigeration Equipment in the United States:

  • Carrier Corporation
  • Dover Corporation
  • Hussmann Corporation
  • Johnson Controls International plc
  • Emerson Electric Co.
  • United Technologies Corporation
  • Manitowoc Company, Inc.
  • True Manufacturing Company

Key Segmentations:

By Product Type:

  • Refrigerated Display Cases
  • Beverage Refrigeration Equipment
    • Drinking Fountain
    • Soda Fountain
    • Beverage Dispensing Equipment
    • Beer Dispensing Equipment
  • Transportation Refrigeration Systems
    • Shipping Container Systems
    • Trailer Refrigeration
    • Truck Refrigeration Systems
  • Refrigerator & Freezers
    • Walk-in Refrigerators
    • Reach-in Refrigerators
  • Ice Machines
  • Refrigerated Vending Machines

By Application:

  • Food Services
    • Restaurants
    • Convenience Stores
  • Food Retail
  • Food and Beverage Production
  • Logistics and Transportation
  • Food and Beverage Distribution

By Region:

  • Northeast United States
  • Midwest United States
  • West United States
  • South United States

Access Report Details for More In-Depth Information!

Author:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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