The global commercial refrigeration equipment market is expected to be worth $68.3 billion by 2028, with a 4% CAGR. (2022-2028). The market for commercial refrigeration devices is expected to grow at a CAGR of 4% over the forecast period. With sales of commercial refrigeration equipment increasing 3.9% year on year in 2022, the market is expected to be worth US$ 51.8 billion by the end of the year.
Energy-green technologies must be employed to produce goods with low global warming potential (GWP) but many functions in order to eventually win a large market share.
The advantages NH3/CO2 cascade systems provide for food processing and low-temperature distribution facilities are expected to lead to an increase in demand for these systems over time. They have reduced capital and compliance costs, better food quality, higher throughput, and lower operating costs than conventional systems since they use less energy per tonne of refrigeration.
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One of the primary reasons for a responsible year-on-year increase is the growing popularity of frozen food products and ready-to-drink beverages, which drives the commercial refrigeration equipment market.
Commercial refrigeration equipment and systems are widely used in the food and beverage industry. Food and beverage investments are expected to increase significantly over the forecast period as the global population grows and food demand rises.
Sales of equipment such as industrial refrigerators, commercial freezers, and other refrigeration units are expected to rise as demand for ready-to-eat food and beverages rises.
Commercial Refrigeration Equipment Market Key Takeaways
- Growing demand for ready-to-eat products and expanding retail outlets are driving the sales of commercial refrigeration equipment.
- North America and Europe would collectively account for over half of the market value share by 2029 end.
- The food services sector will remain prominent application area to invest in, for commercial refrigeration equipment market players.
- The enforcement of new refrigerant regulations such as the EPA 680 Upgrade, and the Kigali Amendment for the phase-down of HFC refrigerants will largely impact the market growth.
- The higher average unit cost of freezers & refrigerators allude lower volume sales vis-à-vis value gains, with just about 2.6 million unit sales in 2021.
- Glass door merchandizers that account for around a third of total volume sales continue to see relatively low revenue generation as compared to freezers & refrigerators.
- Sales of beverage dispensers and display cases across end-use industries will show a moderate increase year-over-year in 2022, which will collectively represent nearly 16% of total commercial refrigeration equipment sales in that year.
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Chinese Players Striving to Win Home Market?
In developed markets, rapid acceptance of alternative refrigerants to benefit from regulatory standards along with expansion of F&B processing industries continue to contribute to the development of the commercial refrigeration equipment market.
The growth of Asia Pacific’s commercial refrigeration equipment market was influenced by a shift of Asian eating habits towards western-style convenience food. With the ability to manufacture their own compressors, Chinese companies are gaining competitive edge to reign supreme in their home market with indigenous brands.
Competition Trends
In 2021, the top four stakeholders including Carrier Corporation, Daikin Industries, Ltd., Danfoss A/S, and Hussman Corporation collectively accounted for 20-25% revenue share. The emergence of a large number of small players in developing countries has resulted into price competition, with leading market players losing their profit margins. Market fragmentation will continue through 2029, driven by regional regulatory norms and enhanced capabilities of the local players.
Key Segments Of Commercial Refrigeration Equipment Industry Survey
Commercial Refrigeration Equipment Market by Product Type:
- Beverage Refrigerators
- Drinking Fountains
- Soda Fountains
- Beer Dispensing Equipment
- Beverage Coolers
- Freezers & Refrigerators
- Freezers & Chillers
- Blast Chiller/Stock Freezers
- Contact Freezers
- Refrigerators
- Walk-in-Refrigerators
- Reach-in Refrigerators
- Freezers & Chillers
- Transportation Refrigerators
- Commercial Refrigeration Equipment for Trailers
- Commercial Refrigeration Equipment for Trucks
- Commercial Refrigeration Equipment for Shipping Containers
- Glass Door Merchandisers
- Hinged Doors
- Sliding Doors
- Display Cases
- Ice Cream Cabinets
- Bakery/Deli Display
- Beverage Dispensers
- Refrigerated Vending Machines
- Ice Machines
- Ice Cream Machines
Commercial Refrigeration Equipment Market by Application:
- Commercial Refrigeration Equipment for Food Services
- Commercial Refrigeration Equipment for Food & Beverage Retail
- Commercial Refrigeration Equipment for Food & Beverage Production
- Commercial Refrigeration Equipment for Food & Beverage Distribution
Commercial Refrigeration Equipment Market by Region:
- North America Commercial Refrigeration Equipment Market
- Latin America Commercial Refrigeration Equipment Market
- Europe Commercial Refrigeration Equipment Market
- East Asia Commercial Refrigeration Equipment Market
- South Asia & Pacific Commercial Refrigeration Equipment Market
- Middle East & Africa (MEA) Commercial Refrigeration Equipment Market
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